Defined Contribution Plan
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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.