OPERS retirees have something to look forward to later this year. The Oklahoma legislature has granted a one-time payment for certain retirees, which will be included with their October 31st deposit.
This year, for the first time in a decade, the legislature approved HB 1340 which grants a benefit increase for some retirees. It is not a permanent increase to your monthly retirement benefit.
According to HB 1340, this benefit enhancement is a one-time payment of a set amount to retirees who have been retired at least five years as of October 1, 2018. This one-time payment will be 2% of the retiree’s gross annual benefit amount or $1,200, whichever is less. Retirees with a minimum of 20 years of service will receive a payment of at least $350. The retirees receiving the stipend will be mailed a letter with their information in October.
The one-time payment will be paid by direct deposit and will be included with the benefit deposited on October 31st. Federal and state taxes will be withheld according to your current withholding election.