# FREQUENTLY ASKED QUESTIONS REDEPOSIT SERVICE

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5 Redeposit Owed \$17,500 Actuarial Factor 219.4* = \$79.76 or \$80 Monthly Actuarial Reduction *Based on age 56 from 2007 Actuarial Reduction Factor Chart at the end of this handout If the unpaid redeposit is CSRS redeposit service permed on or after October 1, 1990, or retirement benefits are based on Disability Retirement or Death-in-Service: Eligibility: you receive length of service credit the period of redeposit service. Computation: you do not receive length of service credit the period of redeposit service. Example of unpaid redeposit service permed on or after October 1, 1990: Susan retires after 30 years of total service. Her total service includes 4 years of redeposit service permed after October 1, The redeposit this 4 year period is \$12,500 (amount of her refund, plus interest). Susan is considering paying the redeposit. Her high-3 average salary is \$50,000. If Susan pays the \$12,500 redeposit, her annual annuity payment would be \$28,125 (bee adjustments). (With 30 years of service, she receives 56.25% of her \$50,000 high-3 average salary.) If Susan does not pay the \$12,500 redeposit, she will not receive credit in her annuity computation the 4 years of redeposit service. Her annuity computation would be based on 26 years of service instead of 30. Her annual annuity payment 26 years of service would be \$24,125 (bee adjustments). (With 26 years of service, she receives 48.25% of her \$50,000 high-3 average salary.) What Is The Effect Of An Unpaid Redeposit Under FERS? (See the FERS Redeposit Service chart at the end of this guide.) The basic FERS redeposit rule is simple. No Redeposit. No Credit. You will not receive any credit towards retirement redeposit service (eligibility or computation). Important points about FERS redeposits: An employee may never make a redeposit refunded FERS contributions or deposits. The refunded FERS service does not count towards retirement eligibility or computation. FAS 5 of 11 September 2009

7 3% interest from January 1, 1948, through the date the redeposit is made, or to the commencing date of the annuity, whichever is earlier. Under CSRS, if the application the refund was received by the employing agency or OPM after September 30, 1982, interest is charged on the redeposit, beginning on the date the refund was paid, at the following rates (compounded annually): 3% through December 31, 1984; and Variable interest rates after December 31, 1984 (rates listed below). FERS redeposit service is subject to interest based on when the service was permed. Interest accrues annually on the outstanding balance (compounded annually). 4% interest bee January 1, 1948; 3% interest from January 1, 1948, through December 31, 1984; and Variable interest rates apply after December 31, 1984 (rates listed below). Variable Interest Rates These rates are determined at the end of each year by the Secretary of the Treasury. The rates are based on the amount of interest the Government earned on investments that year. Year Interest Rate Year Interest Rate % % % % % % % % % % % % % % % % % % % % % % % % FAS 7 of 11 September 2009

9 Each time you make a redeposit payment, OPM will send you a statement showing the new redeposit balance. Keep these statements your records because your redeposit payments will not be reflected in the retirement contributions block of your Leave and Earnings Statements. Interest will continue to be charged on the unpaid balance until it is paid in full. Redeposits may be paid bee or after retirement, but must be completed bee the final adjudication of your retirement claim. If the redeposit is not paid in full bee your retirement claim is finalized, OPM will send you a refund of the incomplete redeposit. (Exception: CSRS redeposits, service permed bee October 1, 1990, OPM will reduce your annuity actuarially the unpaid redeposit). FAS 9 of 11 September 2009

10 ACTUARIAL REDUCTION FACTORS EFFECTIVE OCT. 01, 2007 AGE AT RETIREMENT REDUCTION FACTOR AGE AT RETIREMENT REDUCTION FACTOR FAS 10 of 11 September 2009

11 CSRS Redeposit Service Retirement Contributions Withheld and later Refunded Redeposit Service Bee (Not Disability Retirement or Death-in-Service) Redeposit Service On / After , Disability Retirement, or Death-in-Service Redeposit Paid Redeposit Not Paid Redeposit Paid Redeposit Not Paid FULL CREDIT CREDIT with Reduction FULL CREDIT PARTIAL CREDIT Service Counts Eligibility and Annuity Computations Service counts Eligibility and Annuity Computations BUT monthly annuity is ACTUARILY REDUCED based on age and the Redeposit Due Service Counts Eligibility and Annuity Computations Service counts Eligibility BUT not Annuity Computations FERS Redeposit Service Retirement Contributions Withheld and later Refunded Applied refund Prior to FERS coverage Applied refund After FERS coverage CSRS Service (no CSRS component) or CSRS Interim or Offset Service CSRS Service (no CSRS component), CSRS Interim or Offset Service, or FERS Service Redeposit Paid Redeposit not Paid NO CREDIT FERS Eligibility or Computations Redeposit NOT Allowed FULL CREDIT FERS Eligibility and Computations NO CREDIT FERS Eligibility or Computations FAS 11 of 11 September 2009

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