Retirement
Retirement Overview
All classified members (professors, supervisors, administrators) of UCO must participate in Oklahoma Teacher's Retirement (OTRS). All non-classified employees in a non-supervisory position will have a one-time option to opt in or out of contributing. OTRS will not allow those not contributing the chance to join at a later date.
OTRS retirement is a rich, lifetime benefit, but not meant to be the sole source of income in retirement. Faculty and staff are encouraged to participate in voluntary 403(b) or 457(b) plans with Voya Financial.
The University of Central Oklahoma offers continuation of benefits to university retirees that retire with 10 consecutive years of full-time OTRS and RUSO service immediately preceding their retirement date. UCO contributions to benefits along with eligibility are outlined by RUSO policy 5.4.3. UCO Retirees under 65 have the ability to continue BCBS medical coverage, while UCO retirees 65 and over has the option to join UnitedHealth senior supplement, advantage or prescription drug plan.
Interested in starting the retirement process? Check out our steps to retirement process.
For 2023, all under 65 medical and dental plans will be provided by Healthcare Highways, dental will be provided by Delta Dental and vision will continue to be provided by VSP. Prescription drugs will stay with CVS Caremark. All under 65 retirees must enroll to keep benefits into the 2023 year.
Healthcare Highways MEDICAL PLANS
The university will offer four medical plans:
- $1250 Plan Sync--network includes Integris OU Health, Norman Regional, Stillwater Medical and more
- Primary Health Partners (PHP) Sync—network includes monthly membership to Primary Health Partners, allows members to see providers at Integris, OU Health, Norman Regional, Stillwater Medical, and more.
- Primary Health Partners (PHP) Broad--network includes monthly membership to Primary Health Partners, and allows members to see any major provider, including Mercy, Integris, Saint Anthony's, OU Physicians, and more.
- Health Savings Account (HSA) Broad--This medical plan includes a monthly amount of $100 funded into each retiree's personal Health Savings Account, and allows members to see any major provider, including Mercy, Integris, Saint Anthony's, OU Physicians, and more.
Network information can be viewed to the right. Retiree’s living out-of-state will have access to the Cigna network. When searching the Cigna provider directory, please select “PPO, Choice Fund PPO” as the medical plan. Please note, medical insurance is still provided through Healthcare Highways.
Delta DENTAL PLANS
Delta Dental is our new partner for 2023. There will still be three dental plans available to choose from: High, Low and Preventative.
VISION PLANS
Vision plans are unchanged for the 2023 plan year.
For 2023, all UHC (medical) and VSP (vision) are unchanged and will rollover; however, you must enroll if you would like dental coverage for 2023. No action is needed if retirees are happy with their current medical and vision plans and do not want or have dental coverage.
Medicare-eligible UCO retirees are offered UnitedHealthcare (UHC) senior supplement, advantage and prescription drug plans in conjunction with their Medicare coverage. Retirees must be enrolled in both Medicare A and B to enroll in a UHC plan; these plans are not offered to active faculty and staff.
RECORDED UHC PRESENTATION 2023
UHC Advantage Plans
UCO’s UHC advantage plans offer competitive premiums and comprehensive coverage including benefits for hearing aids and house calls. These plans are offered in the UHC’s national PPO network with coverage for doctors, hospitals and prescription drugs, with no referrals required. Advantage plans have built in prescription drug coverage.
UHC senior supplement Plans
UCO’s UHC senior supplement plans also offer comprehensive coverage, but only pays for services covered under Medicare A and B. The senior supplement does not have a network, so members can see any provider that accepts Medicare. Prescription drug coverage may be added, but is not included.
UCO drafts premiums for retirees from their checking account on the first business day of each month. Retiree's wishing to change their ACH information should email Benefits@uco.edu.
Call UnitedHealthcare Customer Service at 1-866-414-1959.
Dental and Vision Plans
Delta Dental is our new partner for 2023. There will still be three dental plans available to choose from: High, Low and Preventative.
VSP will remain our vision partner. Two VSP vision plans are available to choose from: High and Low.
OTRS
UCO contributes to OTRS for all faculty and staff that participate in the system. Both UCO and faculty and staff contributions are fixed by OTRS and cannot be altered or increased.
Full-time faculty and staff who choose to contribute $700 to OTRS per fiscal year and UCO contributes the remainder of 7 percent of salary and benefit cost. OTRS contributions begin with the first paycheck and are spread evenly throughout the fiscal year.
My OTRS
To estimate benefits with OTRS, register for the OTRS Client Portal:
- Click the “Register” button
- Enter personal information and wait for a PIN to arrive at your home via USPS
- Use the PIN to log in
- Scroll down to view Total Compensation Summary
The client portal allows members to view account balances, years of service and retirement benefit estimates.
Retirement Savings Plans
It’s important to save for retirement on top of OTRS savings. UCO offers the option for faculty and staff to participate in a 403(b) and 457 plan. Electing for both plans may allow you to save even more money on a tax-deferred basis for retirement, but an individual can participate in either plan. UCO’s 403(b) and 457 plans are both offered from Voya Financial. To learn more about either plan, reach out to UCO’s Voya Advisor for a one-on-one meeting. Individuals can start, stop or change their 403b or 457 contributions at any time by logging into employee.uco.edu.
403(b) Tax Deferred Plan
UCO’s most popular retirement savings plan, the 403(b) is offered to employees of public schools and closely resembles a 401(k). The contribution limits for 403(b) plans are identical to those of 401(k) plans.
457(b) Deferred Compensation Plan
The 457 is offered to state and local government employees only. This plan offers employees over age 50 the ability to contribute an additional $6,000 per year in catch-up contributions.
TSA Information
After separating from the university, employees are eligible to rollover or withdraw funds from their 403(b) and/or 457(b) plans. Former employees may call the appropriate vendor (TIAA or Voya Financial) to obtain the correct paperwork. After receiving the paperwork, former employees must submit the document to UCO's consultant, TSA, for authorization. TSA will provide approval for distributions, transfers, loans and rollovers.
To obtain the necessary paperwork to start the process, contact Voya Representative Rebecca McGee at 405-568-2889. To obtain paperwork from TIAA, call 800-842-2276.
To submit the completed paperwork to TSA, fax it to 1-866-741-0645 or email it to recordkeeping@tsacg.com.
Helpful Links
Steps to Retirement
Interested in starting the retirement process?
To retire, faculty and staff must have at least 10 consecutive years of full-time services with OTRS and UCO immediately preceding their retirement. Individuals retiring without 10 consecutive years with OTRS and UCO will be considered as a resignation and will not be offered benefit continuation outside of COBRA.
- Unused sick leave can be used to add up to one year of OTRS service; it takes 960 hours to equal a year, but any amount of sick leave can be banked!
- Any questions regarding the timelines should be directed to OTRS.
The UCO Benefits team will help faculty and staff with benefit continuation, but estimates and timeline questions should be directed to OTRS at 405-521-2387.
3 months out
- Notify your department by submitting your retirement letter and copying Benefits@uco.edu. This notification should include your last day of work and can be completed up to one year in advance.
- Send OTRS your Pre-Retirement Information Verification at least 90 days before your retirement date.
- Enroll in Medicare Part A and B, if applicable.
- If given a request for employment verification from Medicare, submit a copy to Benefits@uco.edu for completion.
2 months out
- Once in receipt of your Pre-Retirement Information Verification, OTRS will then send an application to retire
- Send a copy of the application to retire to Benefits@uco.edu so a benefit continuation meeting can be scheduled with you—this meeting takes about 1 hour and is done 45-60 days before you last working day.
- Submit your application to retire to OTRS at least 60 days before your retirement date.
1 month out
- Once in receipt of your application to retire, OTRS will then send a final contract
- Complete the final contract and submit to OTRS at least 30 days before your retirement.
- Complete your clearance card checklist, given during your meeting with Benefits—this is due on your last working day.
Back to Top
FAQs
Does UCO offer a 401(k)?
No, UCO offers both a 403(b) and 457(b), both which have similar aspects to a 401(k).
Can I contribute more than $700 to my OTRS account?
No, OTRS contributions are capped at 7% of salary and benefits. Individuals contribute $700 per fiscal year and UCO contributes the remaining 7% on behalf of faculty and staff.
How do I manage my 403(b)/457(b) funds and investments?
- Access your benefits
- Navigate to the Benefits section
- Make changes to your 403(b) or 457(b)
Does UCO contribute to my 403(b) and/or 457(b)?
No. 403(b) and 457(b) plans are entirely voluntary.