- Maximum Option: the largest benefit, for your life only. Any money left in your member account when you die goes to your beneficiary.Member Handbook (2025), p. 21
- Option 1: slightly less than the Maximum (about 99%). Your account is used up more slowly, so more may be left for your beneficiary.Member Handbook (2025), pp. 21-22; Retirement seminar slides, slide 9
- Option 2: a reduced benefit (about 85%-95% of the Maximum) that continues in full to your joint annuitant for life. A joint annuitant who isn't your spouse can't be more than 10 years younger than you (age-adjusted).Member Handbook (2025), p. 22; OAC 715:10-15-10(3); Retirement seminar slides, slide 10
- Option 3: a reduced benefit (about 91%-97%) with half continuing to your joint annuitant for life. The joint annuitant can be almost anyone.Member Handbook (2025), pp. 22-23; Retirement seminar slides, slide 11
- Under Options 2 and 3, if your joint annuitant dies first your benefit 'pops up' to the Maximum, including any increases since you retired. The joint annuitant can never be changed, even after a divorce, unless a court order says otherwise.Member Handbook (2025), pp. 22-23, 31-32; OAC 715:10-15-10.1
- Check with TRS of OklahomaOption 4 (10 years certain) is no longer offered for retirements on or after January 1, 2026.The July 2025 handbook still lists Option 4; the Sept. 2025 rules say it ends Dec. 31, 2025.OAC 715:10-15-10(5) (rules eff. 9/1/25, p. 74)
- TRS of Oklahoma doesn't publish the factors for Options 1-3; the exact amounts come in your Application to Retire packet.Member Handbook (2025), p. 26; OAC 715:10-15-14
- With 30 or more years you can take a Partial Lump Sum Option: 12, 24 or 36 months of your Maximum benefit paid at once, in exchange for a permanently smaller monthly benefit. At 62 the monthly benefit drops to about 90%, 80% or 70%.Member Handbook (2025), pp. 23-24
- Within 60 days of retiring you can make one change between Options 1-4 (not the date or the person). A single retiree who marries can switch from the Maximum to Option 2 or 3 within a year of the marriage.Member Handbook (2025), p. 27, step 6
What each option costs
TRS of Oklahoma doesn't publish the factors for Options 1 to 3, so no one can give you exact amounts from the public documents. The ranges below are the approximations from TRS of Oklahoma's seminar slides, shown on the handbook's $2,333.33 example. Each one pays less than the Maximum.
| Option | About | On $2,333 |
|---|---|---|
| Maximum OptionExact: 100% of the formula. | 100% | $2,333.33 |
| Option 1Check with TRS of Oklahoma | 99.0% | ≈ $2,310 |
| Option 2 (100% joint survivor)Check with TRS of Oklahoma | 85%-95% | ≈ $1,983– $2,217 |
| Option 3 (50% joint survivor)Check with TRS of Oklahoma | 91%-97% | ≈ $2,123– $2,263 |
| Option 4 (10 years certain)Not offered for retirements on or after January 1, 2026. | 96%-99% | — |
Option 1-4 factors aren't published; only approximate ranges (seminar slides). Payment options show no amounts.
We show only the approximate ranges from TRS of Oklahoma's seminar slides, labeled as approximations. Your Application to Retire packet has the real amounts.
What would settle it: TRS of Oklahoma's actuarial option factor tables (OAC 715:10-15-14) or a sample Application to Retire with all five plan amounts.
The options one by one
Maximum Option. Largest benefit, 100% of the formula; ends at death and any remaining member account balance goes to the beneficiary. The account may last 2-3 years. Member Handbook (2025), p. 21; OAC 715:10-15-10(1)
Option 1. Slightly less than the Maximum; the member account is used up more slowly (11+ years without PLSO or EESIP) so more may be left for the beneficiary. Member Handbook (2025), pp. 21-22; OAC 715:10-15-10(2); Retirement seminar slides, slide 9
Option 2 (100% joint survivor). Least for the member; the joint annuitant gets the same lifetime benefit after the member dies. Pops up to the Maximum if the joint annuitant dies first. A non-spouse joint annuitant can't be more than 10 years younger (adjusted). Member Handbook (2025), p. 22; OAC 715:10-15-10(3); Retirement seminar slides, slide 10
Option 3 (50% joint survivor). The joint annuitant gets 50% of the member's benefit for life. Joint annuitant can usually be anyone. Pop-up applies. Member Handbook (2025), pp. 22-23; OAC 715:10-15-10(4); Retirement seminar slides, slide 11
Option 4 (10 years certain). If the member dies within 120 months, the beneficiary gets the same benefit for the rest of the 120 months. TRS of Oklahoma rules say Option 4 is revoked Dec. 31, 2025 and not available from Jan. 1, 2026. Member Handbook (2025), p. 23; OAC 715:10-15-10(5) (rules eff. 9/1/25, p. 74); Retirement seminar slides, slide 12
If the joint annuitant isn't the spouse, the adjusted age difference can't exceed 10 years: member's age minus joint annuitant's age, reduced by the number of years the member is younger than 70. OAC 715:10-15-10(3) (rules eff. 9/1/25, p. 73); Member Handbook (2025), pp. 22, 25
Every option also pays your beneficiary $5,000 when you die. Member Handbook (2025), p. 21, What are the five retirement plans? See Survivor benefits.
Option 4 is gone
The handbook (provisions as of July 1, 2025) describes five plans including Option 4, and the seminar slides say five. TRS of Oklahoma rule 715:10-15-10(5) (eff. Sept. 1, 2025) says Option 4 is revoked Dec. 31, 2025 and unavailable from Jan. 1, 2026; the 'TRS of Oklahoma and YOU' one-pager (7.1.25) says 'four retirement plans'. This site marks Option 4 unavailable for retirement dates on or after Jan. 1, 2026. Member Handbook (2025), p. 23; OAC 715:10-15-10(5) (rules eff. 9/1/25, p. 74); Retirement seminar slides, slide 12
Changing your mind
Within 60 days of retirement a member who chose Option 1-4 may make a one-time irrevocable change of plan (not the date, joint annuitant or beneficiary). A single retiree who marries may change from the Maximum to Option 2 or 3 within one year of marriage, with proof of good health. Member Handbook (2025), p. 27, step 6; 70 O.S. § 17-105(M)(1)-(2)
A joint annuitant can't be changed after retirement, even after divorce (unless a QDRO says otherwise). Member Handbook (2025), pp. 31-32; OAC 715:10-15-11
The partial lump sum (PLSO)
Members with 30 or more years may take a one-time lump sum equal to 12, 24 or 36 months of the Maximum benefit plus a permanently reduced monthly benefit. The reduced Maximum is the base for the other options, and the reduction carries into future COLAs. Paid within 90 days of the first check; can be rolled over. Member Handbook (2025), pp. 23-24, What is the Partial Lump Sum Option (PLSO)?; 70 O.S. § 17-105.2(A)-(C); OAC 715:10-15-10.2 (rules eff. 9/1/25, pp. 74-75)
On the handbook's $2,333.33 example at age 62 with 35 years:
| Lump sum | Paid once | Factor | Then monthly |
|---|---|---|---|
| 12 months | $28,000 | 0.90226 | $2,105.27 |
| 24 months | $56,000 | 0.80452 | $1,877.21 |
| 36 months | $84,000 | 0.706779 | $1,649.15 |
Our engine on the handbook's PLSO factor table. The lower monthly amount is permanent, it's the base for Options 1 to 3, and future COLAs are figured on it. Member Handbook (2025), p. 24, PLSO factor table (ages 46-84); Member Handbook (2025), p. 23
The lump sum is paid from the member account first, so less may remain for a beneficiary; it may exceed the member's own contributions. Member Handbook (2025), pp. 23-24, 26 A married member's spouse must sign the PLSO form. Member Handbook (2025), p. 27; OAC 715:10-15-10.2(8)
The PLSO is subject to federal income tax unless rolled over; taxes and possibly penalties may greatly reduce it. Member Handbook (2025), p. 24; 70 O.S. § 17-105.2(B)
PLSO factors by age
The share of your Maximum you keep each month after the lump sum, for ages 46 to 84.
| Age | 12 months | 24 months | 36 months |
|---|---|---|---|
| 46 | 0.916514 | 0.833028 | 0.749541 |
| 47 | 0.916044 | 0.832087 | 0.748131 |
| 48 | 0.915534 | 0.831069 | 0.746603 |
| 49 | 0.914982 | 0.829965 | 0.744947 |
| 50 | 0.914384 | 0.828768 | 0.743152 |
| 51 | 0.913735 | 0.82747 | 0.741206 |
| 52 | 0.913036 | 0.826072 | 0.739108 |
| 53 | 0.912279 | 0.824558 | 0.736837 |
| 54 | 0.911461 | 0.822921 | 0.734382 |
| 55 | 0.910576 | 0.821152 | 0.731728 |
| 56 | 0.909626 | 0.819251 | 0.728877 |
| 57 | 0.90861 | 0.817219 | 0.725829 |
| 58 | 0.907518 | 0.815035 | 0.722553 |
| 59 | 0.906342 | 0.812685 | 0.719027 |
| 60 | 0.905076 | 0.810153 | 0.715229 |
| 61 | 0.903715 | 0.807431 | 0.711146 |
| 62 | 0.90226 | 0.80452 | 0.706779 |
| 63 | 0.900701 | 0.801402 | 0.702103 |
| 64 | 0.899041 | 0.798082 | 0.697123 |
| 65 | 0.89726 | 0.79452 | 0.69178 |
| 66 | 0.89535 | 0.7907 | 0.68605 |
| 67 | 0.893314 | 0.786627 | 0.679941 |
| 68 | 0.891121 | 0.782242 | 0.673364 |
| 69 | 0.888744 | 0.777489 | 0.666233 |
| 70 | 0.886172 | 0.772344 | 0.658516 |
| 71 | 0.883398 | 0.766796 | 0.650194 |
| 72 | 0.880376 | 0.760752 | 0.641128 |
| 73 | 0.8771 | 0.754201 | 0.631301 |
| 74 | 0.873527 | 0.747053 | 0.62058 |
| 75 | 0.86964 | 0.73928 | 0.608921 |
| 76 | 0.865398 | 0.730796 | 0.596194 |
| 77 | 0.860753 | 0.721507 | 0.58226 |
| 78 | 0.855721 | 0.711442 | 0.567164 |
| 79 | 0.85023 | 0.70046 | 0.550691 |
| 80 | 0.844236 | 0.688473 | 0.532709 |
| 81 | 0.837691 | 0.675382 | 0.513072 |
| 82 | 0.830574 | 0.661148 | 0.491722 |
| 83 | 0.822847 | 0.645694 | 0.46854 |
| 84 | 0.814372 | 0.628744 | 0.443116 |
See your Maximum, the option ranges and your own PLSO row in the calculator. The lump sum's tax is covered under taxes, and its effect on future raises under COLA.
Questions
What are the TRS of Oklahoma retirement options?
The Maximum Option and Options 1, 2 and 3. Option 4 (10 years certain) isn't offered for retirement dates on or after January 1, 2026. Options 2 and 3 pay a joint annuitant for life after you die: 100% or 50% of your benefit.
How much less is Option 2 than the Maximum?
TRS of Oklahoma doesn't publish its factors. Its seminar slides give a rough range: about 85%-95% of the Maximum, depending on both ages. Your Application to Retire packet has your amounts.
What is the TRS of Oklahoma partial lump sum (PLSO)?
With 30 or more years you can take 12, 24 or 36 months of your Maximum benefit at once, for a permanently smaller monthly benefit. At 62 the monthly benefit drops to about 90%, 80% or 70%.
Source: Member Handbook, Teachers' Retirement System of Oklahoma, Plan provisions as of July 1, 2025, pp. 21, 21-22, 22, 22-23, 23, 23-24, 24, 25, 26, 27, 31-32. Also: Retirement seminar slides; TRS of Oklahoma rules, OAC 715:10-15-10, 715:10-15-10.1, 715:10-15-10.2, 715:10-15-11, 715:10-15-14; 70 O.S. §§ 17-105, 17-105.2. Last reviewed .