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Cincinnati Retirement System

 

The Cincinnati Retirement System (CRS) was established in 1931 as the first Ohio pension plan for general city employees. It pre-dates Social Security and the Ohio Public Employees Retirement System. CRS is a defined benefit pension plan established and governed by Chapter 203 of the Cincinnati Municipal Code, and is a qualified governmental plan for tax purposes pursuant to 26 USC § 414(d). It is governed by a 9-member Board of Trustees: two members elected by active members; three members elected by retirees; and four members appointed by the Mayor and City Council. The Cincinnati Retirement System is a defined benefit pension plan, established by Chapter 203 of the Cincinnati Municipal Code. As a government retirement plan, the CRS is a qualified plan for tax purposes pursuant to 26 USC § 414(d).  Such plans are exempt from ERISA requirements pursuant to 29 USC § 1003(b)(1) and 29 USC § 1002 (32).

CRS is funded by both employee and employer contributions. Currently, employees contribute 9.0% of  their pensionable earnings. If a member terminates employment and chooses to withdrawal their employee contributions, the member forfeits all service credit and eligibility for a pension benefit. Employer contributions are not owned by the member and are not eligible for a lump sum withdrawal.

Employee pension contributions are pre-tax and deducted from payroll before Federal and State taxes are calculated. However, employee contributions are subject to City of Cincinnati income tax which is calculated before contributions are deducted. Pension benefits or a refund of employee contributions are taxable for Federal and State purposes when paid to the member, and are exempt from City of Cincinnati income tax.  Public employees in Ohio do not pay Social Security taxes on their wages.

Monthly pension benefits are payable once the member reaches retirement eligibility and has submitted the required paperwork.  Members who fail to submit all required paperwork to CRS in a timely manner will forfeit any benefit that otherwise may have been provided when first eligible. CRS provides retiree health care benefits which are subject to separate eligibility requirements. Retirement healthcare benefits are subject to change at any time and are not a vested benefit.

  • The City of Cincinnati has more than 3,000 active members contributing to the Cincinnati Retirement System.
  • 4,200 pensioners receive monthly pension benefits.
  • The Retirement plan is governed by the Cincinnati Municipal Code, Chapter 203.
  • City Council has the authority to change Municipal Code.