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.
State 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.