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Latest News
Tax Withholding and Address Changes Online
We are pleased to announce that TRS members can now update their tax withholdings online in the MyTRS Member Portal. The changes are in the system immediately and you do not have to print, complete and mail a form. The changes must still be made by the 15th of the month to take effect in the next benefit payment. You can also update your mailing address online. This is very important at this time of year for retirees receiving IRS 1099-R forms to ensure delivery to the current address. Click on MyTRS Member Portal to login or register.
Important Notice Regarding Covid-19
To ensure the safety and protection of our members, as well as our staff, the Teachers’ Retirement System of Oklahoma is suspending all in-house appointments and consultations at this time. This is effective March 17, 2020 until further notice.
As an alternative, please contact our office to schedule a telephone consultation. We are confident all of your questions can be addressed over the telephone. Documents are to be mailed instead of delivered to TRS in person at the following address:
Teachers’ Retirement System of Oklahoma
P.O. Box 53524
Oklahoma City, OK 73152-3524
At this time, we have to take reasonable precautions and act responsibly in the effort to control and contain the spread of this virus. We appreciate your support and understanding at this time.
Attention TRS Members: Possible Email Scam
With all of the concern in the wake of the COVID-19 virus, there are people out there who are taking advantage of some of the natural fear that many of you are feeling. They seem to be ramping up their efforts to sell people a product or advance a political agenda of some type. Others are blatantly trying to rip you off. TRS members should be vigilant. First of all, your pension benefits are safe. Our retirees have an absolute right to their pensions, and you will not miss a pension payment. Unfortunately, people with personal savings plans are completely at the mercy of the market. We wanted to warn you about someone who is using the name of TRS and our sister pension plan OPERS, in an email that I believe to be misleading. Some person or persons identifying themselves as “Public Employee Retirement Support” is offering people a “review of your Oklahoma Benefits/Pension” and is offering a free “Retirement Risk Test” and a “benefits review.” “TRS” and “OPERS” are in the subject line of the email. We wanted to alert you that neither the Teachers’ Retirement System of Oklahoma, OPERS nor any other state retirement system has authorized any of this. We know little about this group, but it appears to be a group that attacks pension systems and may also include people with a profit motive to provide financial advice. If any of our members want actual financial advice, please see a reputable, licensed financial advisor that you know, or that is referred to you by a trusted person. You can always contact TRS about your pension benefits.
Retiree Income Verification Statements in Member Portal
Retirees can now view and print their Income Verification Statements in the Member Portal. You can still contact TRS to obtain a statement if there is a unique circumstance such as needing a signed version of the document. Click to access the Member Portal
Important 1099-R Notice For Retirees
1099-R Forms
TRS will mail each retiree a Form 1099-R at the end of January of every year. This form will show: 1) the gross amount of your retirement benefit for the previous calendar year; 2) the amount of state and federal income tax wihheld from your retirement benefit; and, 3) the federal taxable amount of your retirement benefit for the year. The information contained on your Form 1099-R should be used in completing your state and federal income tax returns.
Please allow for normal postal delivery time. If you have not received your Form 1099-R by February 15, contact TRS.
Frequently asked questions about the 1099-R can be found by clicking on the following link:
Taxes and Your Retirement Benefit
Your TRS retirement benefit is considered income for tax purposes. The tax rates applied to your benefit are based on withholding tables provided by the Internal Revenue Service and the Oklahoma Tax Commission. The Oklahoma tax withholding tables will not change for 2020; however, recently signed federal legislation will change the federal tax withholding tables beginning with your benefit deposit on February 1, 2021.
If you wish to change your withholding submit a new Tax Withholding form. This form can be found on our website at http://www.ok.gov/TRS/Forms. Please seek advice from your tax professional for guidance related to changing your tax withholdings.
GASB 68 Allocation Schedules Now Available
The link below is to the TRS “Schedule of Employer Allocations and Collective Pension Amounts” required by GASB 68. These audited schedules indicate each participating employer’s share of the “Net Pension Liability” of TRS from its FY 2020 financial statements. The amounts in these schedules are to be used for employers’ FY 2021 financial statements.
