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Retirement Estimate Worksheets
- 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): 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: 2% x $40,000 x service before 7/95
plus 2% x Final Average Salary x service after 6/95
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