Application To Make Deposit Or Redeposit Csrs Retirement Forms Page 4
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6How Interest Is Computed on Deposits
How Interest Is Computed on Redeposits
Interest is computed on the redeposit from the date the refund
Interest is computed on the deposit from the midpoint of each
was paid.
period of nondeduction service.
•
•
Interest for nondeduction service performed before October
If the refund was based on an application received by the
1
1982, accrues daily and is charged at the following rates,
employing agency or OPM before October 1, 1982, interest on
,
compounded annually:
the redeposit accrues daily beginning on the date the refund
was paid and is charged at the following rates, compounded
•
4 percent through December 31, 1947; and
annually:
•
•
4 percent through December 31, 1947; and
3 percent from 1948 through the date the deposit is made
or to the commencing date of annuity, whichever is
•
earlier.
3 percent from 1948 through the date the redeposit is
made, or to the commencing date of annuity, whichever
Additional interest does not accrue if payment is made in full
is earlier.
within 30 days after the Office of Personnel Management
(OPM) issues the billing statement.
Additional interest does not accrue if full payment is made
within 30 days after the billing statement is issued.
•
Interest for nondeduction service performed on or after
•
October 1, 1982, accrues annually, is compounded annually
If the refund was based on an application received by the
on December 31 of each year, and is charged at the following
employing agency or OPM after September 30, 1982, interest
rates:
is charged beginning on the date the refund was paid, at the
following rates, compounded annually:
•
3 percent through December 31, 1984; and
•
3 percent through December 31, 1984; and
•
At a variable rate determined annually by the
•
A variable rate determined by the Department of
Department of Treasury beginning January 1, 1985. The
variable interest rate for any year equals the overall
Treasury beginning January 1, 1985. The variable rate for
average yield to the fund from retirement securities
any year equals the overall average yield to the fund from
during the preceding fiscal year.
retirement securities during the preceding fiscal year.
No interest is charged for a year when payment in full is
For post-September 30, 1982, refunds, interest is not charged
received by December 31 of that year.
for a year when payment in full is received by December 31
of that year.
Procedures Governing Civil Service Retirement System (CSRS) Deposit And Redeposit
Deposits and redeposits can be made by employees now serving
Installment payments of at least $50 are acceptable. However,
under the CSRS, by separated employees who are entitled (or
interest accrues on the unpaid balance. You may authorize
would be entitled after paying for service) to an annuity, or by
direct debit payments. You will receive information about
eligible widows, widowers, or former spouses of deceased
how to authorize direct debit payments when you receive your
employees. An applicant for retirement is automatically given an
statement.
opportunity to make the deposit for nondeduction service
performed on or after October 1, 1982, and any redeposit when
Specify the service you want to pay for. Contact your
the application for retirement is processed. An applicant for
retirement counselor to discuss the advantages of paying for
retirement must specifically request an opportunity to make a
one period of service over another before you make your
deposit for nondeduction service performed before October 1,
decision. After you have paid in full for the period of service
1982. An employee should not file an application to make
you select, please notify us if you want us to bill you for any
deposit or redeposit if he or she contemplates retirement
other service.
within six months.
You cannot withdraw the payments you make unless you
If you are employed by the Federal or District of Columbia
become eligible for and obtain a refund of all your retirement
Government, you must send your completed application to your
deductions.
department or agency first because they must certify it.
Additional information and assistance in completing this
If you are separated from the Federal or District of Columbia
application may be obtained from the personnel office of
Government, send your completed application directly to the
the Government department or agency in which you are
Office of Personnel Management, Retirement Operations Center,
employed. If this source of information is not available to you,
Deposit Section, P.O. Box 45, Boyers, PA 16017-0045.
contact the Office of Personnel Management, Civil Service
Retirement System, Boyers, PA 16017-0045, or call us at
Instructions for making payment together with a statement for the
1-888-767-6738 (TDD: 1-800-878-5708) Monday through
amount due will be sent to you as soon as the processing of your
Friday from 7:30 AM to 7:45 PM Eastern Time.
application is completed.
Standard Form 2803
Revised April 2010
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