How Can Ohio Police and Fire Members can take advantage of their Re-Employment Contributions?

If you’re a retired OP&F Member considering re-employment with OP&F, it’s important to understand how your earnings and contributions will be managed. Here’s the breakdown:

1. Contribution Requirements:

Employee Contributions: As are-employed retired member, you’ll contribute a percentage

of your gross earnings to OP&F.

             -Police Officers: 19.5% | Firefighters: 24%

Employer Contributions: Your employer is also required to contribute a percentage of the

reportable payroll to OP&F.

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2. Benefits Upon Termination of Re-employment:

Before Age 60: Ohio law allows you to receive a lump sum payment of your post-retirement

employee contributions, plus interest.

At Age 60 or Later: You have two options:

              -A lump sum payment equal to twice your contributions, plus interest.

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Example:

John is a police officer and just turned 57 from OP&F, then retires.

John is re-employed with OP&F making 60k per year. Here is what John’s

employee contributions (19.5%) would be assuming no raises:

Year 1: $11,700(58 years old)

Year 2: $23,400(59 years old)

Year 3: $35,100 x2 = $70,200 (if he terminated his employment at age 60).

           -A lifetime annuity payment paid monthly (If the annuity payment would be less than

             $25/month, the lump sum payment is the only option).

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3. Important Considerations:

Spousal Consent: May be required before payment can be processed.

Disability Benefits Recipients: If you receive a disability benefit and are considering employment, send the job description to OP&F for a determination on how this might impact your benefits before accepting the re-employment decision.

Understanding these details can help you make informed decisions about your re-employment with a potential opportunity to put more money in your pocket. If you have questions don’t hesitate to reach out to us!

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