EXPLANATION OF DATA ITEMS USED BY THE CALCULATOR:

Accrued Sick Days:
Enter the number of days of unused sick leave you expect to have when you terminate employment. Statutes provide that a member may receive one additional year of service credit when the member has 120 or more days of unused sick leave. (Enter whole number of unused sick leave days).

Beneficiary Date of Birth:
The person you want to name as the person who would continue to receive monthly benefits under the Option 2 or Option 3 retirement plan. (Enter in the form mm/dd.yyyy).

Breaks in Service:
Click NO if you have worked continuously since first employed or YES if you have missed one or more school years after first employed. If YES enter the number of whole years worked before 7/1/1995 and then the number of whole years after 7/1/1995 thru the end of the last school year. Do not include the current school year, the calculator will add the current year.

Capped at 25:
Members who were working between July 1987 and June 1995, were able to elect to contribute on just the first $25,000 of earnings for the years between 1987 and 1995 or elect to contribute on earnings up to $40,000. Your retirement benefit for all years before July 1, 1995 can be affected by the election you made.

Current Compensation:
This is the total compensation you receive include wages and fringe benefits. Compensation for retirement purposes is based on compensation by your school year or fiscal year, NOT calendar year. You have the option of entering annual compensation for several years, but you should do so only if you are asking for an estimate for this year or next year.

Date of Birth:
Your birth date in the form mm/dd/yyyy.

Date Joined:
The date you first became employed in the public schools of Oklahoma AND JOINED TRS. If you were once a member and withdrew your contributions after a break in service enter the date of your current membership unless you have already repaid the withdrawn contributions to re-instate your previous service credits.

Employed at OU/OSU before July 1995:
The retirement formula for TRS members who were employed at OU, OUHSC and/or OSU and their constituent entities is different in some situations. Enter YES if you were employed on or before July 1, 1995 at any of these institutions of higher education.

Estimated Retirement Year:
The four digit year you expect to retire. The calculator is designed to calculate retirement assuming the member works to the end of the school year, i.e. the end of the spring semester or June 30.

Years of Service Before 6/95:
Total service before July 1, 1995 must be entered if your membership date was before 7/1/1995 and you indicated you had a Break in Service. (Do not include credit for unused sick leave in this count).

Years of Service After 6/95:
Enter total service after July 1, 1995 if you indicated you had a Break in Service. (Do not include credit for unused sick leave in this count).


EXPLANATION OF TERMS USED IN THE RESULTS OF THE CALCULATOR:

Age:
Your age as of the date of retirement.

Asterisks:
One asterisk (*) after the Retirement Year indicates eligibility for normal (unreduced) retirement benefits. Two asterisks (**) means you are eligible to retire but the monthly benefit is reduced because you would be retiring before reaching age 62 or the Rule of 80 or Rule of 90.

Maximum Plan:
The monthly benefit you receive if you elect to take the full benefit for yourself. Your monthly benefit is payable for life and stops at your death. Your beneficiary(s) will receive a $5,000 death benefit and the balance of deposit you made prior to retirement less the amount paid to you in monthly checks.

Option 2:
The monthly benefit is payable for life but the amount is less than the Maximum plan because payments continue to the member’s beneficiary at the death of the member. The beneficiary will receive 100% of the amount the member is entitled to receive and also receives the $5,000 death benefit at the member’s death. (If you entered a beneficiary’s age and the column is N/A the combined age of the member and beneficiary is out of range of the calculator. Benefit amounts can be obtained by contacting the TRS Office).

Option 3:
The monthly benefit is payable for life but the amount is less than the Maximum plan because payments continue to the member’s beneficiary at the death of the member. The beneficiary will receive 50% of the amount the member is entitled to receive and also receives the $5,000 death benefit at the member’s death. (If you entered a beneficiary’s age and the column is N/A the combined age of the member and beneficiary is out of range of the calculator. Benefit amounts can be obtained by contacting the TRS Office).

Points Earned:
Your age plus service at the Retirement Year. This is used to determine when the member reaches the Rule of 80 or Rule of 90.

Retirement Year:
The end of the school year you specified as the Estimated Retirement Date. The month is show as June, but would also be applicable to retiring effective July 1. A member’s retirement date is always the first date of the month. You receive your first retirement check the first of the following month. (Example: Retire on June 1, receive first check July 1).

Years of Service:
Total service at the Retirement Year. This count will include past and future service plus credit for unused sick leave.