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.