Retirement Information
If you are considering retirement, MCESC has a process in place to ensure a smooth transition. Employees should:
- Notify the Director of Human Resources of their intent to retire.
- Review the MCESC Retirement and Severance Information document for important details on timelines, benefits, and severance pay options.
Social Security & Medicare
MCESC employees do not contribute to Social Security, but do contribute to Medicare.
Retirement Planning
State Teacher Retirement System (STRS Ohio)
- Funded through investment returns and contributions from members and their employers.
- Members currently contribute 14% of gross earnings.
- Employers contribute an additional 14% of members’ annual salary into the Employers’ Trust Fund.
School Employee Retirement System (SERS Ohio)
- Funded through investment returns and contributions from members and their employers.
- Members currently contribute 10% of gross earnings.
- Employers contribute an additional 14% of members’ annual salary into the Employers’ Trust Fund.
403(b) Plan
- A tax-sheltered annuity (TSA) retirement plan offered by public schools and certain charities.
- Similar to a 401(k) plan, a 403(b) allows employees to defer a portion of their salary into individual accounts for retirement savings.
457 Plan
- A tax-advantaged retirement plan similar to a 401(k), offered by state and local public employers and certain tax-exempt organizations.
- Allows employees to save for retirement with specific tax benefits.