Annual statements now available online
Document estimates retirement benefit, shows value of working longer
By Michael Pramik, Ohio Public Employees Retirement System
March 24, 2022 – Each year OPERS prepares the Annual Statement of Estimated Benefits for our members. The 2021 version is now available to view and print within your online account.
Here’s how to find it: After signing in to your account, click “View My Annual Statement Now” under the Milestone Notifications/Alerts heading on the account home page. Unless you have specifically requested to only receive an electronic statement, you will receive a printed copy in the mail between now and the end of April.
The statement is a snapshot of your estimated benefit as of Dec. 31, 2021, and features estimates beyond your initial eligibility, illustrating the value of working longer. It shows you not only the estimated dollar amount, but also the percentage of your estimated final average salary you will receive if you choose to retire with a reduced or unreduced benefit, or if you continue working a few years longer.
You also can find your OPERS ID on the statement. The OPERS ID is an 11-digit personalized identification method you can use in place of your Social Security number in many instances, such as verifying your identity over the phone and submitting OPERS forms. It will remain with you throughout your entire OPERS membership.
Your statement provides a basic estimate of your retirement benefits and other valuable, personalized information. Also, if you participate in the Traditional Pension Plan, you can always generate a variety of retirement benefit estimates by logging in to your online account at opers.org, 24 hours a day, seven days a week.
Michael Pramik
Michael Pramik is communication strategist for the Ohio Public Employees Retirement System and editor of the PERSpective blog. As an experienced business journalist, he clarifies complex pension policies and helps members make smart choices to secure their retirement.
My annual statement issued in March 2022 estimated a monthly benefit as of 1/2022 of $7,749, while the online OPERS estimator I completed last fall provided an estimate of $7,812.
What accounts for such a difference between the two estimates, both provided by OPERS?
Which estimator is more reliable?
At what point can I secure a “firm” monthly pension benefit amount?
Currently, the online estimator suggests a monthly pension benefit of $8,187 as of 12/2022 and $8,253 as of 1/2023. How reliable are these figures? Since these are used to make important decisions about retirement, is there a way to get a more reliable monthly pension benefit amount?
Brad,
We suggest making an appointment with an OPERS counselor to review your options. You can make that appointment through your OPERS online account, or by calling us at 800-222-7377.
I was inquiring if I did work study at OSU Mansfield in 1986-1987 would have OPERS service credit from then?
Jennifer,
Contact us at 800-222-7377, and someone will help you.