Oklahoma Teachers' Retirement System

Eligibility requirements to retiree with Oklahoma Teachers Retirement System

OTRS members who joined prior to July 1, 1992, can retire with full benefits from Teachers’ Retirement System

Age 62 with at least 5 years of OTRS service credit OR
When age plus years of OTRS service credit equal 80 or more (Rule of 80).

OTRS members who joined on or after July 1, 1992, can retire with full benefits from Teachers’ Retirement System

Age 62 with at least 5 years of OTRS service credit OR
When age plus years of OTRS service credit equal 90 or more (Rule of 90).

Notification of Retirement

If you are a member of OTRS, you should contact OTRS and inform them of your intent to retire. OTRS prefers a minimum of three months notice, so it is important that you notify OTRS three months prior to your anticipated retirement date.

Upon notification, OTRS will send a “Retirement Allowance Estimate” (Form 40) to your home address. It normally takes 14 days from the date you notify OTRS before you receive the Form 40 from OTRS. Your estimate will reflect your retirement benefits before taxes are deducted. The various contractual options are explained by OTRS in order for you to know which option to select if you have a spouse or beneficiaries for whom you would like to provide benefits.

First, indicate the retirement option you are selecting. Next, sign, date, and return the “Retirement Allowance Estimate” form to OTRS. Before you mail the Form 40 to OTRS you should make a copy for yourself and a copy for your OU Human Resources retirement file. You may need to enclose a copy of your birth certificate or another legal document indicating your birth date. If you select an option that provides a benefit for your spouse in the event of your death, you may also need to forward a copy of your spouse’s birth certificate as well. Copies of these documents do not need to be notarized.

Taxation of Benefit

State and Federal taxes will be withheld from your OTRS retirement check and you are allowed a state exemption each year. You will receive the proper form explaining your tax options when you receive your blank contract and other forms from OTRS.

Effective Retirement Date

For OTRS purposes, your effective date of retirement is your last day of active work rounded to the nearest 1st day of the month. For example, if you retire on the 10th of July, provided your contract has been sent to OTRS by the 1st of June, you will receive your first OTRS retirement check on or about August 1st. If your last day of work is July 15th, your OTRS retirement date will be August 1st and your first OTRS retirement check will be mailed about September 1st. Your effective retirement date from the University is based upon your last day of service, which may not coincide with your OTRS effective retirement date.

OTRS Contract & Other Forms

Upon receiving your signed “Retirement Allowance Estimate”, OTRS will send you a packet containing the following:

Retirement Contract for the option you selected
Instructions to contact your benefits office about insurance benefits
Form 82: Employer Verification of Unused Accumulated Extended Sick Leave (To be completed by the Office of Human Resources)
Form 80: Request for Retirement and Notice of Final Payment (To be completed by the Office of Human Resources)
Tax information
Direct Deposit information
Spousal Consent Form

OTRS will be happy to help you complete your contract and other forms if you desire. Please call OTRS at 521-2387 to schedule an appointment. At the time of your appointment you will need to have the following:

The OTRS packet;
A copy of your resignation;
Your beneficiaries’ names, addresses, and birth dates.

Statement of Final Payment

OTRS will request a “Notice of Final Payment” from the University. The “Notice of Final Payment” will be completed and remitted to OTRS by the OU Benefits Office.