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IMPORTANT NOTICE FOR RETIREES
OTRS will mail each retiree a Form 1099-R at the end of January of every year. This form will show: 1) the gross amount of your retirement benefit for the previous calendar year; 2) the amount of state and federal income tax wihheld from your retirement benefit; and, 3) the federal taxable amount of your retirement benefit for the year. The information contained on your Form 1099-R should be used in completing your state and federal income tax returns.
Please allow for normal postal delivery time. If you have not received your Form 1099-R by February 16, contact OTRS.
Frequently asked questions about the 1099-R can be found by clicking on the following link:
Taxes and Your Retirement Benefit
Your OTRS retirement benefit is considered income for tax purposes. The tax rates applied to your benefit are based on withholding tables provided by the Internal Revenue Service and the Oklahoma Tax Commission. The Oklahoma tax withholding tables will not change for 2018; however, recently signed federal legislation will change the federal tax withholding tables beginning with your benefit deposit on February 1, 2018.
Your withholdings will not change if you elected to withhold a flat dollar amount. You should seek advice from your tax professional and submit a new Monthly Tax Withholding Request form if appropriate. This form can be found on our website at http://www.ok.gov/TRS/Forms/index.html and must be received before the 15th of the month for the change to be in effect for the next monthly benefit payment.
2018 Retiree Health Insurance Rates (Employees Group Insurance Division)
If you have retiree health insurance premiums through the Employees Group Insurance Division (EGID) deducted from your OTRS benefit, be aware that EGID has adopted a change in 2018 health insurance premium rates. For more information on the 2018 rate changes, visit the EGID website at www.ok.gov/sib/Member/Premiums. OTRS cannot answer questions related to 2018 rate changes or coverage. If you have specific questions about your coverage, please contact EGID at 1-800-752-9475.
SB 428 Allows Some TRS Retired Teachers to Return
to teaching Without Salary Limitations
Senate Bill 428 was passed by the Legislature and signed by the Governor. It is effective July 1, 2017. The purpose of the bill is to provide an incentive for bona fide retired classroom teachers to come back to work as classroom teachers without impacting their retirement benefits. Click on the link below for the emergency rule related to SB 428.
TRS Publishes Financial Reports
The Comprehensive Annual Financial Report (CAFR) and the Popular Annual Financial Report (PAFR) for FY 2017 are both available on this website. Please take a few moments to look at these reports showing the financial condition of the Teachers' Retirement System.
GASB 68 Allocation Schedules Now Available
The first link below is to the OTRS “Schedule of Employer Allocations and Collective Pension Amounts” required by GASB 68. These audited schedules indicate each participating employer’s share of the “Net Pension Liability” of OTRS from its FY 2017 financial statements. The amounts in these schedules are to be used for employers’ FY 2018 financial statements. The second link below provides additional information about GASB 68 and contains further links to other helpful resources.
Announcement - Tax Withholding Tables
The federal and state withholding tables have been recently updated in the OTRS accounting system, which may result in a small change to your monthly benefit payment amount. Any changes will be reflected beginning with the February 1, 2016 benefit payment. You should receive a separate letter detailing any changes to your monthly benefit payment.
If you wish to change your tax withholding for future benefit payments, the Monthly Tax Withholding Request form can be found on our website at http://www.ok.gov/TRS/Forms/index.html. If you have questions, please call 405-521-2387 or Toll Free 1-877-738-6365.