Oklahoma Administrative Code
Title 715 - Teachers' Retirement System
Chapter 10 - General Operations
Subchapter 15 - Service Retirement
Section 715:10-15-3 - Date of retirement; making application
Current through Vol. 41, No. 13, March 15, 2024
The earliest effective date of retirement for any eligible member is the first day of the month following the one in which employment ceases, with the first annuity payment to be paid on the first day of the month following the effective date of retirement.
(1) It is the member's responsibility to notify, by filing a retirement contract as outlined in paragraphs 4 and 5 of this section, the TRS Board of Trustees of the date on which retirement is to begin.
(2) Payments for all years of service, for which a member wants to receive credit, must be made no less than 90 days prior to the date of retirement.
(3) State law does not permit TRS to make retroactive retirement payments. Members should ensure that their creditable service record is up-to-date and accurate before they retire.
(4) Not less than ninety (90) days prior to retirement, the member must submit to TRS a Pre-Retirement Information Verification, copy of the member's proof of birth, copy of marriage certificate or license if married to joint annuitant, and verification of 120 days of accrued/unused sick leave for calculation of sick leave credit. The Pre-Retirement Information Verification and support pre-retirement documentation must be on file with TRS to enable TRS to prepare a complete Application to Retire.
(5) After submitting all required pre-retirement documentation, the member will receive an Application to Retire. This form must be returned to TRS no less than sixty (60) days prior to the effective date of retirement. Upon receipt of the completed Application to Retire the member will receive a final contract for retirement.
(6) The Final Contract for Retirement, properly executed before a notary, is required by statutes to be filed with TRS no less than thirty (30) days before the date of retirement. Therefore, the final contract for retirement must be completed and on file with TRS by the first day of the month immediately preceding the retirement date. The first retirement benefit payment will be made on the first day of the month following the effective date of retirement.
(7) For example, a retirement contract must be on file by May 1, for a retirement date of June 1, in order to process the first retirement benefit payment on July 1.
Amended at 30 Ok Reg 1476, eff 7-1-13
