New Rule Effective
July 1, 2013
Requirements for Creditable Service
The Oklahoma Teachers Retirement System (OTRS) is changing the
method of awarding service credit. Currently, service credit is awarded
based upon the number of days worked. Beginning July 1, 2013, service
credit earned will be based upon the percentage of the employment
contract that is completed.
Each employer will certify and provide OTRS the full-time equivalent (FTE)
for each position, and for each employee. Fractional service credit will
be awarded for less than full-time employment performed during the
contract year. No longer will 120 days worked equate to one year of
service credit. Please refer to the examples below.
Example I — Full Service Credit
A classroom teacher enters into a full-time employment contract
representing 180 days. If the teacher fulfills the terms of their contract by
working and being compensated for 180 days during the school year,
they will receive one (1) year of service credit (180/180 = 1). The same
Spring 2013 / Volume 5 Issue 2
Quarterly Newsletter of the Oklahoma Teachers Retirement System
Board of Trustees
Gary L. Trennepohl, Ph.D.
Sherrie L. Barnes
Roger Gaddis, CPA/CFP®
Elizabeth H. “Beth” Kerr
Phillip Lewis, Ed.D.
Stewart E. Meyers, Jr.
William L. Peacher
Jonathan Small, CPA
Billie C. Stephenson
Gregory Z. Winters, Ed.D.
James R. Wilbanks, Ph.D.
Joe Ezzell, CPA
Continued on pg. 3