64 Retirement Notification
Procedure
Employee Steps to Retirement
- Complete the OTRS Pre-Retirement Information Verification form (MSC HR Webpage) then mail it to Oklahoma Teachers Retirement System, PO Box 53524, Oklahoma City, OK, 73152.
- Upon receipt of the OTRS Pre-Retirement Information form, OTRS will forward one of the following based on the requested date of retirement and retirement eligibility. (MSC HR Webpage)
- Projection of Benefits – you will receive a Projection of Benefits if you are not eligible to retire within the next 12 months. This is a snapshot of multiple years of retirement benefits much like the calculations produced in the Client Portal.
- Intent to Retire – This document serves as an application to retire. It lists the monthly retirement benefit amounts for each retirement option for which you qualify, including the PLSO (Partial Lump Sum Option). This document must be signed, and if married, your spouse’s signature is required on this form indicating the spouse has been informed of your retirement plans which entitles you spouse to marital property rights. If you have 30+ years of service credit you may select a partial lump sum distribution. TRS will mail you a Retirement Contract, which is specific to the retirement option you have selected.
- Retirement Contract Packet – All documents must be completed and returned to TRS according to date provided on the Retirement Timeline (MSC HR Webpage).
– Tax Withholding Options
– Direct Deposit Information
– Employer Verification Form (ERV)
– Retirement Contract (must be notarized)
- Any employee who is anticipating retirement should provide a written notification to the immediate supervisor at least 90 days prior to the intended retirement date.
Employer Steps
Once the employee has completed all necessary steps, TRS will send a notification by email that there is an ERV (Employer Retirement Verification) available for completion on the TRS employer portal.