Whether it’s decades away or just around the corner, one of the most important components of retirement is saving for it. But don’t worry; OU’s retirement planning experts are here to help. See below to learn about different aspects of retirement planning.
Effective January 1, 2023, changes were made to retirement plans for newly-hired benefits eligible employees. Those hired before January 1, 2023 experienced no change to their retirement benefits.
If you’re new to the University of Oklahoma, we welcome you!
OU is a great place to work with an attractive benefits package. As a new employee, there are a few things you need to know:
The OU Retirement Planning website contains a lot of great information about planning for your retirement. Remember, if you have questions about your retirement, contact the OU Human Resources Retirement team or schedule a Fidelity One-on-One appointment. Both options are available by clicking on the buttons on the right side of the page. OU offers two retirement savings plans. You must choose a plan within your first 30 days of employment with the university.
You may visit Employee Self-Service using your login credentials and select the tile for OU Retirement Elections. This will allow you to make elections, provide necessary forms, and give you the ability to attach the required documents before submission. Your retirement planning options will vary depending on a couple of key factors:
If you’re new to the retirement planning process or you have questions, we can help! OU’s official record keeper is Fidelity Investments and you can schedule a 1-on-1 meeting with them to get all the education you need to make an informed decision about your retirement planning options. To set up a meeting, click on the button on the right to Schedule a One-on-One Consultation.
For more information, please visit the OTRS page.
For more information, please visit the 401(a) Contribution Plan page.
For more information, please visit the Voluntary Retirement page.
Members who joined prior to July 1, 1992, can retire with full benefits from The Oklahoma Public Employees Retirement System
Members who joined on or after July 1, 1992, can retire with full benefits from The Oklahoma Public Employees Retirement System
Limited only to those already participating through OU.
Employee contributes 3.5% of base salary, deducted on a pre-tax basis.
(405) 858-6737 or http://www.opers.state.ok.us/
The Oklahoma Law Enforcement Retirement System (OLERS) is a retirement plan administered by the State of Oklahoma and is regulated by state statutes. OLERS provides lifetime retirement benefits upon eligibility.
Limited to Commissioned Police Officers.
Employee contributes 8% of base salary, deducted on a pre-tax basis.
(405) 522-4931 or www.olers.state.ok.us
In addition to the retirement benefits you earn as an employee of OU, both you and OU pay into the Social Security system on your behalf. You should consider your Social Security benefits when evaluating your sources of income during retirement. You can request a statement from the Social Security Administration that shows your projected Social Security retirement benefits. To request a statement and learn more about Social Security benefits, visit Social Security Administration's website.
The university knows it’s important for you to be ready for retirement. With two retirement plan options to choose from as well as voluntary plans to save your own money, reaching your retirement savings goal is easier than you think. Review the information below for more details.
There are many factors that contribute to how much you should save for retirement. Your retirement savings will depend on what you want to do in your retirement:
All these factors make a difference in how much you will need for retirement but remember that the earlier you start, the better off you’ll be. For more information, visit this article on the Fidelity Website that discusses How Much Money to Save for Retirement. You can learn more about your situation by meeting one-on-one with a Fidelity investment professional.
Get started right away by taking advantage of a Voluntary Savings Plan, which allows you to start saving a percentage of your salary on a before-tax basis. The voluntary plans are designed much like a traditional savings account, as an easy way to start or boost your retirement savings. Any employee can start, alter, or stop a voluntary plan at any time during their employment.
The university has a team of retirement professionals who are dedicated to ensuring you’re ready for your golden years. Staff personnel and the Retirement Plans Management Committee have contracted with Fidelity Investments to ensure your retirement savings are carefully monitored and that you have all the education you need to make informed decisions about your retirement planning options. Take advantage of the resources we offer by scheduling a meeting with a Fidelity professional! To get the most of your meeting, please have any retirement and investment info and plan for about an hour to go through your accounts, review some possibilities and get all your questions answered.
Less than 20% of OU’s employees have protected their retirement savings by choosing a beneficiary in Fidelity NetBenefits online. Have you? Neglecting a beneficiary designation could have significant consequences for the people important to you. Here’s what you need to know.
If you don't have a beneficiary named in each of your retirement plans, your estate will automatically inherit your savings. If this happens, the courts are sometimes involved and your assets may not go to the people you would have intended. This could delay or prevent the distribution of your savings to the people you care about.
Your beneficiary will receive the value of your retirement savings in the case of your death.
You can also review your life insurance beneficiaries at your convenience in Employee Self-Service. It's a good idea to update all your beneficiaries after certain life events including marriage, divorce, death, or the birth of a child.
Note: For information about updating beneficiaries in your TIAA-CREF account, visit TIAA.org or call 1.866.843.5640.
Make your beneficiary wishes known:
Need help? Call Fidelity customer service at 1.800.343.0860.
All Campuses
Take control of your retirement by speaking with a representative at Fidelity.
Norman Campus
Meet with your Norman HR Retirement Representative.
OU Health Campus
Meet with your OUHC HR Retirement Representative.
TIAA Enrollees
If you had previous investment accounts with TIAA, you can schedule an appointment to meet with a TIAA representative at a nearby TIAA location. Book an appointment or call them at 1-800-842-2252.
