Retirement calculation

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Q.  I worked as a congressional employee from 1974-1987. When I left, I took out the retirement contributions I had made.  I am now returning to federal service in the executive branch. When my retirement is calculated, will I receive 2.5 percent for the 13 years as a congressional employee or will my retirement be calculated on the standard CSRS formula for the executive branch?

A.  While you will get credit for that time in determining your length of service and have the enhanced formula used to compute that portion of your annuity, if you don’t redeposit the refund of your retirement contributions, plus accrued interest, your annuity will be actuarially reduced based on the amount you owe and your age on the day you retire.

 

 

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Reg Jones was head of retirement and insurance policy at the Office of Personnel Management. Email your retirement-related questions to fedexperts@federaltimes.com.

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