Retirement Benefit Options
- You may continue on the OCCC health insurance plan until you become Medicare-eligible (usually age 65). The premium is the same as for active employees. Dependent coverage can also be continued at the active employee dependent rate. The premiums are paid by the retiree to OCCC through the Bursar’s office.
- Once Medicare-eligible, coverage on the OCCC plan will terminate; however, you may choose from two options currently available – a Medicare Advantage plan or a Medicare Supplement Plan F (with an optional Part D Prescription plan). Medicare Advantage rates are based on county of residence; Medicare Supplement Plan F rates are based on age.
- With at least ten years of creditable service, an OTRS allowance of $100-$105/month is paid toward health insurance premiums if the same insurance is continued into retirement.
- Dental insurance rates continue at the same rate as active employees
- Basic life may continue at the same rate as active employees, but decreases to one time annual salary. Rates reduce by 50% at age 70. Spouse basic life may continue at same coverage level rate as active employees.
- Contact a VOYA representative for retirement options
- Must begin withdrawing funds at age 70 ½ under IRS regulations
- Sick leave is verified with OTRS but not paid
- Unused sick leave may be combined with a partial year worked to obtain a year of credit if the combined total is 120 days or more. OR 120 days of unused sick leave may count as one year of credit.
- If less than 120 days of unused sick leave and no partial year, additional service credit will be awarded and will equal the number of unused sick leave days divided by 120 days.
- Personal leave is not paid
- Vacation leave is paid in the first pay period of the month following retirement.
- Tuition - Employee, spouse and child under 23 may take up to 30 hours per fiscal year for classes on campus. Books and fees are the responsibility of the retiree.
- Recreation & Fitness – Noncredit wellness classes continue to be available for the retiree. Recreation & Fitness Center is available for employee and spouse.
- Survivor benefit of $5,000 is provided at no cost from OTRS and is paid to the beneficiary as taxable income. A funeral home may be designated as the beneficiary so that family members are not taxed on this benefit.
- Email account: All retirees are assigned a college email account at retirement. Your college email address is your email@example.com (firstname.lastname@example.org) and the password for the first time user is the last 6 digits of your socual security number. If you have additional questions on accessing your email, please call (405) 682-7777.
- On-Line Payments: you can pay your medical, dental, and life insurance premiums directly to the Bursars Office through the Student MineOnline portal.
Instructions: 1. Go to the OCCC MineOnline, Click on “Current Student” box on the far right. 2. Under “Financial Information” click on View Account and Make Payment and follow the instructions. For more information contact the Bursar’s Office at (405) 682-7825.
- Date of retirement is the first day of the retirement month, even if you continue to work through the 10th of the same month.
- You may request more than one estimate from OTRS to make decisions or comparisons. After receiving a retirement estimate, feel free to contact the retirement counselor at OTRS who calculated your estimate for explanation or clarification.
- Retirement benefits are paid via electronic fund transfers and paid the first day of each month.
- A retiree is not eligible to be employed by the public schools of Oklahoma, in any capacity, for sixty (60) calendar days between the retiree’s last day of pre-retirement employment and post-retirement employment.
- Retirees who return to work in public education within 36 months of retirement are restricted to earnings limits
- Retirees under age 62 and retired fewer than 36 months may earn the lesser of $15,000 or one-half of the final average salary
- Retirees aged 62 or older and retired fewer than 36 months may earn the lesser of $30,000 or one-half the final average salary.