The Norman Transcript

Education

December 14, 2012

Survey says retired teachers generally happy with system

(Continued)

NORMAN —

· Half of Active OTRS Members (52 percent) who have not contacted OTRS in the past year say they are satisfied, either somewhat or very, with OTRS overall.

· Ninety-eight percent (98 percent) of Retired OTRS Members say they’ve never had an issue with late payments.

· Active and Retired Members who currently use some form of technology for retirement related tasks are much more likely to use an OTRS online interface than those who currently do not use some form of technology for retirement related tasks.

· Eighty-seven percent (87%) of Active Members say they make contributions to a retirement account/plan other than OTRS.

Wilbanks says the survey also included some surprises such as nearly thirty-eight percent of Active OTRS members say they don’t know the retirement eligibility standards (Rule of 80, Rule of 90etc.) associated with the plan they’re enrolled in, and one in three Active Members is unsure about whether or not their account is vested with OTRS.  “This tells us we need to do a little more work to educate our clients about the different retirement laws that impact them and their retirement income,” said Wilbanks.

The OTRS is a state agency that administers retirement assets and provides income security through a monthly retirement benefit payable to its clients, who are educators and employees of Oklahoma’s public education institutions and agencies.

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