Q. I currently have 34 years, starting under CSRS and switching over to FERS when that was offered (so about 10 years under CSRS). I plan on working another three years and retire when I am 57. I resigned after my first three years and withdrew my money. If I don’t pay this money back, what difference would that make in my retirement? How will they figure CSRS and FERS?
A. Your CSRS component will be figured using the standard CSRS formula:
0.01 x your high-3 x 5 years of CSRS service, plus
0.0175 x your high-3 x five years of CSRS service, plus
0.02 x your high-3 x all remaining years and full months of CSRS service
Because you took a refund of your original CSRS contributions before March 1, 1991, your CSRS annuity will be actuarially reduced based on the amount you owe, plus accrued interest, and your age at retirement. The FERS component of your annuity will be figured using the standard FERS formula: 0.01 x your high-3 x your years and full months of FERS service.