Ohio Alternative Retirement Plan

The Ohio Alternative Retirement Plan (ARP) is a 401(a) retirement plan offered to specific groups of employees in Ohio’s public universities as an alternative to the Ohio State Teacher Retirement System (STRS), the Ohio Public Employee Retirement System (PERS) and, where applicable, the Ohio School Employees Retirement System (SERS).

What is the legal basis of the Ohio ARP? Ohio ARP was made available through Ohio Rev. Code Ann. §3305.01. It was established to give employees control over the investments funding their primary retirement plan. It also provides the portability to move their vested account balances to other similar retirement or Individual Retirement Account plans when they leave employment with the Ohio university system . Before transferring assets, carefully consider the features of both the existing and the new product for differences in costs, surrender charges and other important aspects.  There may also be tax consequences associated with the transfer of assets. Rollover assets may be subject to an IRS 10% premature distribution penalty tax. Consult with your own advisors regarding your particular situation.

Our local offices work with many Ohio colleges and universities.

The Ohio ARP offers you:

  • Choice in selecting your own investment portfolio from a broad menu of options.
  • Control in managing your retirement portfolio.
  • Tax-deferral for your contributions and any earnings.  Contributions and any earnings are tax-deferred  and will be taxed when withdrawn, and will be subject to an IRS 10% premature distribution penalty tax if taken prior to age 59½., unless an IRS exception applies
  • Portability that doesn't limit your career opportunities.

Fund management fees and other fund operating expenses will apply. Fees depend on the investment option chosen. Please refer to the Contract Prospectus Summary for individual fund fee information.

In addition, a Mortality and Expense Risk Charge of 1.00% applies to all variable investment options.

For more information, please visit this Voya Ohio ARP web-site and click here for the brochure.

Higher education employees have additional opportunities to save for retirement in the following voluntary plans:
 
403(b) Tax Deferred Annuity and the
457(b) Deferred Compensation Plan

Variable annuities offered through a retirement plan are long-term investments designed for retirement purposes. Early withdrawals taken prior to age 59½ may be subject to an IRS 10% premature distribution penalty tax. Money distributed from the annuity will be taxed as ordinary income in the year the money is received. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than its original amount invested. Tax deferral is provided by your employer’s plan and the annuity does not provide any additional tax deferral benefit. Annuities may be subject to additional fees and expenses to which other tax-qualified plan funding vehicles may not be subject. However, annuities provide features and benefits such as lifetime income payments and death benefits which may be valuable to you.


You should consider the investment objectives, risks, charges and expenses of the variable product and its underlying fund options carefully before investing. The contract and fund prospectuses contain this and other information. You may obtain a prospectus by contacting your Voya representative or the Company at the address listed below. Please read the prospectus carefully before investing.


Insurance products, annuities and retirement plan funding issued by (third party administrative services may also be provided by) Voya Retirement Insurance and Annuity Company. Securities are distributed by Voya Financial Partners, Inc. (member SIPC), One Orange Way, Windsor, CT 06095-4774. These companies are wholly owned, indirect subsidiaries of Voya U.S., Inc. (NYSE: VOYA). Securities may also be distributed through other broker-dealers with which Voya Financial Advisors, Inc. has selling agreements.