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Retirement Planning


Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.


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Raoul  
#21 Posted : Sunday, February 23, 2020 5:50:50 AM(UTC)

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I think you are confused about retirement computations.

In your posts you state you left government in 1974, withdrew your retirement and returned in 1978.
OK, so 1974 through 1978 are not "good years".
Why do you think you need to "pay them back" ?

Have you had any breaks in service (i.e. Bad years) since 1978?
1978 was 42 years ago.
What is your Service Comp date?
CSRS is computed on 'good' years' multiplied by average of 'high three'.
The total lifetime retirement contribution has nothing to do with CSRS retirerment computation.
It is only tracked to determine how much of your gross annual retirement will be 'tax free'.
Retired July 2011
fedupfedup  
#22 Posted : Sunday, February 23, 2020 6:08:57 AM(UTC)

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I’m saying when I worked in 1975 actually, r withdrew the pension money from 1975 to 1978, if I work past 41 yrs and 11 mos, the retirement deductions past 41 yrs and 11 mos go to pay some of what I withdrew, so does that increase my retirement by paying that back?
Raoul  
#23 Posted : Sunday, February 23, 2020 6:35:09 AM(UTC)

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No it does not.
You will not get more retirement by paying those three years back.
42 is all that counts.
If you pay back those 3 years you will have 45.



Retired July 2011
Raoul  
#24 Posted : Sunday, February 23, 2020 3:10:27 PM(UTC)

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I guess we should have had this conversation three years ago when it was legitimate.
You had 39 years back then and would have asked,
"should i pay back three years i withdrew and retire with 42 good years now?"
"I pulled out $2,000 in the seventies and now with interest OPM says I owe $20,000."

Three years ago a calculation could have been done on the additional 6% retirement versus a $20k outlay.

The other choice back then was to work three more years, and that is what has happened.
OPM isn't going to collect for those 3 years, to do so would be criminal.
You are maxed out.
As you continue to work they will 'hold' your future 7% contribution and cut you a separate one time check returning those funds to you when you retire.
Retired July 2011
fedupfedup  
#25 Posted : Sunday, February 23, 2020 5:31:02 PM(UTC)

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I read that I won’t get a check and that they keep the funds bec I took out the $? I don’t know why it’s so hard to get an answer on this without conflicting answers,it really frustrates me, and my personnel office is also vague
Raoul  
#26 Posted : Sunday, February 23, 2020 6:31:12 PM(UTC)

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I do not want to add to your frustration.
If you have 42 years you can't earn or buy additional retirement above 80% except for sick leave.
You left, took out your retirement and returned in 1978, your Service Computation Date would be 1978.

At anytime you could have paid back the money you withdrew and your Service Computation Date would have been reverted back to 1974.
You did not. Now you don't need to do that. It would buy you nothing.

And you say someone has told you that if you continue to work OPM will take your 7% contribution and apply it to the years you worked in the seventies?
Why would they do that?
It doesn't make any sense.

If it is true all I can say is working for free is one thing,
paying 7% for the privilege is too much.

Retired July 2011
fedupfedup  
#27 Posted : Sunday, February 23, 2020 7:00:39 PM(UTC)

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II read people get back the 7% back after 42 years in a check , less any deposits or Redeposits required for prior periods. This can be found under www.federalbenefits. So if this is true, will my retirement be increased brc I am paying back some pension that I took out

Edited by user Sunday, February 23, 2020 7:06:54 PM(UTC)  | Reason: Not specified

fedupfedup  
#28 Posted : Sunday, February 23, 2020 7:12:11 PM(UTC)

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Why would it not increase my retirement if I am paying 7% back to my pension that I withdrew from75 to 78 ? I am not going to get a check for it Because I owe money, so if I owe it and pay it back past 42 years why would it not increase my retirement? This is so hard to get an Ans to
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