Membership in the Oklahoma Teachers' Retirement System (OTRS) is open to all permanent employees who work 20 hours or more per week at the University of Central Oklahoma. Membership is required for exempt employees and optional for non-exempt employees.
Employees who join will contribute 7% of the first $10,000 ($700) of their total compensation (annual salary plus benefits) per fiscal year. Once the employee has contributed the $700, the University begins to contribute 7% of total compensation over $10,000 into the member's account for the remainder of the fiscal year. An estimate of the OTRS monthly contribution and length of time can be determined by using the Oklahoma Teachers' Retirement Contribution Estimator.
If you are a non-exempt employee and choose to decline membership in OTRS as a new hire, the next opportunity to become a member is the next June. Complete the declination form to decline membership in OTRS.
More information regarding Oklahoma Teachers' Retirement can be found at their website http://www.ok.gov/TRS or by calling (405) 521-2387.
Click here to return to New Employee Forms.
If you are considering retirement or would like an estimate from Oklahoma Teachers' Retirement System (OTRS):
- Complete the Pre-Retirement Application and mail it to OTRS.
- OTRS will send a retirement income estimate to your home.
- Once the decision to retire has been made, sign the estimate and return it to OTRS. It may be mailed as early as 4 to 6 months prior to your retirement date.
- OTRS will send a contract for you to sign. The completed Final Contract for Service Retirement, Proof-of-Birth (POB), Partial Lump Sum Option Election (PLSO), and the Acknowledgement for Spousal Consent may be sent 4 to 6 months prior to your retirement date but must be received by OTRS 30 days prior to the retirement date.
- Contact the Benefits Office as soon as possible with your intent to retire.
- Write a letter to the department chair or supervisor informing them of your intent to retire, including your last day to work. Send a copy of the letter to the Benefits Office.
- Any changes to or cancellation of the retirement contract must be in writing, and received 30 days prior to the effective retirement date.
Any questions regarding the timelines should be directed to OTRS.
Calculating Benefits and Teachers' Retirement
Did you know that salaries and benefits comprise 73% of UCO's annual budget? If you've ever wondered just how much UCO pays for your benefits, now the data is available on demand. Just log in to UCONNECT, School Services, Employee Folder, and scroll down to Total Compensation Summary. You can define the inclusive dates you would like to display. If you are a member of Teachers' Retirement (TR) and query by fiscal year, you will be able to see the benefits that add to your pay to compute your TR salary for retirement purposes. Even better, if your query encompasses multiple years, you can also see your TR salary average for those years.
For more specific information, please call the Benefits coordinator at (405) 974-2575.
- Calculation - Link to calculate Teachers' Retirement benefit