Step 1: Retirement Notice and Application
OPERS retirement dates are always the first day of a given month. Your completed application must be received in the OPERS office in Oklahoma City at least sixty (60) days before your retirement date. Click here for info on Dates and Deadlines. About 90 days before your planned retirement date, you should contact your Retirement Coordinator. The Coordinator will assist you in completing a Retirement Notice and Application. This is the document used to select your retirement options or plans.
Exceptions to the 60-day requirement can be granted only through a formal waiver granted by the Board of Trustees. Good cause, such as health problems or unforeseeable emergency, must be shown before the Board will grant a waiver.
NOTE:
It may be the case that you are eligible for either early or normal retirement at the time your employment terminates. OPERS requires notice of your intention to retire at least 60 days prior to your retirement date. In some cases, you do not have 60 days before your employment ends in which to notify OPERS. In such cases, you have two choices.
- You may seek to have the Executive Director waive the 60 day notice requirement or
- You may, at the time your employment terminates, elect a vested benefit and then give notice to OPERS of your intention to retire.
Step 2: Acknowledgement and Paperwork
After receiving the Retirement Notice and Application, OPERS will send you an acknowledgment. Also, a Direct Deposit form will be provided for you to complete and return. If documents such as birth certificates, divorce decrees, etc. are needed for processing of your application for retirement, they will be requested at that time. You must respond as quickly as possible to any requests for information or documents. Failure to provide the necessary documents could postpone your effective retirement date and/or your receipt of benefits.
Step 3: Preliminary Benefit Statement
A Preliminary Benefit Statement will be mailed to you prior to your effective retirement date. This letter will provide:
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an accounting of your service credit;
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an estimate of your gross monthly benefit;
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the date your first two checks will be mailed;
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a legal citation regarding returning to work after retirement;
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a description of your federal and state income tax liabilities
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The Preliminary Benefit Statement may be adjusted if any corrections are needed or if any errors are detected during the final audit of benefits. You will be notified as soon as possible if an adjustment is necessary.
Step 4: Final Letter and Benefits
A final retirement letter will be mailed to you at the time the first two retirement benefit payments are made. This letter will provide:
A final statement of benefits - gross amount, withholdings for insurance, federal and state income tax and net amount
- A statement of contributions you have paid into OPERS
- both taxable and non-taxable
Food For Thought
In order to allow sufficient time to process all retirement documents, benefit payments for the first 2 months are made on the last working day of the second month of retirement. Thereafter, payment will be made on the last working day of each month. On, or after the effective date of retirement, the type of benefit payment may not be changed. If you have chosen to retire under a retirement option, neither your option nor your joint-annuitant may be changed on or after your retirement date, except that those who retire from OPERS under Option A or Option B may change their benefit option to the Maximum benefit (no survivor option, no reduction in benefits) upon the death of the member's selected joint annuitant.
For more information, check out our Retirement Options.