How do I begin my retirement?
- Contact OTRS via website or phone to request a retirement allowance estimate to be mailed to you.
- Review the options for retirement and indicate the plan option at the bottom of the Intent To Retire. If you had 30 or more years of service, the Partial Lump Sum Option (PLSO) form indicating choice of lump sum option must also be completed and signed by both you & your spouse (if married).
- Submit a copy of your proof of birth (i.e., passport or state- issued birth certificate). Include your annuitant’s proof of birth if you elected Option 2 or Option 3 (joint survivorship).
- Mail the completed Intent To Retire and the PLSO Election (if applicable) back to Oklahoma Teachers Retirement along with proof of birth documents within 3 months of your retirement date (return June 1 estimate on or after March 1).
- Once the Intent is received by the System, the retirement contract packet will be mailed to you. The packet will contain forms for direct deposit, spousal consent, and tax withholding in addition to the retirement contract.
- The signed and notarized contract must be submitted no later than the first day of the month before the retirement month (i.e. a June 1 retirement contract is due no later than May 1).
No grace period is given for weekends or holidays.
Contracts returned after the due date will postpone the retirement date.
- Contract changes for plan options 1-4 (with same retirement date and beneficiary), must occur within 60 days of effective date of retirement. Single clients, who marry after date of retirement with documentation of good health, may change their Maximum contract to Option 2 or 3 within one year of date of marriage. All changes must be submitted in writing, delivered to the System or postmarked within the specified dates.
- Contact the OCCC Director of Benefits to determine eligibility for insurance benefits that may continue at retirement. Complete the Retiree Option Form and submit to Human Resources with a copy of the OTRS allowance letter.
- Submit a letter of resignation (with your retirement date) to your supervisor once the Intent to Retire form has been submitted to OTRS.
How do I request an estimate for retirement?
You may request an estimate or a projection of benefits for their retirement account by contacting OTRS by phone (521-2387), website (www.ok.gov/trs), e- mail (firstname.lastname@example.org), or written correspondence (P. O. Box 53524, Oklahoma City, OK 73152-3524). The most accurate estimates are the ones that are requested 6-9 months prior to retirement. Please provide the following:
, includes name, current address, current daytime phone number, and the last four digits of the Social Security number or the Q number (client identification number). Please do not include the Social Security number in e-mail messages as these are not secure.
Date of retirement
is the first day of the retirement month, even if client works through the 10th of the same month. If a 9-or 10- month employee (i.e., teacher, bus driver) completes last day of work on or before June 10, the date of retirement will be June 1. This client may draw both retirement and paycheck (for prior service) through the summer. If an 11- or 12-month employee’s last day of work is June 11, the retirement date will be July 1.
Joint annuitant’s date of birth
is used to calculate benefits in the event client opts for an annuitant to continue receiving lifetime benefit after death of client (joint annuitant under Option 2 or Option 3). The younger the annuitant selected, the greater the reduction of benefit for the client. Under Option 2, the annuitant may not be more than 10 years younger than client, unless it is the client’s spouse.
Unused sick leave days
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 you have 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. Sick leave may not be split apart or combined with more than one year. If you report 120 days of unused sick leave and completes the final contract year, then a partial year of 90 days or more earned prior to July 1, 2013, will round up as an additional year of credit.
May I request more than one estimate for comparison?
Yes. You may request more than one estimate at a time in order to make decisions or comparisons between choices. It is recommended that no more than two estimates be requested at a time. To make comparisons when deciding to buy service or to pay a billing statement, you may wish to request an estimate with and without payment or purchase. To decide whether to work another year or to retire this year, you may request estimates for two different retirement dates. You may need to request additional estimates at a later date.
After receiving a retirement estimate, please feel free to contact the retirement counselor who calculated your estimate for explanation or clarification. Additional estimates may be requested as needed.
What is in the estimate packet?
lists the documents within the estimate packet and the order of steps for submitting the retirement estimate election.
Retirement Allowance Estimate
– outlines retirement date, service years, and monthly benefits for five plan options. (Hypothetical estimates are distributed unless you wish to retire within the next 12 months. An Intent To Retire will be
issued if you request a retirement date within 12 months of the date of request.)
Explanation of the Four Retirement Plan Options
describes how your Account balance is distributed to beneficiary(ies).
A Partial Lump Sum Option Statement (PLSO)
is also provided if 30 or more years or more of service has been credited to the account. It will outline the five different plan option benefits into four columns of choices for lump sum options (20 possible options). The amount of PLSO is deducted from Client Account balance of contributions. The PLSO amount may exceed the amount of employee contributions in the client account.