In the state of Ohio, if you are an eligible academic or administrative employee, you may choose not to participate in the state retirement system and instead enroll in the Ohio ARP, a 401(a) defined contribution plan.
Within the first 120 days of your employment, you must select which plan you wish to contribute to. If you do not elect a retirement program, you will automatically be enrolled in the state retirement system. Your decision is irrevocable.
Once you've been enrolled in either program, you must remain within that system while you are employed by your current employer. The amount you contribute to the 401(a) plan must be the same as if you were contributing to the state retirement system. Any employer contributions vary by employer.
All contributions made on your behalf are immediately vested, which means they’re yours as soon as they’re put into the plan.
Retirement 360sm plan benefits
With Retirement 360sm, Equitable built a retirement program specifically for you. It can help turn your salary into a more comfortable retirement. Retirement 360sm gives you the flexibility to design a retirement investment portfolio with a balance between growth and security. You can mix and match mutual funds, a fixed account with guaranteed growth to create the plan that best meets your needs.
Growth potential
With Retirement 360sm you have the flexibility to invest in a way that works for you, based on your personal goals and the amount of risk you’re comfortable taking. You can choose any combination of mutual funds that are available in your plan, including strategies to help you manage risk.
Your account value will fluctuate with the investment performance of the options you chose, which means there is risk and you could potentially lose principal.
Asset rebalancing
You can use this feature to automatically rebalance the assets in the investment options back to the original percentages you selected. You choose how often: quarterly, semiannually, or annually. Rebalancing doesn't guarantee a profit or automatically protect you from loss, but it does ensure that, over time, your allocations will stay in line with the strategies you feel are best. Whatever option you choose, you can change the allocation of your rebalanced assets. You can also stop, change, or switch the option at any time. There is no cost associated with this feature.
Tax deferral
With Retirement 360sm, you don’t pay tax on your contributions or the accumulated earnings in your account until they are withdrawn or distributed which can help your assets grow than if they were in a taxable account.
Managing your retirement account is easy
Once you enroll, you can make transfers, check your balances, and take distributions, using whichever method you prefer:
- Obtain assistance from a local Ohio Equitable financial professional by calling 800-551-2423, Monday-Friday, or email ohioarp@equitable.com.
- Access your account online by registering on equitable.com.
- Call our Customer Service at 800-528-0204 to hear your current account value, change allocations for future contributions or transfer amounts among the available investment options.
- Review your Account Statements and Confirmation Notices. You’ll receive a confirmation notice each time we receive a contribution on your behalf, and a quarterly statement detailing all of your activity in a given quarter. This information is available online, anytime you need it.
