Okla. Admin. Code § 715:10-15-3

Current through Vol. 42, No. 7, December 16, 2024

Section 715:10-15-3 - Date of retirement; making application

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 received by TRS 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, TRS must receive from the member 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. TRS must receive this completed Application to Retire from the member 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 must be properly executed before a notary and, pursuant to 70 O.S. §17-101, must be filed with TRS no less than thirty (30) days before the effective date of retirement. Therefore, the Final Contract for retirement must be completed and received by 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.

Okla. Admin. Code § 715:10-15-3

Amended at 30 Ok Reg 1476, eff 7-1-13

Amended by Oklahome Register, Volume 33, Issue 23, August 15, 2016, eff. 8/25/2016

Amended by Oklahoma Register, Volume 34, Issue 24, September 1, 2017, eff. 9/14/2017

Amended by Oklahoma Register, Volume 37, Issue 24, September 1, 2020, eff. 9/11/2020

Amended by Oklahoma Register, Volume 41, Issue 23, August 15, 2024, eff. 9/1/2024