Be Ready for Retirement

The university knows it's important for you to be ready for retirement. You can improve your readiness for the future by starting with the initial goal of a 15% savings target. With the university's contributions added to your own savings, reaching your retirement goal is easier than you think. Begin by using a combination of the university's contributions and the voluntary retirement savings options to save the equivalent of 15% of your annual salary. After you reach 15%, you can continue to grow your savings by increasing your own contributions to the voluntary plans. Review the information below for details.

Tips for Retirement Readiness

Start saving early.
15% of what? Aim to save an equivalent of 15% of your annual salary each year.
Use payroll deduction to save your money. It's saved before you can even think about spending it.
Save your own money in the Oklahoma Teachers' Retirement System (OTRS) and in a voluntary retirement savings plan. Learn about the retirement plans below.
You don't have to make it to 15% savings all at once. Plan to save a little more each year and, before you know it, you'll be at 15.
Periodically review your retirement readiness with a Fidelity representative or a private financial planner.
Visit Fidelity.com/Webcasts for practical conversations to help you live well financially.

15% - A Good Start

It's not easy to know exactly how much you're going to need in retirement. But you can make decisions now that make you as ready as possible. It's recommended to start saving the equivalent of 15% of your annual salary each year to help you be ready for retirement. So how much does saving 15% a year equal when you reach retirement? Learn more by using the tools on the Fidelity website.

On Target with 15%

Start with 15%! 7% + 8% = 15%

Use these plans: Oklahoma Teachers' Retirement System + 401(a) Defined Contribution Plan

Your Savings: If you're in the Oklahoma Teachers' Retirement System (OTRS), you contribute 7% of your total compensation to OTRS.

OU's Contributions: The university also contributes 8% of your base salary after $9,000 on your behalf to a 401(a) defined contribution plan called the OU Contributory Retirement Plan. Together these contributions bring your savings to around 15% of your annual salary.

NOTE: You can save even more of your own money by enrolling in a Voluntary Retirement Savings Plan.

On Your Way with 9%

You're On Your Way! 9% + x%

Use these plans: 401(a) Defined Contribution Plan + Voluntary Retirement Savings Plan

If you're not participating in Oklahoma Teachers' Retirement System (OTRS), then you're not automatically saving any of your own money for retirement.

OU's Contributions: If you're benefits-eligible, the university contributes 9% of your base salary on your behalf to a 401(a) defined contribution plan. If you're a salaried, that plan is the OU Retirement Plan and, if you're hourly-paid, that plan is the OU Contributory Retirement Plan.

Your Savings: You can move toward the 15% savings target by adding your savings to the contributions made by OU through a Voluntary Retirement Savings Plan.

Save More with Voluntary Plans

Use these plans: 403(b) Voluntary Retirement Savings Plan + 457(b) Voluntary Retirement Savings Plan

The sooner you're saving the equivalent of 15% of your salary, the readier you'll be for retirement down the road. You can reach the 15% savings goal by putting money from each paycheck into a Voluntary Retirement Savings Plan. You determine how much to save and you can easily increase it over time.

When you enroll in these plans, your savings is automatically kept from your paycheck before you can even consider spending it. You can start or stop participation in these plans at any time. You can invest in one or both of them.

What plans are you participating in? Contact HR.

How much is enough?

It's not easy to know exactly how much you're going to need in retirement. But, you can make decisions now that make you as ready as possible. It's recommended that saving the equivalent of 15% of your annual salary each year will help you be ready for retirement. So how much does saving 15% a year equal when you reach retirement? Learn more by using the tools on the Fidelity website.

Actions for New Participants

New benefits-eligible employees have two options to save for retirement. The deadlines for choosing an option depend on your employee group.

Update

For employees hired on or after January 1, 2023: The university is changing the “Option 1” retirement plan; this includes removing the 401(a) defined contribution of 8% over $9,000 for all new benefits-eligible employees who are hired on or after January 1, 2023, and electing the Option 1 retirement plan.

Deadline: Beginning July 31, 2021, all benefits-eligible employees must make their choice about participation in the Oklahoma Teachers' Retirement System within 30 days of their date of hire.

Participation: Beginning July 1, 2016, all new employees eligible for either 401(a) Defined Contribution Plans described on these pages must complete a 12-month waiting period before entering the plan and receiving contributions from the university. This update was approved by the OU Board of Regents at their June 2016 meeting.

Actions for Current Participants

Once you're already enrolled in a retirement option, your opportunities to make changes depend on your employee group (see below). Any employee can start, stop, or change their contributions to the Voluntary Retirement Savings Plans at any time.

Review Voluntary Plans

Click here to learn more about the university's 403(b) and 457(b) Voluntary Retirement Savings Plans.

Retirement Plan Descriptions

Several retirement plans are available at OU. Click the button below to learn the details of each plan.

401(a) Defined Contribution Plan (also known as the Optional Retirement Plan)
Oklahoma Teachers' Retirement System (OTRS)
403(b) Voluntary Retirement Savings Plans (Pre-tax & Roth options)
457(b) Voluntary Retirement Savings Plans (Pre-tax & Roth options)

Documents

Retirement Enrollment Forms

These forms are used to enroll in OU's retirement plans.

OTRS- OKLAHOMA TEACHERS RETIREMENT SYSTEM PERSONAL DATA & BENEFICIARY FORM Campus: HSC, Norman, Tulsa (URL)
OTRS_SB683 NORMAN DISTRICT TEACHERS' RETIREMENT SYSTEM OF OKLAHOMA OPTIONAL (HOURLY) EMPLOYEE ELECTION FORM Campus: Norman, Tulsa (PDF)
OTRS_SB683 OUHSC DISTRICT TEACHERS' RETIREMENT SYSTEM OF OKLAHOMA OPTIONAL (HOURLY) EMPLOYEE ELECTION FORM Campus: HSC, Tulsa (PDF)
RETIREMENT ELECTION FORM - SALARIED EMPLOYEES Campus: HSC, Norman, Tulsa (PDF)
4 Results Results

OTRS- OKLAHOMA TEACHERS RETIREMENT SYSTEM PERSONAL DATA & BENEFICIARY FORM

Campus: HSC, Norman, Tulsa