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Normal RetirementA vested member can receive benefits after satisfying eligibility requirements. A member is fully vested after 5 years of contributory Oklahoma membership service. Normal retirement age for all members is at age 62 with 5 or more years of contributory Oklahoma service or when age plus service equal 80 or 90 depending on when the member joined TRS.
Members who joined before July 1, 1992 may retire with unreduced benefits when age and total years of creditable service total 80 (Rule of 80). For members joining TRS after June 30, 1992 the age and years of creditable service must total 90 (Rule of 90). Creditable service includes all service credits: Oklahoma service, purchased service and credit for accumulated unused sick leave where applicable.
A member may retire with reduced benefits as early as age 55 after completing at least 5 years of Oklahoma service. Reduced benefits are calculated in the same manner as other retirement benefits, but are reduced 6 2/3 percent for each year the member's age is below 62.
For Rule of 80 members, the monthly benefit is determined by multiplying the average salary of the three highest years of contributory service by 2 percent, times years of service, divided by 12. For Rule of 90 members, the monthly benefit will be computed based on an average salary of the five highest consecutive years.
However, in all cases, years of service prior to July 1, 1995 shall be calculated using an average salary no greater than $40,000. In addition, employees of the University of Oklahoma and its constituent agencies, and employees of Oklahoma State University and its constituent agencies, who were employed by these universities prior to July 1, 1995, will have retirement benefits calculated in compliance with 70 O.S. 17-116.2B, and in accordance with annual contributions.
TRS offers members five retirement plans, each providing a life benefit to the member and, after the member's death, either a lump sum payment to the member's designated beneficiary(s), or continued payments to a beneficiary designated at the time the member retires.