Ready to Retire

Thinking of retiring? OSU Benefits is ready to help guide you through the process of retiring from OSU. OSU Benefits offers many resources and services to help you plan for your last day, and beyond.

 

How it Works 

If you meet OSU retirement criteria as of the last day of your continuous, regular employment with OSU, you will be considered an OSU retiree. 

 

OSU retiree criteria:

1. If you are at least age 62 and have at least ten continuous regular years of service at OSU, or;
2. You worked at OSU for at least 25 years in a continuous regular appointment, no matter what your age, or;
3. You meet the OTRS guidelines for the “Rule of 80” or “Rule of 90” (age plus years of OTRS membership). “Rule of 80” applies to employees joining OTRS prior to July 1, 1992. For those joining OTRS after June 30, 1992, but prior to November 1, 2011, the “Rule of 90” applies. Members joining on or after November 1, 2011, the "Rule of 90 and minimum age of 60" applies.

The benefits of being an OSU retiree include:

1. Options to continue OSU health benefits and most voluntary plans, at your cost, into retirement.
2. A paid $6,000 basic life insurance policy.
3. The option to update your OSU ID for future benefits in retirement.
4. A free parking permit with at least 20 years or more of consecutive OSU Stillwater service and 20 consecutive years of obtaining an OSU parking permit.
5. Discounted OSU Athletic event tickets.
6. A free Colvin and Wellness Center pass.
7. University Course Audit options.
8. A listing with the OSU Emeriti Association.
9. Continuation of OSU email.

We recommend viewing the How To Retire recorded seminar, as well as, reviewing the OSU Retirement Planning Guide. Both resources offer a detailed overview of retiring with OSU, including timelines, checklists, and contact information for various benefit vendors.

 

Important Links

OSU Retirement Planning Guide

OSU Retiree Benefits Page

 

Frequently Asked Questions 

• How do I determine retirement income?

  TIAA

  TIAA offers many opportunities to support you as you plan for retirement. You can schedule an appointment with a TIAA representative by calling 800.732.8353, Monday-Friday, or anytime at the TIAA Scheduling site. 

   

  The TIAA website provides valuable information and retirement planning tools. Log-in to the TIAA website and select Retirement Income Planner under Advice & Planning.

   

  Oklahoma Teachers' Retirement System

  You can access your personal account information on the OTRS Member Portal and estimate your monthly retirement benefit for selected dates. For an actual calculation, you will need to complete a Pre-Retirement Information Verification (PIV) form and send it in to OTRS.

   

  Social Security

  The Social Security Administration website offers information on planning your retirement and calculating benefits. Click on Estimate Your Retirement Benefits, ask how to plan your retirement, calculate benefits and apply for retirement benefits. Calculations are based on your actual Social Security earnings record.

• How do I register for a How To Retire seminar?

  The How To Retire seminar is available to view anytime. (Live seminar sessions will be held once a month, beginning in the fall of 2021.)

   

  Employees are welcome to view or attend a How to Retire seminar at any point in their career. However, it is especially important you attend if you are thinking of retiring within the next six months. Your How To Retire seminar provides valuable information regarding decisions you will need to make and when to make them.

   

  Please call OSU Benefits at 405.744.5449, or email osu-benefits@okstate.edu, if you have questions.

• What if I cannot attend a How to Retire session?

  OSU Benefits recommends viewing the How to Retire presentation, with notes narrative, along with the OSU Retirement Planning Guide. 

   

  You may also contact the OSU Benefits Retirement Specialist at 405.744.5449 to assist you to a successful retirement.

• What are my health benefit options?

  Access your Retiree Benefit Information to review what benefits are offered in retirement as well as information on what benefits may change in retirement.

• Can I continue my dental and vision?

  Yes, you can continue your dental and vision insurance if you are enrolled in either coverage during the month of your retirement date.

• I plan to retire next year. What should I know when making changes during Annual Enrollment?

  It is important to consider what benefits you may want to enroll in that you want to carry on into retirement, during Annual Enrollment. 

   

  If you are not currently enrolled in a dental plan, but wish to have dental coverage in retirement and your retirement date is in the next calendar year, we recommend choosing a dental plan during the annual enrollment period.

• When do my employer paid benefits end with OSU and when do I start paying full benefits after I retire?

  Your employer paid benefits end the end of the month of your last day worked. If you retire January 5, your end date would be January 31. Retiree paid coverage would begin February 1, if your retiree enrollment paperwork has been submitted on time.

• I plan on returning to work after I retire. What should I know.

  OSU has some provisions for employment on a periodic/temporary basis. As long as this appointment is less than 0.50 FTE or no more than 1040 hours in a fiscal year, no conflict arises. However, when re-employment exceeds these parameters, additional guidelines are necessary.

   

  Returning Retirees