Direct Deposit

You may request that your monthly retirement check be deposited directly to your checking or savings account. You must contact TRS to request a direct deposit form, which requires your signature and a copy of a VOIDED check showing the bank routing and account number.

TRS electronically transfers approximately 70,432 benefit payments monthly to banking and savings institutions designated by retired members. This represents about 99.9 percent of all retirees. Instead of issuing a paper check and placing it in the mail, TRS transmits direct payments to each member's account through the Oklahoma State Treasurer's office and the Federal Reserve Banking System. The process is very secure and adequate backup procedures are in place at every level to ensure deposits are made on time. TRS member deposits are credited to their accounts on the first business day of the month.

TRS was the first state agency in Oklahoma to do direct deposits - since January 1978. It is safe and convenient for members and results in considerable savings in paper checks, computer time and postage for TRS.

All retirees are required to have monthly benefits made by direct deposit unless living in a foreign country. TRS provides the necessary forms in the retirement packet to all retiring members. However, when direct deposit of a member's monthly benefit creates an undue hardship, TRS will waive the direct deposit rule.

Cost of Living Adjustments

After retirement, there are no automatic yearly cost-of living increases. Cost-of-living increases are granted on an ad hoc basis. The Oklahoma Legislature must enact a law to provide for any increase in the retirement benefits.

To the extent a member’s retirement benefit is increased on a go-forward basis as the result of a cost-of-living adjustment implemented by the legislature before a joint annuitant/beneficiary begins receiving benefit payments under an Option 2 or Option 3 retirement plan, when a joint annuitant/beneficiary later begins receiving payments, the joint annuitant/beneficiary will generally receive the benefit of cost-of-living adjustments previously implemented. Whether joint annuitants or beneficiaries under Option 2 or Option 3 retirement plans will receive cost-of-living adjustments implemented by the legislature after they begin receiving payments under Option 2 or Option 3 retirement plans depends on the language in such legislation.