# Civil Service Retirement System. Retirement Facts 7. Computing Retirement Benefits Under the Civil Service Retirement System

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1 CSRS Civil Service Retirement System Retirement Facts 7 Computing Retirement Benefits Under the Civil Service Retirement System United States Office of Personnel Management Retirement and Insurance Service The September 1996 edition is still usable RI 83-7 Revised October 1997

2 Additional retirement information and all publications of the U.S. Office of Personnel Management listed in this pamphlet are available on the Internet. OPM Website --

3 Table of Contents Page Introduction...1 Computing Retirement Benefits...1 How Are Annuities Computed Under the General Formula?...2 Annuity Reductions...5 Deductions From Gross Monthly Annuity...9 Commencing Date...9 Additional Information...10 i

6 A quick way to estimate your basic annuity is to determine your total length of service (34 years) and subtract two (32 years). Multiply that by two (32 x2=64) and use that as a percentage (64 percent) of 90 percent of your final salary. If, for example, your final salary was \$22,340 per year, then 90 percent of \$22,340 would equal \$20,106. Therefore, \$20,106 x.64 = \$12,867 for a basic annuity. This quick formula is not precise but will allow you to estimate your annuity. 3

7 Calculating High-3" Salary Basic Salary in Effect From Basic Year July 1, 1990, through October 11, October 12, 1990, through October 9, October 10, 1991, through October 8, October 9, 1992, through June 30, High-3 years average salary = \$60,001 divided by 3 = \$20,000 4

8 Period Salary was in Effect* Annual Salary Gross Pay for this Period Months Days ,340 \$ 4, , , , \$ 60, months *For purposes of calculating average salary, 1 month = 30 days, and 1 year = 360 days. Annuity Reductions Reduction for Deposit Service. In the example of a voluntary separation we re using, the first reduction would be for any unpaid deposit service. Let s say that the first year you worked for the Government was under a temporary appointment during which you were not eligible to pay into the CSRS. This would represent a period of deposit service. We will assume that the amount you would have paid in as a permanent employee, plus interest to the date of your retirement, equals \$900. Your basic annuity will be reduced by one-tenth of that amount \$90. Therefore, your basic annuity of \$12,850 would be reduced to \$12,760 per year. For periods of deposit service performed on or after October 1, 1982, a deposit must be made (unless you are eligible for and elect an Alternative Form of Annuity) or the time cannot be used in computing your annuity. The time will be used to determine your eligibility to retire whether or not you make the deposit payment. 5

11 Present Value Factors Age at Age at Retirement Factor Retirement Factor Reduction Because of Unpaid Redeposit for Certain Refunded Service. If, when you retire, you owe a redeposit for a refund of retirement contributions covering a period of service that ended before October 1, 1990, you will not have to pay the redeposit in order to receive credit for the service (unless you retire for disability). Instead, full credit for the refunded service will be allowed in computing your annuity, but the annuity will be actuarially reduced based on your age and the amount of redeposit you owe at the time you retire. 8

12 To calculate the monthly amount of the reduction, you divide the deposit you owe at the time of retirement, including interest, by the appropriate present value factor, using the table shown on the previous page. The procedure is the same as that used to compute the Alternative Form of Annuity reduction. Remember this alternative to payment of a redeposit does not apply to any refund you receive for service that ends on or after October 1, Of course, you may elect to pay the redeposit, plus interest, and avoid the actuarial reduction. Reduction Because of CSRS Offset. If you are a CSRS Offset employee (one of the relatively few employees covered by the Civil Service Retirement System (CSRS) and Social Security at the same time), your annuity will be reduced when you become eligible for Social Security benefits (usually at age 62). The amount of the reduction will be the amount of the Social Security benefit attributable to your service after 1983 that was covered by both retirement and Social Security. If you are not eligible for a Social Security benefit, there will be no reduction in your annuity. Deductions From Gross Monthly Annuity The annuity of \$790 per month in this example would be further reduced for any applicable health benefits and life insurance premiums and Federal and State income tax withholding. Commencing Date If you retire voluntarily during the first 3 days of the month, your annuity will commence the following day. Otherwise, your annuity begins on the first day of the month following the month in which you retire. This first-of-the-month after 9

13 provision does not apply to survivor annuities, disability annuities or discontinued service annuities. These annuities begin on the day after separation, death, or last day of pay, as appropriate. Additional Information You may obtain copies of the pamphlets listed below from your personnel office, from OPM s Website ( or from OPM ONLINE (OPM s electronic bulletin board) at (202) To access OPM ONLINE, your communications software should be set to the following: Baud: Up to 28,800 Parity: None Data bits: 8 Stop bit: 1 The pamphlets in the Retirement Facts Series, which provide more detailed information about the Civil Service Retirement System (CSRS), are: Retirement Facts #1 - The Civil Service Retirement System (RI 83-1) Retirement Facts #2 - Military Service Credit Under CSRS (RI 83-2) Retirement Facts #3 - Deposits and Redeposits Under CSRS (RI 83-3) Retirement Facts #4 - Disability Retirement Under CSRS (RI 83-4) Retirement Facts #5 - Survivor Benefits Under CSRS (RI 83-5) Retirement Facts #6 - Early Retirement Under CSRS (RI 83-6) Retirement Facts #7 - Computing Retirement Benefits Under the Civil Service Retirement System (RI 83-7) Retirement Facts #8 - Credit for Unused Sick Leave Under CSRS (RI 83-8) 10

14 Retirement Facts #9 - Refunds Under CSRS (RI 83-9) Retirement Facts #10 - Voluntary Contributions Under CSRS (RI 83-10) Retirement Facts #11 - Information for Separating CSRS Employees Who Are Not Eligible for an Immediate Annuity (RI 83-13) Retirement Facts #12 - Information About Reemployment for CSRS Annuitants (RI 83-18) Retirement Facts #13 - CSRS Offset Retirement (RI 83-19) Retirement Facts #14 - Law Enforcement and Firefighter Civil Service Retirement System Retirement (RI 83-20) Pamphlets applicable to employees in both the Civil Service Retirement System and Federal Employees Retirement System are: Court-ordered Benefits for Former Spouses (RI 84-1) Work-Related Injuries and Fatalities -- What You and Your Family Need to Know About Your Benefits (RI 84-2) Life Events and Your Retirement and Insurance Benefits (For Employees) (RI 84-3) Thinking About Retirement? (RI 83-11) Publications for employees who are under the Federal Employees Retirement System (FERS) are: FERS Brochure (An Overview of Your Benefits) (RI 90-1) FERS Facts #1 - Information for Separating FERS Employees Who Are Not Eligible for an Immediate Annuity (RI 90-11) FERS Facts #2 - Information About Reemployment for FERS Annuitants (RI 90-18) 11

15 For employees who are eligible to transfer to the FERS: FERS Transfer Handbook (A Guide to Making Your Decision) (RI 90-3) Pamphlets on the Federal Employees Health and Life Insurance Programs are: Federal Employees Health Benefits Guide (RI 70-1) Temporary Continuation of Coverage (TCC) Under the Federal Employees Health Benefits Program (RI 79-27) Federal Employees Group Life Insurance Booklet (RI 76-21) 12

16 Retirement & Insurance Service Serving over 10 million customers, Federal employees, annuitants and their families.

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