Readers' Comments
Total Comments: 23
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CSRS Employees: Should You Deposit Money to Cover Temporary Federal Employment?
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| G | $12.7116 | +0.0013 | +3.51% |
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| L Income | $12.4113 | -0.2200 | -7.86% |
December 2, 2008
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Not paying back the deposit may cost alot more
OGE
Tue Apr 15, 2008 11:02 AM
Post Reply
In your article you stated that "... Paul would recoup his $356 in ten years." However, wouldn't OPM continue to deduct $35.60 per year even after Paul had paid back the $356? If Paul received his annuity for 30 years, would he pay back $3560?
Redepositing $$'s
VA
Sun Jul 6, 2008 3:03 PM
Post Reply
I worked for VISTA/Peace Corps and ACTION Agency as WAE from 7-72 to 7-75 before being converted to permt job. When the law came into play for EX military to ""payback" their time, I thought it did not apply to me because I was never in the military. Wrong! 25 years later I find out that I too should have paid back the time. Instead of paying less than $700, I have to pay $2600!. Now for the real kicker, If I don't pay it back prior to retirement, and become eligible for SS (I have 36 Q's), at age 62, they will recalculate my pension and take away the 3 yrs credit resulting in a 6% yearly reduction, not just the 10% of $2600 ($260 reduction) This is HUGE!! I would lose about $4000 a yr if I don't pay it back, or I can avoid the hit if I don't ever work after retirement so I never put in the 40 Q's to receive a SS benefit! Need INCLUDE Peace Corps/VISTA service in the same articles in dealing with payback of military time!! (If I am wrong about the current regs, tell me?)
redeposit
usafr
Sun Sep 7, 2008 9:35 AM
Post Reply
I dont know if the rules have changed, but if you don't
complete your redeposit before you retire they will refund
what you have redeposited. It cost me 200 a month in retirement for not doing it.