Benefit FAQ

  • When can I retire?

  • What will my OSERS benefits be?

  • When do I need to give notice for retirement?

  • When am I vested?

  • When will I receive my first benefit payment?

  • What are the options for taking my retirement benefit? Does it stop when I die?

  • Is my benefit taxable?

  • Will my OSERS benefit affect my Social Security benefit?

  • Will partial years count toward retirement?

  • When will I reach Rule of 85?

  • When will I receive cost of living adjustments?

  • What are the limitations on employment after retirement?

  • Can I retain my health insurance after I retire? If so, for how long?

  • What will be withheld from my benefit payment?

Service FAQ

  • Can I purchase service if I have not previously worked for a public school district or if I have allowed the window of opportunity for purchasing previous service to close?

  • Can I purchase partial years?

  • How soon does a service purchase have to be paid?

  • What is the current interest rate charged when I pay for my service purchases over time?

  • May I make payments over time?

  • May I roll funds from an IRA to OSERS?

  • How do you calculate the cost of my previous service purchases?

  • Can I reacquire my previous Omaha Public Schools service years if I return to full-time employment with the district?

  • Can I purchase credit from my employment at another public school district?

Contribution FAQ

  • What happens to my account if I die?

  • Can I reacquire my previous service years if I return to full-time Omaha Public Schools employment?

  • When will my refund check be issued?

  • Can I contribute even though I'm not a full-time Omaha Public Schools employee?

  • What happens to the matched (school board) contributions?

  • Can my funds be rolled into an Individual Retirement Account (IRA)? What are the penalties/tax consequences for withdrawing my funds?

  • Do I have to withdraw my funds if I end full-time employment with the district?

  • Can I borrow from my account?

  • Can I withdraw part or all of my contributions?

  • How much are my contributions to OSERS?

Death FAQ

  • When should I fill out a new beneficiary card?

  • Where does my money in the Omaha Public Schools Employees' Retirement System go when I die?