Retirement Process & Severance Information
If you are considering retirement, there is a process in place to ensure a smooth transition. Employees should notify the Director of Human Resources of their intent to retire and review the MCESC Retirement and Severance Information document for important details on timelines, benefits, and severance pay options.
For more information, please refer to the document or contact Human Resources with any questions.
Retirement Planning
State Teacher Retirement System– STRS Ohio is funded through investment returns and contributions made by 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 is funded through investment returns and contributions made by 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)– A 403(b) plan (tax-sheltered annuity plan or TSA) is a retirement plan offered by public schools and certain charities. It’s similar to a 401(k) plan maintained by a for-profit entity. Just as with a 401(k) plan, a 403(b) plan lets employees defer some of their salary into individual accounts.
457– 457 plans are tax-advantaged retirement plans similar to 401(k)s, offered by state and local public employers and certain tax-exempt employers. 457 plans are retirement savings plans with tax benefits and are offered by state and local public employers and certain nonprofit (also known as tax-exempt) employers.
As an employee of the MCESC, you do not contribute to Social Security, however you do contribute to Medicare.