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.
Senate bill 435 by the 2005 Legislature increases the amount TRS retirees can exclude from their income on figuring their Oklahoma state income taxes to $7,500 for tax year 2005 and to $10,000 for tax year 2006, and thereafter.If you reside in another state, TRS retirement income will be subject to the tax laws of the state of residence.