Saving for the future
Ohio DC is available to state’s public employees
By Michael Pramik, Ohio Public Employees Retirement System
May 1, 2018 — We told you recently about our emphasis on financial wellness. One way to prepare for your financial future is to save extra money for retirement with Ohio Deferred Compensation.
Ohio DC is a supplemental 457(b) retirement plan in which all Ohio public employees can set aside money on a pre-tax basis for their retirement.
Program participants can access a diverse set of investment options, flexible savings and withdrawl options, and educational tools. Your Ohio DC account is portable if you change jobs within the public sector.
We invite OPERS members to watch the video we recently produced for Ohio Deferred Compensation and consider the many ways Ohio DC can help you achieve retirement security.
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.
After separation from Ohio government emplyment, is 457 savings required to be distributed over a time frame? Can you describe this process after termination of government employment?
Is this separation different when retiring from the same government employment?
Thanks
Hi, Jeremiah,
Ohio Deferred Compensation does have rules on distribution, but we don’t want to speak for them. Give Ohio DC a call at 877-644-6457, or visit their website at Ohio457.org.
–Ohio PERS
The program is a great way to save extra dollars. Upon termination of employment you can leave it alone in whatever investment you might wish, or draw whatever dollar amount out that you wish, or do a systematic withdrawal for a period of time, or until your D.C. Is depleted. But our government will make you take your Required Minimum Distributions at 70.5 years of age.
Not all public employees (if you consider public school employees) can get into Ohio DC. That is a shame. Many school districts have deferred savings plans with local financial planners who are often friends of friends (wink). Ohio DC gives you more options both in savings and distributions. If you work in a school system that does not have it, pressure them to make it available.
I want to use my Defered Comp to buy back my mlilitary time opers informed me that i need a form from defered comp to transfer funds can you send me the form
You can contact Ohio Deferred Compensation at 877-644-6457 or ohio457.org.