Oklahoma Teachers' Retirement
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 $700 per fiscal year. Once the employee has contributed the $700, the University begins to contribute 7% of total compensation (annual salary plus benefits) into the member's account for the remainder of the fiscal year.
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.
Steps to retirement from Oklahoma Teachers' Retirement System (OTRS):
- At least 6 months before your retirement date, confirm your OTRS retirement eligibility date by calling OTRS at 405-521-2387.
- At least 3 months prior to your retirement date, notify your department of your intent to retire. Write a letter to the department chair or supervisor informing them of your intent to retire, be sure to include your last day to work. Please send a copy of this letter to the Benefits Department.
- At least 3 months prior to your retirement date, if you are or will be eligible for Medicare Benefits when you retire, you should begin the enrollment process for Medicare by contacting your local Social Security Office. www.ssa.gov
- At least 3 months prior to your retirement date, when you visit your local Social Security Office, you must enroll in Medicare Part A and Part B. You will be given a Request for Employment Information form to document your current insurance coverage. The Benefits Department will complete this form for you.
- Medicare Part B is a deduction from your Social Security Check. Your local Social Security Office will help you determine your cost.
- At least 2 months before your retirement date, OTRS must receive your completed Pre-Retirement Information Verification Form. OTRS will then send you a Retirement Allowance Estimate (Form 40.04).
- At least 2 months before your retirement date, OTRS must receive your completed Retirement Allowance Estimate (Form 40.04). They will then send you several forms to complete.
- At least 1 month before your retirement date, return all completed documents to OTRS.(OTRS must receive your Final Contract for Service Retirement, Proof of Birth, Partial Lump Sum Election, Acknowledgement for Spousal Consent, Notice of Final Payment and Verification of Unused Sick Leave.)
- The Benefits Department must receive a copy of your Final Contract for Service Retirement; Medicare Part A & B numbers for you and your dependents prior to your retirement in order to enroll you or your dependents in the Post-65 medical plan.
- During the last month, you will need to meet with the Benefits Department to review you benefit elections during retirement, update beneficiary information, set up your medical payments by bank draft and if eligible set up the direct deposit for the Supplemental Retirement Annuity. You will also need a retiree ID to receive additional benefits a the library, wellness center and parking privileges.
- Any changes to or cancellation of the retirement contract must be in writing, and received 30 days by OTRS and UCO prior to the effective retirement date.
Any questions regarding the timelines should be directed to OTRS.
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 Department at (405) 974-2656.