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.
In 2014, full retirement age is 66 or older. If someoneâs full retirement age is 66 and they choose to begin Social Security retirement benefits at age 62, they will receive approximately a 25 percent reduction in the benefit amount they would have received at age 66, and this reduction continues for their life.or each year after 1954, the full retirement age is increased by 2 months until age 67 is reached for all born in 1960 and later. For example, for someone born in 1955, their full retirement age is 66 years and 2 months. Born in 1956, their full retirement age is 66 years and 4 months.