Can I get an estimate of benefits with all plan options from this web site?

Members now have the ability to create retirement projections through the MyTRS Member Portal using these instructions. Alternatively, Members may submit a Pre-Retirement Information Verification Form 3. This form may also be found and electronically submitted on MyTRS Member Portal to TRS and your requested retirement projection or Application to Retire will be sent to you.

How can I find out about retiring?

Members should obtain a retirement projection at least one year before their expected retirement date. Members now have the ability to create retirement projections through the MyTRS Member Portal using these instructions. Alternatively, Members may submit a Pre-Retirement Information Verification (PIV) to TRS, or through the MyTRS Member Portal, and a retirement projection or application to retire will be sent to you. Members should also consider attending one of our retirement planning seminars which are offered monthly from June – December. More information including retirement timelines, the retirement process, presentations, and seminar dates and registration can be found on the TRS Retirement Seminars page.

If I want to retire this year, what do I have to do?

Generally, you should start the process approximately 6 months before the projected retirement date to ensure your account is free of outstanding balances or issues that are yet to be resolved. Please refer to the retirement timeline chart online to determine when you should begin your retirement process. Retirement is accomplished through the following three-step process.

Step One:

If you are planning to retire, TRS must receive a completed Pre- Retirement Information Verification (PIV) at least 90 days before your expected date of retirement. The PIV may be submitted through the MyTRS Member Portal. If the PIV is received less than 90 days prior to the projected retirement date, the retirement date will be delayed by at least one month. All pending balances owed must also be paid at least 90 days prior to the projected retirement date to ensure all available service is included in the benefit amount.

Step Two:

Upon receipt of the PIV, your Application To Retire (ATR) will be sent to you and must be received by TRS at least 60 days prior to retirement. If the ATR is received less than 60 days prior to the projected retirement date, the retirement date will be delayed by at least one month.

Step Three:

Upon receipt of the ATR, a Final Contract for Retirement will be mailed to you. Your Final Contract and required documents for retirement must be received by TRS no less than 30 days before your effective retirement date. If the Final Contract is received less than 30 days prior to the effective retirement date, the retirement date will be delayed by at least one month. Each member is responsible for filling out the proper application and completing all necessary paperwork in a timely manner.

The effective retirement date must begin on the first of the month. The first retirement benefit payment will be made on the first of the month following the effective retirement date. For example, for a June 1 retirement date, the Final Contract for Retirement must be filed with TRS by May 1 in order to process the first retirement benefit payment on July 1. You can request a retirement estimate through the MyTRS Member Portal or by phone, mail or email.

When can a TRS member retire?

A vested member of TRS is eligible to apply for retirement benefits:

• If you joined TRS prior to July 1, 1992, you are eligible to receive unreduced retirement benefits at age 62 or when your age and years of creditable service total 80 points, or at the minimum age of 55 to receive reduced benefits,

• If you joined TRS after June 30, 1992, and before November 1, 2011, you are eligible to receive unreduced retirement benefits at age 62 or when your age and years of creditable service total 90 points, or at the minimum age of 55 to receive reduced benefits,

• If you joined TRS on or after November 1, 2011, you are eligible to receive unreduced retirement benefits at age 65 or when your age and years of creditable service total 90 points and you have reached a minimum age of 60, or at the minimum age of 60 to receive reduced benefits.

How do I make an appointment to discuss my retirement benefits?

You may contact TRS to talk to a TRS staff member or schedule an appointment after you receive a hypothetical estimate, projection or Application To Retire. Phone or video consultations are encouraged as many questions CAN be answered by telephone if you are unable to make an appointment. TRS responds to inquiries in a timely manner, providing estimates of retirement benefits under all options for the date(s) requested. 

Do I get a refund if I terminate my membership with TRS? 

Upon termination of employment, a member may withdraw their accumulated member contributions credited to their account. A member may request a withdrawal packet by secure messaging through the MyTRS Member Portal or by phone at (405) 521-2387 or toll free at 877.738.6365. Completed forms will not be accepted before member’s last day on the job. The earliest one can receive payment is 4 months after the termination date. The member’s termination date must be verified by their former employer(s). For more information on withdrawing your account, please refer to the Member Handbook.

Q: What is a 1099-R?

A: IRS Form 1099-R is an annual statement of disbursements and applicable taxes withheld by a retirement plan. Each year, the Teachers' Retirement System of Oklahoma (TRS) sends a 1099-R to any person who has received payments from the System in the previous calendar year, including but not limited to: retired members or joint annuitants who received retirement benefits, any members who took a distribution of their employee contributions after they left employment with a participating employer, and beneficiaries of active or retired members who received some form of survivor benefit.

Q: When are 1099-R forms mailed? (OR) When will I receive my 1099- R?

A: Forms will be mailed no later than January 31st of the current year. Please allow for normal delivery time. If you have not received your Form 1099-R by February 15th, please see “How do I get a duplicate copy of my 1099-R?” below.

Q: Are 1099-Rs available in the MyTRS member portal?

A: Yes. Form 1099-Rs will be accessible in MyTRS no later than February 1st. If you have not registered for access to MyTRS, please complete registration at this link. You can also elect to receive your Form 1099-R electronically each year. This election is available in MyTRS, and once the election has been made, you’ll receive an email notification each year as soon as the forms are made available.

Q: Why is the taxable amount (Box 2a) less than the gross distribution (Box 1)?

A: There were after-tax dollars in the retirement account. This occurs if after-tax retirement contributions were made while employed or after-tax money was used as payment for a service purchase, redeposit or other billing, etc. This reduces the taxable portion of the total amount, thus accounting for the difference in the two amounts.

Q: Where do I find the amount withheld for federal and state taxes?

A: The amount of federal income tax withheld is located in Box 4, and the state tax withheld is found in Box 14.

Q: Why was there little or no taxes withheld?

A: The amounts of federal and state income taxes withheld are based on the instructions you provided to TRS. If you instructed TRS to use the IRS and Oklahoma tax withholding tables to calculate your withholdings, and your benefit is less than the minimum amount required to have taxes withheld (based on filing status, exemptions and subtractions), then little or no taxes were withheld during the year.

*** TRS does not provide tax advice regarding the amounts to be withheld ***
Your withholding elections can be changed at any time in MyTRS or by mailing IRS Form W-4P and Form OK-W-4-P.
Forms can be returned by mail to:
Teachers' Retirement System of Oklahoma
P.O. Box 53524
Oklahoma City, OK 73152-3524

Q: Why does the amount in Box 1 (Gross distribution) not match the total deposited into my account?

A: The amount deposited into your account is a net amount after subtracting things withheld from your benefit payments like taxes, insurance, levies, garnishments, member dues, etc.

Q: What do the different boxes on the 1099-R represent?

Q: What is the State ID number for TRS?

A: Please see Box 15 on Form-1099R. The “PAYER” on the 1099 form is the Teachers’ Retirement System of Oklahoma (TRS) since TRS “pays” the benefit to the “recipient”. A PAYER must have a federal ID number on the 1099. Some people refer to it as a “State ID Number” but this federal ID number is only used for federal tax purposes and other limited purposes. So, the “State ID number” for 1099 purposes is really the TRS Federal ID Number. The TRS Federal ID Number is 73-6028563.

Q: Why did I receive multiple 1099-Rs from TRS?

A: Please do not discard any tax form you receive as you may have received a payment, other than a normal retirement, that required a different distribution code. Some of the reasons why you may have been issued two or more 1099-R forms are:

• You may have reached the age of 59 1⁄2* at some point during the year. *One 1099-R you receive will have Code 2 (early distribution, with exceptions) in box 7 for the portion of the year’s benefits prior to turning 59 1⁄2 and another 1099-R will have Code 7 (normal distribution) in box 7 for the portion of the year after turning 59 1⁄2.

• You may have received a distribution as a beneficiary and/or joint annuitant

• You may have taken a distribution from your own account

You should be able to determine from the amounts, or by the distribution code listed in box 7, which 1099-R is for which distribution. If you still have questions, contact TRS.

Q: How do I determine how much was withheld from my retirement for medical insurance premiums?

A: If you had medical insurance premiums withheld from your TRS benefits, that amount will be clearly marked in the “Insurance Premiums” box on your 1099.

Q: How do I get a duplicate copy of my 1099-R? (OR) How do I get a copy of my 1099-R if I did not receive it?

A: Duplicate Forms 1099-R are available in MyTRS.

In addition, you may request a duplicate Form 1099-R in writing, via fax or United States Postal Service. Your current mailing address must match our records before a 1099-R will be mailed to you. All requests must include your name, Social Security number, tax year requested, mailing address, daytime telephone number, and signature. Please allow 10-15 business days to receive your 1099-R.

Fax: (405) 522-2521
Mail: Teachers' Retirement System of Oklahoma
P.O. Box 53524
Oklahoma City, OK 73152-3524
Has your address changed? Addresses may be updated in MyTRS or you may complete and submit an updated Personal Data Form.

Sample 1099-R

The IRS’ 1099-R website may be referenced as well:

http://www.irs.gov/pub/irs-pdf/f1099r.pdf

Box 1: Shows the total amount you received this year.

Box 2a: This part of the distribution is generally taxable.

Box 4: Shows federal income tax withheld.

Box 5: Generally, this shows the employee’s investment in the contract (after-tax contributions).

(Employee’s after tax contributions – made while you were employed. i.e. (if you made after-tax retirement contributions, used after-tax money as payment for a service purchase, redeposit or other billing, etc.)

Box 7. The following codes identify the distribution you received*:

1 — Early distribution, no known exception (in most cases a withdrawal, under age 59 1⁄2).

2 — Early distribution, exception applies (under age 59 1/2).

3 — Disability.

4 — Death.

4G — Death, Direct Rollover

7 — Normal distribution.

G — Direct Rollover

*For more details on distribution codes, please refer to the back side of your 1099-R form copy.

Box 14: State Income Tax Withheld

Insurance Premiums: Insurance premiums withheld from retirement benefit checks for the calendar year. 

May I return to work after I retire with TRS?

TRS retirees cannot work at any TRS employer in any capacity for a 60 day period following the LATER of (1) their effective retirement date, OR (2) their last day of preretirement employment. After 60 days, TRS retirees can return to employment in a non-contributory status (not receiving any additional service years towards retirement benefits) subject to earnings limits and continue to receive their monthly retirement benefit from TRS. Retirees also may elect to return to employment in a contributory status, where their monthly retirement benefit is suspended and additional retirement credit is earned. For more information, please see our brochure on Returning to Work After Retirement as well as our Member Handbook.