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Retirement Plan Overview Chart
Category |
Enrollment Rules |
Track "A" |
Track "B" |
Monthly Employees
under age 45 at time of hire. Note: Faculty with a temporary title including Visiting, Instructor, or Lecturer, should contact the Benefits Office for an explanation of their choices |
One time irrevocable election within first 90 days of employment
Defaulted to OTRS if election is not made in 90 day. |
Oklahoma Teachers’ Retirement System (OTRS) and Defined Contribution Plan (DCP)
OTRS: Employee contributes 7% of total compensation to OTRS. Defined benefit plan with five year vesting
DCP: Employer contributes 8% of salary over $9,000 to choice of four retirement investment companies. Three year vesting. No age restrictions. |
9% Optional Retirement
Plan (ORP)
Employer contributes
9% of salary.
Three year vesting.
Choice of four retirement investment companies. |
| Monthly Employees age 45 and over at time of hire |
Automatically enrolled in the 9% Optional Retirement Plan (ORP).
Can select OTRS and DCP 8% over $9,000.
Participation in either plan is optional. |
Oklahoma Teachers’ Retirement System (OTRS) and Defined Contribution Plan (DCP)
OTRS: Employee contributes 7% of total compensation to OTRS. Defined benefit plan with five year vesting
DCP: Employer contributes 8% of salary over $9,000 to choice of four retirement investment companies. Three year vesting. No age restrictions. |
9% Optional Retirement
Plan (ORP)
Employer contributes
9% of salary.
Three year vesting.
Choice of four retirement investment companies. |
| Hourly Employees |
Automatically enrolled in the Defined Contribution Plan.
Can select OTRS and DCP 8% over $9,000.
Participation in either plan is optional. |
Oklahoma Teachers’ Retirement System (Optional)
OTRS: Employee contributes 7% of total compensation to OTRS. Defined benefit plan with five year vesting
DCP: Employer contributes 8% of salary over $9,000 to choice of four retirement investment companies. Three year vesting. Eligibility: Age 28 or older or three years of benefits eligible service. Three year vesting. |
University Defined Contribution Plan
Employer contributes
9% of salary to choice of four retirement investment companies.
Eligibility: Age 28 or older or three years of benefits eligible service.
Three year vesting. |
Other Retirement Options Available To All Employees |
403(b) Optional Retirement Plan - Employee contributions 30+ investment companies. Employees may elect this plan anytime.
457(b) Optional Retirement Plan - Employee contributions 3 investment companies. Employees may elect this plan anytime.
OU Retirement Benefits - Eligible for University paid medical and dental retirement benefits at any age with 25 years of benefits eligible service, Rule of 80, or age 62 with 10 years of benefits eligible service.
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