Retirement Estimate Worksheets

For Members Joining Before July 1992

For Members Joining After June 1992

- For members who joined TRS before July 1, 1992 -

Members joining before 7/1/1992 may retire when age and service equal 80 or at age 62 with 5 or more years of creditable Oklahoma service.

(See eligibility requirements for details on when you qualify for retirement, including early retirement.)

Step 1 - List Highest Compensation by School Years
 

Year		Example
20__ - __	$__________	2022-23	$40,000
20__ - __	$__________	2023-24	$43,000
20__ - __	$__________	2024-25	$45,000
Total	$__________	Total	$128,000
	Divide by 3		Divide by 3
Final Average Salary	$__________	FAS	$42,667

Note: Compensation includes fringe benefits, but cannot exceed $40,000 for any year prior to July 1, 1995.

Step 2 - Determine Total Service
 

		Example
Service in Oklahoma	_________	Service in Oklahoma	25
Purchased Service		Purchased Service
Military	_________	Military	2
Out-of-State/ Country	_________	Out-of-State/ Country	2
120 Days Sick Leave	Add 1	120 Days Sick Leave	1
Total Years of Service	_________	Total Years of Service	30

Note: Military and out-of-state/out-of-country service must have been purchased and maximum credit is five years for each type.

Step 3 - Retirement Formula

The general formula is 2% x Final Average Salary x Total Service divided by 12 months.

*If your Final Average Salary is $40,000 or less calculate your monthly benefit using Method A.

*If your Final Average Salary is more than $40,000 use Method B.

Method A

1. Multiply Final Average Salary	$_____________
times 2%	x 0.02
Subtotal 1	$_____________
2. Multiply Total Service	$_____________
times Subtotal 1	$_____________
divide by 12 months	÷ 12
Estimated Monthly Benefit	$_____________

---

 

Method B

1. Multiply Final Average Salary	$40,000
times 2%	x 0.02
subtotal	$800.00
times service before 7/95	x ___________
Subtotal A	___________
2. Multiply Final Average Salary	$_____________
times 2%	x 0.02
subtotal	$_____________
times service after 6/95	x ___________
Subtotal B	___________
3. Add Subtotal A and B	$_____________
divide by 12 months	÷ 12
Estimated Monthly Benefit	$_____________

Method B includes a two-part calculation (credit for sick leave is included in service before 7/95):

1. 2% x $40,000 x service before 7/95
   plus

   2% x Final Average Salary x service after 6/95

- For members who joined TRS after June 30, 1992-

Members joining after 6/30/1992 may retire when age and service equal 90 or at age 62 with 5 or more years of creditable Oklahoma service.

(See eligibility requirements for details on when you qualify for retirement, including early retirement.)

Step 1 - List Highest Compensation by School Years
 

Year		Example
20__ - __	$__________	2022-23	$40,000
20__ - __	$__________	2023-24	$41,000
20__ - __	$__________	2024-25	$42,000
20__ - __	$__________	2025-26	$43,000
20__ - __	$__________	2026-27	$44,000
Total	$__________	Total	$210,000
	Divide by 5		Divide by 5
Final Average Salary	$__________	FAS	$42,000

Note: Annual Salaries must be five consecutive years of teaching service. Salaries include fringe benefits, but cannot exceed $40,000 for any year prior to July 1, 1995.

Step 2 - Determine Total Service
 

		Example
Service in Oklahoma	_________	Service in Oklahoma	32
Purchased Service		Purchased Service
Military	_________	Military	1
Out-of-State/ Country	_________	Out-of-State/ Country	2
Total Years of Service	_________	Total Years of Service	35

Note: Military and out-of-state/out-of-country service must have been purchased and maximum credit is five years for each type.

Step 3 - Retirement Formula

The general formula is 2% x Final Average Salary x Total Service divided by 12 months.

*If your Final Average Salary is $40,000 or less calculate your monthly benefit using Method A.

*If your Final Average Salary is more than $40,000 use Method B.

Method A

1. Multiply Final Average Salary	$_____________
times 2%	x 0.02
Subtotal 1	$_____________
2. Multiply Total Service	$_____________
times Subtotal 1	$_____________
divide by 12 months	÷ 12
Estimated Monthly Benefit	$_____________

---

Method B

 

1. Multiply Final Average Salary	$40,000
times 2%	x 0.02
subtotal	$800.00
times service before 7/95	x ___________
Subtotal A	___________
2. Multiply Final Average Salary	$_____________
times 2%	x 0.02
subtotal	$_____________
times service after 6/95	x ___________
Subtotal B	___________
3. Add Subtotal A and B	$_____________
divide by 12 months	÷ 12
Estimated Monthly Benefit	$_____________

Method B includes a two-part calculation:

1. 2% x $40,000 x service before 7/95
   plus

   2% x Final Average Salary x service after 6/95