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.
For example, a person in Tier 1 who is 60 years old with 30 years of service cred-it and a $50,000 final average salary will receive the same standard annuity amount as a 55 year old person in Tier 1 with 30 years of service credit and a $50,000 final average salary. Out-of-State Public School Service Credit If you have out-of-state service in a public school system or college and you also have five years of TRS membership service credit, you may be eligible to purchase out-of-state service credit.