Q: I am a CSRS offset employee contemplating retirement at age 56. My retirement computation date is July 4, 1976. I resigned and withdrew my retirement (approximately $8,500) in 1983. How can I get an accurate annuity estimate based on not repaying my refunded retirement? My agency has sent me an annuity estimate but cannot tell me how much it will differ from OPM’s figure. I want to retire, but I need to know how much I will be making!
A: You’ll have to complete Standard Form2803, Application to Make Deposit or Redeposit, and send it to OPM. The address is on the form. When you learn how much you owe, you’ll need to divide it by a present value factor that represents your age at the point you retire. The present value factor for a CSRS employee age 56 is 225.3. The product will be the monthly reduction in your annuity. You can use the standard formula to calculate your basic annuity using only the years of service after you returned to work for the government. Then you can subtract the annualized reduction to find out what you would really get per year.