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This brochure is intended as an informational tool only. It does not constitute a plan document or summary plan description. OPERS reserves the right to correct any errors contained herein to comply with the statutes, rules and regulations that govern the Plan. The information contained in this brochure is being made available as a public service. No information contained herein is intended to constitute legal or investment advice. While we have made every attempt to provide correct information, we do not guarantee the accuracy of the information. No one shall be entitled to claim detrimental reliance on any information or examples provided herein, or to claim any duty on our part to update the information contained here or to protect the interests of those reading this brochure. You should not rely on statements or representations made within this brochure for legal or investment advice. This publication, printed by the Department of Central Services, is issued by the Oklahoma Public Employees Retirement System as authorized by the Executive Director. Three thousand five hundred (3,500) copies have been printed at a cost of $805.00. An electronic version of this publication has been deposited with the Publications Clearinghouse of the Oklahoma Department of Libraries. Revised 07/2012 P E R S P.O. Box 53007 • Oklahoma City, OK 73152-3007 (800) 733-9008 Toll Free www.opers.ok.gov OKLAHOMA PUBLIC EMPLOYEES RETIREMENT SYSTEM 2.5% STEP-UP OPERS has prepared the example and information in this brochure to assist you in understanding the Step-Up and its impact on benefits and contributions. Each person’s situation is unique based on his or her age, salary and years of service. Therefore, you should make your own calculations based on your individual situation. OPERS cannot make these calculations for you and cannot provide advice about your decision whether to make the election or the timing of that election. As a result of her election of the Step-Up, Barbara’s total monthly retirement benefit would increase from $1,181.00 to $1,374.00 per month, an increase of $193.00 per month. This is only an estimate. The following is a projection of the additional contributions Barbara would have to make to fund the increased retirement benefit in Example B. Again, keep in mind this is an estimate only. The contribution rate could be raised or lowered by law in the future. Additional Step-Up Contribution Projection Year Assumed Salary Additional Annual x 2.91% Contribution 2013 $24,500 X 2.91% $712.95 2014 $25,000 X 2.91% $727.50 2015 $25,500 X 2.91% $742.05 2016 $26,000 X 2.91% $756.60 2017 $26,500 X 2.91% $771.15 2018 $27,000 X 2.91% $785.70 2019 $27,500 X 2.91% $800.25 2020 $28,000 X 2.91% $814.80 2021 $28,500 X 2.91% $829.35 2022 $29,000 X 2.91% $843.90 2023 $29,500 X 2.91% $858.45 2024 $30,000 X 2.91% $873.00 2025 $30,500 X 2.91% $887.55 2026 $31,000 X 2.91% $902.10 2027 $31,000 X 2.91% $902.10 Total Contributions $12,207.45
|Okla State Agency||
Public Employees Retirement System, Oklahoma (OPERS)
|Okla Agency Code||
|Alternative title||Step-up brochure|
Oklahoma Public Employees Retirement System.
|Publisher||Oklahoma Public Employees Retirement System|
Oklahoma--Officials and employees--Retirement.
Oklahoma--Officials and employees--Pensions.
|Purpose||What is the 2.5% Step-Up? The 2.5% Step-Up allows members to increase their retirement benefits by paying an additional member contribution each pay period.|
|OkDocs Class#||E3600.1 T974s 2012|
|Digital Format||PDF, Adobe Reader required|
|ODL electronic copy||Filed with documents.ok.gov submissions system|
|Rights and Permissions||This Oklahoma state government publication is provided for educational purposes under U.S. copyright law. Other usage requires permission of copyright holders.|