Oklahoma Teacher's Retirement System (OTRS) is the pension program for public education employees in the State of Oklahoma. As of June 30, 2014, the program had nearly 168,000 members. Public education teachers and administrators are required to be OTRS members; support staff can join voluntarily. State law established OTRS in 1943 to manage retirement funds and provide financial security for public education employees. Its first checks to retirees were sent out in 1947. It is administered by a staff and 14-member board of trustees. Its current Executive Director is Tom Spencer who started in that position on November 1, 2014. Organization The TRS is governed by a 15-member Board of Trustees composed of 10 appointed members, four ex officio members, and one non-voting member. The Governor of Oklahoma appoints six members to the Board and the Speaker of the State House of Representatives and the President Pro Tempore of the State Senate each appoint two members to the Board. The three ex officio members are the State Public Schools Superintendent, the State Treasurer, the Director of the Office of State Finance and the Director of the Career Technology System. All four ex officio members are allowed by state statute to designate a member to the Board in their stead. The non-voting member is appointed by an organization representing retired educators. Committees The Board of Trustees has three standing committees, the Investment Committee, the Audit Committee, and the Governance Committee. These panels focus on their respective topics and conduct work on the areas of focus that are more detailed than appropriate for full Board consideration. No actions of the committees are final and binding unless approved by the full Board. The Board meets 10 times a year, typically on the fourth Wednesday of the month. The Investment Committee usually meets every month on the Tuesday afternoon before the regularly scheduled Board meeting. Retirement Details OTRS utilizes a defined benefit retirement plan that pay the retiree a specific benefit for life beginning at his or her retirement. Retirement eligibility To be vested in OTRS and subsequently eligible to receive a monthly retirement benefit, a client must accumulate at least five years of eligible service in Oklahoma public schools. A vested client is eligible to begin receiving monthly benefits at age 62, or age 65, depending on which combination they fall under. There are three thresholds for eligibility to retire with benefits. Those