Presented by the Oklahoma Public Employees Retirement System

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Document on Subject : "Presented by the Oklahoma Public Employees Retirement System"— Transcript:

1 Presented by the Oklahoma Public Employe
Presented by the Oklahoma Public Employees Retirement System 6768 | swhite@opers.ok.gov •If you are considering a voluntary buyout, RIF or furlough, please tell us now. •We understand this is sensitive information and you want to control how

2 is our highest priority. •If you
is our highest priority. •If you do not bring us in early, we risk delays. •VOBO-related applications have more than doubled our normal volume in •Early notice is critical for us to respond effectively to this level of Important! •

3 ;We are here to help your employees thro
;We are here to help your employees through this process, but we need timely coordination with you to make it work. •Retirement is an intimidating process for most people. Adding a VOBO or RIF to the •We can assist with preretirement meetings

4 , discussions about required paperwork,
, discussions about required paperwork, etc. •Don’t attempt to schedule meetings with employees too close to OPERS Resources •Contact your retirement coordinator 90 days before •Retirement Application deadline 60 days before •A

5 cknowledgement letter 45 day before 
cknowledgement letter 45 day before •Preliminary statement 15 days before Retirement Day •Final benefit statement 55 days after •First two deposits 60 days afterRetirement TimelineApplies to every retirement, even Retire•start rece

6 iving a lifetime benefit Vestyour retire
iving a lifetime benefit Vestyour retirement•receive a lifetime benefit at a future date Withdrawcontributions•One-time payment, less taxes•cancel service complete a form to vesting or withdrawal •Members accepting VOBOs must adher

7 e to 60-day notice requirement for submi
e to 60-day notice requirement for submitting the Retirement Application. •VOBOs do not constitute a hardship or waiver of the 60day notice requirement. • Filing deadline schedule for retirement application is available www.opers.ok.gov/date

8 s-and-deadlines Voluntary Buyouts (VOBOs
s-and-deadlines Voluntary Buyouts (VOBOs) What will be the effective retirement date(s)?What will be the last date on payroll? How many employees do you anticipate will be Provide a list including employee identification number. Who and when? What is t

9 he unused sick leave balance for each Wh
he unused sick leave balance for each Who will be the official contact regarding VOBOs? Ongoing coordination will be required. not assume an employee is eligible to who are barely eligible should watch their sick leave balances closely and avoid leave

10 without pay. A final partial longevity
without pay. A final partial longevity with contributions retirement contributions out of VOBO payments related payments equal to the next longevity payment). this has never happened before, there is a chance some retirees may receive their first reti

11 rement payment late. If this occurs, the
rement payment late. If this occurs, they will receive retroactive payment of benefits back to the retirement date. age 62 for those who begin participating in OPERS prior to November age 65 for those who began on or after November 1, 2011. least 74 p

12 oints toward 80; or, least 84 points to
oints toward 80; or, least 84 points toward 90. •A member meeting those requirements may purchase the lesser of: •Three years; or, •The combination of years and months required to reach the normal retirement date. •The purchase al

13 lows them to preserve the same normal re
lows them to preserve the same normal retirement date had their Reductions-in-Force (RIFs) •The cost to purchase termination credit is an amount equal to the employee and •The member has a period of six months from the termination date to ele

14 ct to •Termination credit is not av
ct to •Termination credit is not available under Reductions-in-Force (RIFs) accumulation or compensation for retirement purposes during periods of schedule meetings too close to will also need to streamline the collection of vital documents to co

15 mplete the retirement process (i.e., bir
mplete the retirement process (i.e., birth certificates, marriage licenses, Thank You!OPERS / SoonerSave/PathfinderP.O. Box 53007Oklahoma City, OK 731523007(405) 8586737 (local)(800) 7339008 (tollfree)opers.ok.gov soonersave.com okpathfinder.com