Supplemental Retirement Income. Calculation of the retirement income supplement shall be based on the position and the OTRS calculated average salary of the employee at the time of retirement. For all eligible employees, the retirement income supplement shall be the approximate difference between the monthly amount the retiree actually receives from Oklahoma Teachers’ Retirement System and the monthly amount the retiree would have been entitled to receive from Oklahoma Teachers’ Retirement System if the employee had elected to retire at full retirement age as defined by the Social Security Administration. Since the retirement income supplement shall be based on the employee’s position and OTRS calculated average salary on the date of retirement, any salary increase which the employee might have received if the employee had elected to retire at full retirement age as defined by the Social Security Administration, or any different OTRS calculated salary resulting from inclusion of any time period after actual retirement shall not be considered when figuring the retirement income supplement. All payments under this policy shall commence with the month in which the eligible retiree receives his/her first retirement payment from Oklahoma Teachers’ Retirement System and shall continue on a monthly basis until the end of the month in which the retiree attains full retirement age as defined by the Social Security Administration, at which date the supplemental retirement income payment will terminate. All supplemental retirement payments will terminate in the event of the retiree’s death.
Appears in 5 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
