You may request that your monthly retirement check be deposited directly to your checking or savings account. You must contact TRS to request a direct deposit form, which requires your signature and a VOIDED check showing the bank and account number.
TRS electronically transfers approximately 37,500 benefit payments monthly to banking and savings institutions designated by retired members. This represents about 90 percent of all retirees. Instead of issuing a paper check and placing it in the mail, TRS transmits direct payments to each member's account through the Oklahoma State Treasurer's office and the Federal Reserve Banking System. The process is very secure and adequate backup procedures are in place at every level to ensure deposits are made on time. TRS member deposits are credited to their accounts on the first business day of the month.
TRS was the first state agency in Oklahoma to do direct deposits - since January 1978. It is safe and convenient for members and results in considerable savings in paper checks, computer time and postage for TRS.
All retirees are required to have monthly benefits made by direct deposit unless living in a foreign country. TRS provides the necessary forms in the retirement packet to all retiring members. However, when direct deposit of a member's monthly benefit creates an undue hardship, TRS will waive the direct deposit rule.
Cost of Living Adjustments
After retirement, there are no automatic yearly cost-of living increases. Cost-of-living increases are granted on an ad hoc basis. The Oklahoma Legislature must enact a law to provide for any increase in the retirement benefits.
Generally, if you selected the Option 2, 3 or 4 retirement plans, your beneficiary will receive a cost-of-living increase if he or she is receiving a deceased member's retirement check. However, future increases depend entirely on the language in the legislation.