Retiring from NEO - Overview of Retirement Process and Benefits

Explore the NEO retirement process, including criteria, steps, accrued leave, and benefits such as OTRS retirement options. Understand eligibility, necessary documents, and timelines for a smooth retirement transition.

• Retirement process
• NEO benefits
• OTRS criteria
• Accrued leave
• Retirement eligibility

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1. Retiring From NEO

2. Overview NEO Retirement Accrued Leave OTRS Retirement TIAA Retirement Insurance Options NEO Retiree Benefits

3. NEO Retirement Criteria Qualification for NEO Retirement Age 62 with 10 Years of NEO Service or 25 Continuous Years of NEO Service (Any Age) or OTRS Rule of 80 or Rule of 90

4. NEO Retirement Process Resignation Letter 90 Days Prior to Retirement Department Completes EPAF Last Day of Active Work Flex Flex account stops (FSA) 90 days to submit claims

5. Annual Leave Be aware of your leave situation prior to retirement. Faculty annual leave record are maintained at departmental level Paid in last payroll check, in most cases, up to your two year s max

6. Sick Leave Be aware of your leave situation prior to retirement. Forfeit unused Possible one-year OTRS credit Sick leave plus partial year work NEO verifies with OTRS

7. Oklahoma Teachers Retirement System OTRS Retirement Criteria Rule of 90 / Minimum Age 60, 7 Years Vesting Rule of 90 / Minimum Age 60 Rule of 80 Rule of 90 OTRS Entry Date July 1, 1992 October 31, 2011 November 1, 2011 October 31, 2017 On or after November 1, 2017 Up to June 30, 1992 Age + Service = 90, Minimum Age 60 Age + Service = 80 Age + Service = 90, Minimum Age 60 Age + Service = 90 Or Eligibility Or Or Or Age 62 + 5 Years Service Age 62 + 5 Years Service Age 65 + 7 Years Service Age 65 + 5 Years Service Please note that Service = OTRS Service and could be different from your NEO Service

8. Oklahoma Teachers Retirement System STEP 1 Submit the Pre-retirement Information Verification (PIV) form. Attach a copy of your leave statement. It is recommended you refer to the OTRS Timeline at the bot for strict deadlines associated with retiring with OTRS.

9. Oklahoma Teachers Retirement System STEP 2 Complete the Application to Retire (ATR) and Employer Retirement Verification (ERV) ATR: Sign, date and return to OTRS NEO Human Resources can submit the form to OTRS on your behalf. OTRS will notify NEO Human Resource when the ERV needs to be completed. NEO Human Resource must know your last day of employment in order to complete the ERV on time. Please notify your department of your retirement prior to this deadline.

10. Oklahoma Teachers Retirement System STEP 3 Final Contract from OTRS You will receive: Retirement Contract Tax Withholding Direct Deposit RETURN SIGNED, DATED AND NOTARIZED FORMS AT LEAST 30 DAYS PRIOR TO YOUR RETIREMENT DATE.

11. Oklahoma Teachers Retirement System Post-Retirement Employment with NEO or Another OTRS Employer: There must be a 60-calendar day break Earning limits may apply It s advised to contact OTRS before starting back to work

12. Oklahoma Teachers Retirement System Questions Telephone: (405) 521-2387 or (877) 738-6365 PO Box 53524 Oklahoma City, OK 73152-3524 Email: mail@trs.ok.gov Physical Address: Teachers Retirement System 301 NW 63rd Street, Suite 500 Oklahoma City, OK 73116-7921

13. Oklahoma Teachers Retirement System Member Portal Access your personal contribution and service information at https://myotrs.trs.ok.gov/ Click on Register and complete requested information OTRS will send an email to activate account Upon activating; OTRS will mail a PIN to your home address Upon receipt of your PIN go back to the myotrs link to enter your PIN and gain access to your account

14. TIAA Retirement 100% Vested Immediately in Voluntary Plans Annuitize at Any Age Terminate/Retire from NEO Tax Consequences if Annuitize Early IRS Minimum Required Distributions at age 72

15. TIAA Retirement Inform TIAA of Your Retirement Date TIAA Sends Packet Contract options Direct Deposit authorization Instructions Employer Authorization form Return to TIAA If request is made online, TIAA will verify retirement date electronically.

16. TIAA Retirement Questions TIAA 730 Third Avenue New York, NY 10017 (800) 842-2776 TIAA Consultant: schedule an individual appointment on Campus or at the TIAA Stillwater office Call: 1-800-732-8353, or Online: tiaa.org/schedulenow

17. Retiree Insurance Active benefits end the month of retirement. Retiree benefits begin the first of the following month. BlueCross BlueShield Health Plan Pre-Medicare (Under 65) BlueSecure Medicare Supplement & Part D Prescription plan (65+) OTRS Premium Credit OTRS Credit applied to bill from Chard Snyder

18. Retiree Insurance Healthcare, Dental, Vision Complete BCBS health forms Over age 65 complete health forms 60-90 days prior to retirement date Retiree Election for Dental and Vision Continue current coverage only Cannot add later if declined Cancel At Any Time

19. 2024 Healthcare Premium Chart Retirees Under 65 BlueOptions BlueEdge Retiree Only $626.40 $556.80 Retiree + Spouse $1,315.44 $1,164.01 Retiree + Children $1,127.52 $1,000.59 Family $2,004.48 $1,763.23

20. 2024 Healthcare Premium Chart Retirees Over 65 Member Spouse Medicare (over 65) BlueSecure Medicare Supplement See material provided See material provided Medicare Blue Rx Basic Plan $111.30 $111.30 Medicare Blue Rx Enhanced Plus Plan $262.40 $262.40

21. 2024 Dental and Vision Premiums Delta Dental of Oklahoma (DDOK) Low Plan High Plan Platinum 2023 $40.72 $50.72 $83.10 Retiree Only $80.66 $100.64 $165.38 Retiree + Spouse $92.64 $147.58 $246.50 Retiree + Children $143.26 $191.00 $319.58 Family Vision Service Plan (VSP) Basic Buy-up 2023 $7.74 $15.94 Retiree Only $15.50 $31.92 Retiree + Spouse $16.58 $34.16 Retiree + Children $26.52 $54.58 Family

22. Retiree Insurance Billing Health, Dental, and/or Vision Insurance Chard Snyder, HealthBenefitSupport@wexinc.com, 888-993-4646 Payment due by 1st Optional Benefits Cancer, American Fidelity, 800-933-1853 MASA Ambulance Coverage Convert to Platinum Plan Platinum Initiation fees waived $39/month Worldwide coverage

23. NEO Life Insurance NEO-Paid Retiree Coverage - $10,000 Keep beneficiaries current with NEO Lincoln Financial will send Continuation Options for your Basic and Supplemental plans: Conversion & Portability Coverage Options Conversion = Whole Life Policy Portability = Term Life policy Premiums are paid directly to Lincoln Financial

24. OTRS Life Insurance OTRS Retiree Life OTRS Retirees - $5,000 Update OTRS beneficiary election with OTRS

25. NEO Retiree Benefits Retiree ID card Campus Police Department (918) 540-6026 Parking Permit Campus Police Department (918) 540-6029 Entrance to athletic games, with ID card, is available for retiree and all immediate family members Bookstore discount of 15% with retiree ID

26. NEO Retiree Benefits Partial Tuition Waiver Office of Financial Aid (918) 540-6244 Access to NEO Student Activity Center/Wellness with ID (918) 540-6098 NEO email Information Technology Department (918) 540-6006 Library Resource Center with ID (918) 540-6381

27. HAPPY RETIREMENT!! NEO Human Resources (918) 540-6219 hollie.snyder@neo.edu OSU/A&M Benefits (405) 744-5449 osu-benefits@okstate.edu