Overview. 1  This IRM provides definitions for terms and acronyms used in Revenue Financial Management (RFM). 2  The Office of Revenue Reporting, Revenue Financial Management (IFM), under the Chief Financial Officer (CFO), develops and maintains this IRM.
To calculate your TRS retirement benefits, use the following formula: 1  Multiply your years of service credit by 2.3 percent. 2  Determine the average of your five highest years of salary.*. 3  Multiply your average salary (from step 2) by the number from step  1.
If you do not elect a rollover, federal tax law requires that TRS withhold 20% federal tax from the taxable portion of your refund. You may also be required to pay an additional 10% federal tax if you are younger than age 59.5 when you withdraw your funds.TRS will not withhold the additional 10%.However, you will pay this tax at the time you complete your federal tax return for the year in which you receive your refund.ou may also be required to pay an additional 10% federal tax if you are younger than age 59.5 when you withdraw your funds. TRS will not withhold the additional 10%. However, you will pay this tax at the time you complete your federal tax return for the year in which you receive your refund.