Retirement Planning and Salary Information Overview
This content provides information on retirement projections, salary history, retirement dates, and average salary calculations for retirement planning purposes. It also covers member services statements, final average salary calculations, and FAQs related to regular annual compensation and salary reduction agreements for deferred compensation.
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Debra Schmitt Debra Schmitt Client Services Manager Client Services Manager
RETIREMENT PROJECTION SERVICE & SALARY HISTORY MY OTRS CLIENT PORTAL 2
PROJECTIONS - FOR PLANNING PURPOSES FOR PLANNING PURPOSES P P R R O O J J E E C C T T I I O O N N S S
RETIREMENT YEAR AND AGE RETIREMENT YEAR AND AGE JULY 1 Retirement Dates on Projection JULY 1 Retirement Dates on Projection 1 1st day of month used for retirement dates. Fiscal Year ends June 30 for full credit July 1. Fiscal Year ends June 30 for full credit July 1. June 1 retirement dates if eligible by June 10. June 1 retirement dates if eligible by June 10. st day of month used for retirement dates. AGE as of the July 10 AGE as of the July 10th Grace period for birthdates 1 Grace period for birthdates 1st Same grace period as the last day worked. Same grace period as the last day worked. th st 10 10th th of month. of month.
Sample Client Sample Client MEMBER MEMBER SERVICE SERVICE STATEMENT STATEMENT Year Year - - L Listed by ending year: 1991 = 7/1990 to 6/1991 Last Year -based on Employer s Year-End Report Tier salaries at bottom are used in retirement calculations.
FINAL AVERAGE SALARY FINAL AVERAGE SALARY (FAS) ON PROJECTION (FAS) ON PROJECTION Salaries at bottom of Member Salaries at bottom of Member Statement are averaged in Statement are averaged in Final Average Salary Column. Final Average Salary Column. If FAS amount is changing, If FAS amount is changing, then more than one salary tier then more than one salary tier is being used. FAS shows a is being used. FAS shows a weighted salary average. weighted salary average. If FAS does not change, then If FAS does not change, then only the Uncapped Salary only the Uncapped Salary Average is being used. Average is being used.
SALARY FAQS (715:10-13-1) REGULAR ANNUAL COMPENSATION REGULAR ANNUAL COMPENSATION = Salary + Fringe Flex Benefit Allowance INCLUDES: INCLUDES: Employer-paid group health, disability, or life insurance Annuities & pension contributions provided on a periodic basis to all qualified members of the employer. EXCLUDES: EXCLUDES: Flexible Benefit Allowance 26-105 National Board Certification. Allowances or expense reimbursements Payments for termination/retirement or payment for unused leave Some employer-paid deferred comp plans (if not provided to all TRS members of the employer). SALARY REDUCTION AGREEMENTS FOR DEFERRED COMP * It may reduce taxable income, but will not reduce your TRS salary.
SERVICE CREDIT SERVICE CREDIT Purchased service: Purchased service: Does not change membership date. Does not change membership date. Tier value depends on the year performed. Tier value depends on the year performed. Fractional Service depends on year performed. Fractional Service depends on year performed. Service Through FY2013 Service Through FY2013 Fractions must be combined into whole years. May qualify for 90-day round up provision if .75 or more. Since FY2014: Since FY2014: All fractions are used in retirement calculations. Since FY2017: Since FY2017: Service Rounded to Tenths. 0.95 rounded = 1.0; 0.94 rounded = 0.90
SICK LEAVE = Wild Card SICK LEAVE = Wild Card Not on Member Service Statement, but may be added to retirement projections & estimates. added to retirement projections & estimates. TIER: Same value as earliest membership year. TIER: Same value as earliest membership year. May be used to reach Comb80 or Comb90 and May be used to reach Comb80 or Comb90 and may be worn away in EESIP. may be worn away in EESIP. May be combined with service prior to FY2014. May be combined with service prior to FY2014. May NOT be split to combine with different years. May NOT be split to combine with different years. Fractional service combined before sick leave added. Fractional service combined before sick leave added. Round Round- -Up Provision on service Up Provision on service prior to FY2014 After combining fractional service, you have at 0.75 + After combining fractional service, you have at 0.75 + Must have 120 days of sick leave at retirement. Must have 120 days of sick leave at retirement. Must complete the final contract year. Must complete the final contract year. Not on Member Service Statement, but may be prior to FY2014. .
EARLY RETIREMENT MULTIPLIER EARLY RETIREMENT MULTIPLIER If Multiplier < 100%, then you have not yet If Multiplier < 100%, then you have not yet reached Normal Retirement Eligibility. reached Normal Retirement Eligibility. Age Matters Waiting Helps, Even If Not Working 100% = 100% = Normal Retirement Eligibility Normal Retirement Eligibility Reached Comb 80, Comb 90, or Age If not working, don t wait to retire.
EESIP EESIP - - WORKING BEYOND JULY 1 WORKING BEYOND JULY 1 NORMAL RETIREMENT ELIGILITY NORMAL RETIREMENT ELIGILITY EESIP EESIP = Education Employees = Education Employees Service Service Incentive Incentive Plan Plan Normal Normal Retirement Retirement Eligibility Each Each year year worked worked beyond moves moves 2 2 years years to Projections Projections include include EESIP, Eligibility = = July beyond eligibility, to UNCAPPED UNCAPPED tier EESIP, if if applicable July 1 1. . eligibility, tier. . applicable. .
FINAL 5 COLUMNS: LETS TALK MONEY! FINAL 5 COLUMNS: LET S TALK MONEY! GROSS MONTHLY BENEFIT : : 5 different options CONSULT YOUR TAX PROFESSIONAL CONSULT YOUR TAX PROFESSIONAL Pay Federal taxes, but not FICA (social security). Pay Federal taxes, but not FICA (social security). State taxes (may have exclusion for TRS retirees). State taxes (may have exclusion for TRS retirees). Professional Dues OREA or RPOE (optional) . Professional Dues OREA or RPOE (optional) . Insurance premiums (may not tax Insurance premiums (may not tax- -defer premiums). PLSO (Partial Lump Sum Option) Amounts PLSO (Partial Lump Sum Option) Amounts Are Not Provided On 10 Are Not Provided On 10- -Year Projections. 5 different options defer premiums). Year Projections.
MY OTRS CLIENT PORTAL >21,000 Registered Users >21,000 Registered Users Access client portal Access client portal through TRS link: through TRS link: https://www.ok.gov/TRS https://www.ok.gov/TRS
MY OTRS CLIENT PORTAL MY OTRS CLIENT PORTAL ACCESSIBLE ANY TIME ACCESSIBLE ANY TIME Print Account Balances Print Account Balances Check History of Service & Salaries Check History of Service & Salaries Get Estimate of Retirement Benefits Get Estimate of Retirement Benefits Add or change number of sick leave days Add or change joint annuitant date of birth Provides the amount of TRS insurance subsidy. Edit Personal or Contact Information Edit Personal or Contact Information Review Benefit Payments (Retirees) Review Benefit Payments (Retirees)
TRS Insurance Subsidy 10 years service = TRS Subsidy $100 10 years service = TRS Subsidy $100- - $105 Please contact your insurance provider for Please contact your insurance provider for insurance insurance- -related questions. related questions. $105
TRS contact information is at the TRS contact information is at the top of your retirement projection. top of your retirement projection. QUESTION & QUESTION & ANSWER ANSWER I will do my best to I will do my best to address all of your address all of your questions questions Please return surveys to Registration Table Please return surveys to Registration Table Range: Range: Very Satisfied Very Satisfied = 5 Not satisfied = 1 Not satisfied = 1 Comments or suggestions appreciated. Comments or suggestions appreciated. = 5
