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CSRS Employees: Should You Deposit Money to Cover Temporary Federal Employment?

Deposit Money for Temporary Time

CED
FSA
Mon Mar 31, 2008 7:49 AM

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Who do we contact in HR to request them compute how much we own and it's effect it will have on my annuity?

Re: Deposit Money for Temporary Time

Analyst
DOD
Tue Apr 1, 2008 10:18 AM
In the Airforce, there is no one in HR to contact. We are told to go outside and pay some one to help us. What ever happened to HR services on base?

Re: Deposit Money for Temporary Time

Program Manager
USDA
Tue Apr 1, 2008 3:38 PM
I had to contact OPM, Refund and Deposit Section, PO box 45, Boyers, PA 16017.

Rule of 30 & high 3

Legal Assistant
DOE
Mon Mar 31, 2008 8:01 AM

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What is the difference retiring at 30 yrs or retiring at your MRA, with say 27 yrs?

Deposit or Redeposit Service

Former HR Specialist
Federal Agency
Mon Mar 31, 2008 9:10 AM

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The bottom line of your story should read, "Just fill out the SF-2803, give it to your HR Office so that you have the exact figures, and can make an informed choice." In my own case at this point in my career, it wasn't worth it. I just wish I had known about this before 30 years worth of interest had accrued. I would have paid it back when I returned to the government in 1979, if I had known.

CSRS Employees: Should You Deposit Money to Cover

Facility Operations Spc
USDA/ARS
Mon Mar 31, 2008 10:59 AM

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There are certain exceptions to the statement that your early non-deposit service will count towards retirement. Notably Peace Corps service requires a deposit for the service to count towards CSRS retirement.

Re: CSRS Employees: Should You Deposit Money to Co

Admin Officer
VA
Sun Jul 6, 2008 3:20 PM
If you were a Peace Corps/VISTA prior to 1982, then you service counts toward retirement regardless if you paid it back, however, if you don't pay it back prior to retirement, you get a 10% yearly penalty of the total amount including interest that you didn't pay back,but worse than that if you get 40Q's or more for SS benefits, and you DID NOT PAY IT BACK, they go back and REDUCE your federal pension by taking away the credit they gave you for your PEACE CORPS/VISTA service.!!! ( for me it would result in a 6% reduction or over $4500 a year. Pay it back BEFORE you retire! (Call OPM at 888-767-6738 to find out the payback amount including interest.)

If I had know I too had to pay it back along with Ex-military, I would have had to pay around $700 not $2600 today, Oh well.

Old temporary federal employment

Inspector
DHHS
Mon Mar 31, 2008 1:53 PM

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Good article. I'd like to point out that folks who worked federal civil service jobs many years ago (prior to 10/1982) when they were in high school or college their service likely won't count as credit for CSRS retirement puposes. For example, if the job was funded out of "non-appropriated funds" (NAF) and the employee paid into social security.

Question on Pre 10/1/82 Military Service

Managing Engineer
DoD
Mon Mar 31, 2008 2:23 PM

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Thank you for the article. It is very timely since I recently notified my personnel office to send me the paperwork to determine the amount of my pre 10/1/82 deposit service.

I am CSRS and have both temporary federal service (4 months, 1981) and active duty military service for training in the Air National Guard (5 months, 1979-80). My question is: is the annual penality for not making a deposit on pre 10/1/82 military service the same as pre 10/1/82 temporary federal service (10% of 7% of wages compounded at an annual rate of 3%)?

Thanks

Repayment

Admin
DOT
Mon Mar 31, 2008 2:39 PM

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Can you claim the penalty part of your repayment on your taxes? Federal & state?

Total Comments: 23
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