- Benefit Request Form Fill out a request for a retirement estimate with our online form
- Manual Calculation Calculate an estimation of your benefits yourself using our retirement estimate form.
- Smart Calculation Enter your information into our online Retirement Calculator and have the estimation tabulated for you.
Retirement Eligibility Requirements
TRS
members must have at least 5 years of Oklahoma service credit to
retire. If you joined TRS before July 1, 1992, you may retire with
unreduced benefits at age 62 with 5 or more years of contributory
Oklahoma service, or when age and total service equal 80. Total service
may include credit for unused sick leave and up to five years of
out-of-state and/or military service. Members joining TRS after June
30, 1992, may retire with unreduced benefits when age and total service
equal 90 or at age 62 with 5 or more years of Oklahoma service. Members
joining TRS after June 30, 1992 do not receive credit for unused sick
leave. Reduced monthly benefits are available beginning at age 55 for
members who do not qualify for the Rule of 80 or 90, but have 5 or more
years of Oklahoma service.
Retirement Formula
At
retirement, your monthly benefit is calculated using a formula of 2
percent times Final Average Salary times years of service. For members
who joined TRS prior to July 1, 1992, FAS is the average of the three
highest annual salaries of years in which contributions were made. For
members who joined TRS after June 30, 1992, FAS is the average of the
five highest consecutive years of annual salary in which contributions
were made. However, statutes limit FAS for years of service prior to
July 1, 1995 to no more than $40,000, or $25,000 for those members who
elected to limit contributions to the first $25,000 of earnings during
the years from 1987 to 1995, or those members whose actual
contributions were limited to no more than $25,000 during the eight
years between 1987 and 1995.
Therefore,
members who joined TRS prior to July 1995 and whose earnings exceed
$40,000 at the time of retirement, will have benefits calculated in two
steps. All service before July 1995 is calculated using a formula of 2
percent times $40,000 times service prior to July 1995, plus 2 percent
times FAS times service performed after June 1995.
Additionally, employees of institutions of higher education
(other than comprehensive universities) will base the value of the
1995-96 school year on actual contributions paid during this year, and
employees of comprehensive universities
(OU, OUHSC and OSU) who were employed prior to July 1, 1995 will base
service years between 1995 and 2007 on actual contributions for each
school year. Contributions made by employees of comprehensive
universities continue to be "capped" through the 2006-07 school year.
You can see these formulas laid out visually on our Retirement Estimate Worksheet -- for Members Joining After June 1992 and Retirement Estimate Worksheet -- for Members Joining Before July 1992.
