Oklahoma Teachers’ Retirement System (OTRS)
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.
403(b)/457 Account through VOYA
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:
Individuals hired prior to July 1, 2009 and have 10 years of continuous coverage at the time of their retirement, are eligible for SWOSU to pay their life and health insurance until they reach age 65. If the individual decided to continue the Post-65 coverage provided by the University, SWOSU will pay the individual’s first month of UHC coverage.
Individuals hired after July 1, 2009 and have at least 10 years of continuous service at the time of their retirement, are eligible to continue the University health insurance at their own expense. OTRS Subsidy can be applied to their plan. LIFE insurance may be ported/converted at the time of retirement.
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).
If you are considering retirement or have retirement questions, please contact the Assistant Director of Human Resources at 580-774-3246.