Planning Your Retirement
What to Do First
- Notify both your principal or supervisor AND human resources with your intent to retire in writing. The intent to retire letter needs to include the effective date you wish to retire. This letter can be sent via email to the HR desk at firstname.lastname@example.org, hand delivered directly to the HR department, by mail or through interoffice mail.
To get the retirement process started, employees will need to complete the Pre-Retirement Information Verification (PIV) form. If you have 120 days or more of unused sick leave and would like to include these days in your retirement calculation, you will need to get verification documentation and attach this to the PIV form. To get this documentation, please email Dusty Dilldine at email@example.com or contact him at 918-259-5714. Once the form has been completed and you have received verification documentation from Mr. Dilldine (if needed), you will mail the form directly to Oklahoma Teachers Retirement System (TRS) at the address listed on the form. TRS also requires you to include proof of birth documents and driver's license for yourself and your spouse (if applicable) with the PIV.
- Once TRS has received the PIV form, they will mail you your Intent to Retire packet which will show your retirement allowance estimate. You must select one of the retirement options, sign and date form, if applicable, spouse also needs to sign and then return this to TRS. Within this packet, there is an Employer Retirement Verification form that needs to be taken to Mr. Dilldine. Mr. Dilldine will complete this form and send it directly to TPS.
- TRS will mail out a second packet, Retirement Contract, once they receive the Intent to Retire packet. The Retirement Contract packet will include all remaining forms (direct deposit, tax and employer reporting forms). Once you receive this packet, please contact Dusty Dilldine and he will walk you through what is required.
When Do I Start Receiving Retirement Check
The retirement check is directly deposited on the first day of the month following your retirement effective date. It is paid in arrears and pays for the previous month retirement, taxes and any Employee Group Insurance Division (EGID) insurance you elect to add or keep.
What to Do About EGID Benefits
For employees interested in continuing benefits after retirement, 10 years of contributory service with Teachers Retirement System (TRS) or 10 years employed with an Educational Entity is required.
Employees can keep all the coverage you think you will need in retirement. You can drop or reduce benefits later, but you cannot add health, dental or life insurance after you leave active employment. Plan changes are not allowed at retirement. Retirement is not a qualifying event that allows you to make changes, however, you can change plans during the annual Option Period.
Complete the Application for Retiree/Vested/Non-Vest/Defer Insurance Coverage form. Be sure to sign your application and mail it to EGID at least 30 days before the date you leave active employment. If retiring during the school year, you can schedule a meeting with Karen Schwab in the HR department to discuss options and complete the form. HR will hold a district wide Retiree Paperwork meeting during the first or second week in May for those employees retiring at the end of the school year.