Membership in the Oklahoma Teachers Retirement System is open to all regular full-time employees of Northeastern State University. Membership is required for certain employees, but is optional for others. Benefit amounts are figured on a combination of average salary and years of service. Members are required to contribute 7 percent of the first $25,000 of their total compensation (annual salary plus benefits) each fiscal year. The University contributes 7 percent of total compensation over $25,000.
If you are considering a retirement date of April 1, 2011 or later, please note:
Effective February 2011, OTRS policy changes will affect timelines for submitting paperwork for retirement as follows:
1. A Retirement Allowance Estimate (Form 40.04) must be requested at least 60 days prior to the effective retirement date.
2. The Retirement Allowance Estimate (Form 40.04), indicating a retirement option election, must be signed, dated and received by OTRS 45 days prior to the effective retirement date.
3. The completed Final Contract for Service Retirement, Proof-of-Birth (POB), Partial Lump Sum Option Election (PLSO), Acknowledgement for Spousal Consent, Notice of Final Payment Form (Form 80), and Verification of Unused Sick Leave Form (Form 82) must be received by OTRS 30 days prior to the effective retirement date.
4. Any changes to or cancellation of the retirement contract must be in writing, and received 30 days prior to the effective retirement date.
Any questions regarding the revised timelines should be directed to OTRS.
Teachers' Retirement System of Oklahoma