Defined Contribution Plan
At the time of employment, benefits-eligible FSLA non-exempt employees will have a one-time opportunity to select between two retirement options. The “Benefit Comparison Calculator” below is available to assist in comparing the options.
Option 1: Oklahoma Teachers’ Retirement System (OTRS):
- OTRS is a defined benefit plan.
- You will contribute mandatory contributions of 7% of your Total Compensation.
- RSU contributes 8.55% of your Total Compensation.
- Keep in mind that OTRS is a defined benefit, so you earn retirement benefits based on a formula.
- You cannot receive a distribution of RSU’s contributions if you retire or leave RSU.
- Membership and contributions with OTRS will begin the first of the month following 90 days of service.
Option 2: Fidelity- 401(a) Defined Contribution Plan (DC Plan):
- RSU contributes 9% of your Total Compensation. You do not contribute.
- You direct the investment of your account.
- The benefits you receive at retirement depend entirely on the amount of contributions made to the plan on your behalf and the investment returns on the account.
- Contributions will begin the first of the month following 90 days of service.