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A retirement coordinator newsletter from the Oklahoma Public Employees Retirement System |
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February 21, 2024
We’re changing how members vest their OPERS benefit.
Vesting will now be automatic. Previously, members leaving employment had to complete an Application for Vested Benefits. Now, a member who has enough service to vest will not need to take immediate action upon leaving employment. This means less paperwork for members, you and OPERS.
What is vesting?
Vesting is earning the right to a future lifetime retirement benefit. A member automatically vests once they have eight years of credited service, six years of which must be full-time-equivalent employment. Vesting is important if a member leaves employment before reaching retirement eligibility.
What you should do now
We are still working on several processes affected by vesting, so we may have additional updates later. For now, you can do the following:
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Provide the updated Essentials of Leaving Employment flyer to your employees as they separate service for reasons other than retiring. Discard the old version and print or download the new one through the Employer Form Orders or Publications page.
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Remind vested members to keep their beneficiaries and address up to date with OPERS. Members can use the digital forms on our website to easily update their information anytime.
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Encourage vested members who are leaving employment to request an estimate benefit calculation to see how much they’ll receive in retirement.
OPERS no longer requires or will accept the Application for Vested Benefits. Be sure to discard these forms. For more information about the vesting process, view our Vesting webpage.
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Oklahoma Public Employees Retirement System
Mail: P.O. Box 53007 | Oklahoma City, OK 73152-3007
Office: 5400 N. Grand Boulevard, Suite 400 | Oklahoma City, OK 73112-5625
405.858.6794 | 800.733.9008
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