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ATTENTION TRS RETIREES
If you are retired and had selected an Option 1 retirement benefit prior to January 1, 2017, you may be receiving a notice from us about a revised 1099 for the 2016 tax year. Some of you will be receiving this replacement 1099 because of a computer programming error. For these retirees, the previous 1099 for year 2016 we sent to you was incorrect. Again most of the affected retirees are “Option 1” retirees and had made some of their retirement contributions using after-tax funds. If you have not filed your tax returns yet, please do so with this revised 1099.
If you have already filed your tax return, it is very likely that you will have to file an amended tax return. However, TRS is not your tax adviser. You are encouraged to seek the advice of a professional tax adviser or preparer to determine what your obligations will be. If you have general questions, you can call us at (405) 521-2387 or toll free at (877) 738-6365.
TRS will only be submitting your revised 1099 to the IRS. The first 1099 you received was not transmitted to the IRS. We apologize for the confusion. We worked to correct this mistake as soon as we became aware of it.
TRS Publishes Financial Reports
The Comprehensive Annual Financial Report (CAFR) and the Popular Annual Financial Report (PAFR) for FY 2016 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 2016 financial statements. The amounts in these schedules are to be used for employers’ FY 2017 financial statements. The second link below provides additional information about GASB 68 and contains further links to other helpful resources.
1099-R Frequently Asked Questions
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.