Minimum earnable salary set to increase
Members will see legislation-linked hikes throughout the decade
By Kristen Dohrmann, Ohio Public Employees Retirement System
July 31, 2019 – The minimum amount that members of the Ohio Public Employees Retirement System must earn each month to qualify for full service credit will be increasing by 1.75 percent each year beginning in 2020, through 2029.
The minimum earnable salary for a full month of service credit will increase from the current level of $660 per month to $673.08 per month next year. Members can earn partial service credit for a given month if they earn less than these amounts.
Here’s a schedule of the increases in the minimum earnable salary through 2029:
| Year | Salary |
|---|---|
| 2020 | $673.08 |
| 2021 | $684.86 |
| 2022 | $696.84 |
| 2023 | $709.03 |
| 2024 | $721.44 |
| 2025 | $734.07 |
| 2026 | $746.91 |
| 2027 | $759.99 |
| 2028 | $773.29 |
| 2029 | $786.82 |
Is there any update on the Social Security Windfall that a new calculation is being considered?
There are no new updates at this time. We continue to advocate for the reform of GPO and WEP in Congress.
Is it possible to get more money in my monthly check? I have been retired since 2012, February 29.
Your pension is based on a formula that includes years of service and final average salary at retirement.
Sounds reasonable.
Perhaps instead of a dollar amount minimum, it should be based on the number of hours required per week. Those with lower hourly rates are getting penalized.
Or perhaps a floor that would take hours or income as qualifying. Either “so many hours per week” or a dollar amount.
I was thinking the same thing. Our unit clerks, housekeepers, dietary staff etc make about $10/ hour. Their salaries are less than what would be made at other facilities – with a selling point of having OPERS. With these increases it makes it less appealing to these individuals.
I agree.
Things need to happen in all aspects that affects us future retiree’s and current retiree’s 1. we need to find more robust investments 2. Find a pay out amount every one is comfortable with 3. And no extending our work years to retire with out our say so.
I was informed that I can purchase 2.11 yrs of service that I have not yet done. Will this affect the amount for service credit that I can purchased?
Please call us at 1-800-222-7377 and we can answer your questions about your specific situation.
I am finishing my third year as a seasonal employee for the City of Wyoming. How long do I Haagen to work to drawn any kind of pension? If I leave, what happens to the money withheld for retirement?
Stephen,
We don’t have enough information to help you. It’s best to help yourself by using our Plan Comparison Calculator, which you can find by logging into your OPERS Online Account. If you don’t have an online account, it’s easy to sign up by following the “Need An Account?” prompts at the login screen.
–Ohio PERS
I’m a crossing guard an was just wondering if that means I only get a percentage of credits for retirement benefits.
Please call us at 1-800-222-7377 and a member of our staff can answer your questions and confirm you whether are a member of OPERS.
What is this earnable salary / service credit? What does it have to do with my retirement?
Cheryl,
It reflects the minimum amount of salary you need to earn for a full month’s worth of service credit. It’s possible to receive a partial month’s credit if you earn less.
–Ohio PERS
If I have 1.9 years retirement pers money I cashed out in 1990 , what is the way I can buy back those years I cashed out on. Can I do it by monthly installments to our system which may help the OPERS system by adding more money from people who cashed out early and now want to add more to there long term retirement. You are running a great long term retirement system and also looking into the future of longevity. Thank you Owen
Please call us at 800-222-7377 and a member of our staff can help you.
If I work a lot of doubles in my career how would that reflect on my retirement I would have 30years in at age 55 also if my salary is 60,000 plus a year for the highest 5 years what would my monthly income be.
Lawrence,
We can’t answer that type of question on the blog. Use the Benefit Estimator in your OPERS online account. It’s easy to sign up for an online account if you don’t already have one.
–Ohio PERS
Will low-wage earners get their pension contribution returned to them if they do not qualify for a pension and would it include the employer contribution if they’re 65
Marc,
Here’s a link to the information on refunds on our website. We advise that you speak with one of our retirement counselors if you’re ever considering taking a refund. You can set up an appointment through your online account or by calling 800-222-7377.
–Ohio PERS