How much will your pension be?
Benefit Estimator available to members of the Traditional Pension Plan
By Michael Pramik, Ohio Public Employees Retirement System
Dec. 15, 2022 – OPERS has updated its Benefit Estimator video, helping members of the Traditional Pension Plan see what their pension benefit might be like when they retire.
OPERS calculates defined benefit pensions according to a formula that considers service credit, the age at which you retire and your final average salary, as well as your retirement group.
Traditional Pension Plan members can use the Benefit Estimator, available through their online account, to project pensions under different scenarios.
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.
How many years do you have to. Work to receive benefit?
Anna,
We have a webpage devoted to eligibility for the Traditional Pension Plan. If you have further questions, call us at 800-222-7377.
How do I go about Appling for my retirement? Will I get dinged on my social security? I started with the opers in April of 2009 to end of January of 2016 full time. From there I was or have been 12 hours a week more or less with opers. I plan on retiring in May of 2023. Thank you
Kay,
We recommend you peruse our “Ready to Retire” webpage. Please call us at 800-222-7377 with further questions.
WHEN WILL THE JANUARY 2023 DEPOSIT BE MADE?
Kenneth,
We just posted a blog on that topic.
What is the yearly interest rate of return on account balance? 0.02?
April, in order to provide an accurate response please submit your question through the online account Message Center at opers.org or contact our office by phone at 1-800-222-7377. Thank you, OPERS
Where is the house with elimination of the Windfall act? WEP
April,
WEP relief was not included in the recently signed federal omnibus bill. The relief effort will have to begin anew with the next session of Congress.
I worked for the State of Ohio several years ago and only for about 5 years. Now I am 62 and ready to retire, is there any retirement funds available to draw from?
Nancy,
You can check your account balance by logging in to your OPERS online account. If you don’t have one, it’s easy to set one up.