Katie Saylor, senior benefits specialist
Ready to retire? At the ripe old age of 31, I am. But since that’s not a possibility for me right now, I’m pinning my hopes and dreams on all of the soon-to-be UCO retirees, along with some gentle reminders that deadlines for retirement do exist and they are important.
Oklahoma Teacher’s Retirement System (OTRS) has inflexible deadlines to retire. Missing a deadline can jeopardize benefit and pay continuation and delay your retirement date, which benefits exactly no one. Here’s a quick guide to OTRS timelines and some helpful reminders.
As soon as possible:
- Notify your supervisor of your intent to retire by submitting a retirement letter.
At least 90 days out:
- Complete the Pre-Retirement Information Verification Form (PIV) and return to OTRS;
- Pay all outstanding balances to OTRS for service purchase or buyback;
- Submit your retirement letter to your supervisor, if you haven’t already done so.
60 days out:
- Complete the Application to Retire (ATR) and return to OTRS.
30 days out:
- Complete the final contract, tax withholding and direct deposit information and return to OTRS.
You drive the process, which means you are the only one who can notify OTRS and your department of your plans. Notification to OTRS is done by completing a PIV and notification to Human Resources is done by submitting your retirement letter to your department.
Questions about retirement and eligibility? Check out The Hub’s site on retirement, or call the benefits team at 405-974-2318.