OLERS
CLEET certified police officers participate in the Oklahoma Law Enforcement Retirement System (OLERS) instead of the Oklahoma Teachers’ Retirement System (OTRS) or the Alternate Retirement Plan (ARP). OLERS is a defined benefit plan in which years of service in the plan and final average salary determine the retirement benefit. Retirement benefits are based on 2.5% of the final average salary times years of credited service. Final average salary is computed as the 30 highest consecutive months of pay.
With OLERS, you will be eligible for OLERS retirement benefits after completing 20 years of vested service or attaining age 62 with ten years of vested service. Members contribute 8% of base pay and OSU contributes 10%. No contributions are made on overtime pay. All OSU police officers are required to join OLERS as soon as they are CLEET certified. Both CLEET certification and membership in OLERS are requirements for continued employment as an OSU police officer.
OLERS at OSU
When you are offered a position as an OSU police officer, you will be required to complete the OLERS enrollment information, including the physical examination. The job offer is contingent upon being accepted for membership into OLERS (examining physician and the OLERS reviewing physician and being approved by the OLERS Board). In order to expedite the process, your department will notify OSU Benefits of your pending employment by email. The completed paperwork should be sent to OSU Benefits within the first month of hire, and preferably prior to beginning employment. OSU Benefits will complete additional information and forward the documents to OLERS.
The OLERS Board will review the enrollment information and declare if you are accepted as a new member, request more information or deny membership. If OLERS denies your membership, employment will be terminated.
Contributions will start once OSU Benefits receives notification from OLERS of your approval to join OLERS. If you are CLEET certified and upon approval from OLERS, contributions will begin effective the first of the month following the day of hire. If you are not CLEET certified, upon completion of CLEET and approval by OLERS, then contributions begin effective with pay the 1st of the month following CLEET certification. A copy of your CLEET certificate must be sent to OSU Benefits as soon as it is received by the Police Department.
Important Contact Information:
OLERS (website)
877.213.0856