Q: I have worked for the Veterans Affairs Department for 43½ years. I worked from Sept. 15, 1963, to Sept. 15, 1966, and drew out my retirement of $525. I returned to work in March 1967. They pro rated my time to March 15, 1967, which gives me the 43½ years of service. Do I need to pay back my retirement that I drew out? How much would it cost me? I have to work for two or three more years. I work nights, weekends and holidays with some overtime. I am sure I make more working than I would if I retired. I am 63 years old and single and need to pay my house off before I can retire. I also have about 1,100 hours of sick leave. Will I loose my sick leave when I retire?
A: You have already gotten credit for that time in determining your eligibility to retire. It’s up to you whether to make a redeposit to get credit for that time in your annuity computation. If you don’t make a redeposit of the original amount you withdrew plus accrued interest, your annuity will be reduced by 10 percent of the amount you owe to the retirement fund on the day you retire.
— Reg Jones
