Retirement Benefits and Options Available to Eligible Employees
SWOSU offers a defined benefit retirement plan through OTRS for eligible employees. The University contributes 7% of an individual’s salary towards retirement. To check your eligibility, please contact SWOSU’s Human Resources office.
- Pre-Retirement Information Verification Form
- OTRS Timeline for Retirement
- Considering post retirement employment
SWOSU also offers 403b/457 accounts known as Defined Contribution Plans or Voluntary Retirement Plans, through VOYA. A VOYA representative typically comes to campus once a quarter to answer questions and meet one-on-one with individuals.
As a voluntary retirement plan, individuals can decided to set up 403(b), 457, or ROTH accounts. Employees may wish to set up automatic deductions (in full percentages) from their paycheck into these accounts. For more information regarding your VOYA account, or to begin/change automatic deductions, please contact HR.
Supplemental Retirement Annuity
Employees with a date of employment prior to July 1, 1995 may be eligible for a Supplemental Retirement Annuity (sometimes referred to as the Regents’ Supplement.) Contact HR for more information.
Health Insurance Options in Retirement
SWOSU offers Group Health Insurance for the following individuals:
- Pre-65 Retirees hired before July 1, 2009 are eligible to continue employer-paid health and group life coverage until age 65.
- Pre-65 Retirees hired after July 1, 2009 are eligible to continue their group health insurance at their own cost.
- Post-65 Retirees are eligible to enroll in a Senior Supplement through United Healthcare at their own cost.
Individuals who retire from the University are eligible to continue their group dental and vision insurance at their own expense. Contact HR for more information.
Social Security and Medicare
Individuals eligible for Medicare Benefits at the time of retirement should contact their local Social Security office at least 90 days before their anticipated retirement date.
To avoid a delay of enrollment or a penalty being added to premiums, individuals should enroll in Medicare as soon as eligible (3 months prior to turning 65).
For an overview of retirement options, please visit with the following person:
Assistant Director, HR
HAB 103; (580) 774-3246