The Board of Regents provides retirement benefits pursuant to action. Currently, an integrated benefit plan is provided. All faculty members are required to participate in the Social Security (FICA) program. All faculty members who teach half time or more are required to participate in the Oklahoma Teachers' Retirement System (OTRS). (Membership in the system, contributions required, and death and retirement benefits are provided for in the OTRS law.)
Employees with a date of employment prior to July 1, 1995 may qualify for a Supplemental Retirement Annuity. A person must meet the stated guidelines to be vested in this additional annuity. For further information, see the Supplemental Retirement Plan for the Board of Regents of Oklahoma Colleges, effective December 1, 2002 .
Copies of current Board of Regents retirement policy and of the details of participation are available in the Human Resources Office. This information may also be found in the Board of Regents' Policy Manual. (See also "Membership In Teachers' Retirement While On Sabbatical," policy statements dated 7/10/91 .) The Human Resources Benefits Office has also prepared "10 Steps to Retirement". For information concerning an individual's retirement benefits, contact the Human Resources Specialist in the Human Resources Office. Requests to retire prior to the end of the normal appointment period should follow normal administrative channels.
Section 715: 10-17-2 (State law) of the Teachers' Retirement System of Oklahoma Rules and Laws states:
“A retired member is not eligible to be employed by the public schools of Oklahoma , in any capacity, for sixty (60) calendar days between the retiree's last day of pre-retirement public-education employment and any post-employment. (Note: The last day of pre-retirement employment means the last day the employee is required to be physically present on the job to complete the terms of the employment contract or agreement.) Employment under any condition during this time or payment at a later time for services performed during this time period will cause the forfeiture of all retirement benefits received during the period.”
In order to comply with the above state law, a retiree needs to sever employment with the University as of the end of the last day of work. To avoid any question as to severance from duty, it is suggested that a retiree clear his/her office, turn in keys and not perform any work, including voluntary work, for the University for at least sixty (60) calendar days.