At Evans & Davis, we fully support Oklahoma education and our Oklahoma teachers. Did you know? The Oklahoma Teachers Retirement System guarantees a $5,000 Death Benefit to all retired members. OTRS also provides a $17,000 Death Benefit to working teachers who pass away while actively contributing to OTRS.
If this Death Benefit is assigned to be paid to an individual beneficiary or a trust, OTRS will withhold 20% of that benefit for tax purposes. However, assigning your Death Benefit to a funeral home ensures the full amount of your benefit will be paid to help ease funeral costs.
Active and Retired members can change their beneficiary at any time using the Change of Beneficiary form on the OTRS website. In addition to the Death Benefit, any balance in a client’s general retirement account is paid upon death to listed beneficiaries or the client’s estate, so it is important that members keep beneficiary forms up to date.