Q & A
I am a former CSRS employee with 15½ years of service. I left the service in 1993. I need to apply for deferred retirement. Is there any benefit in waiting? I am applying for a federal position that does not close for several months and am wondering what happens once I start collecting my deferred retirement? Should I wait to apply for my deferred retirement? What happens if I take a federal job in a year? I also took a refund of part of my CSRS deductions in 1983 (money was from 1977 to 1983) when I moved to another state. Shortly after I moved, I got a new CSRS position and worked for 10 more years until 1993 and did not take a refund when I left at that time. How does that affect my retirement?
Answer: When you apply for that deferred retirement, your annuity will be paid retroactive to the date you first became eligible for it. Although you took a refund of your retirement contributions for one period of service, you’ll still get credit for that time in determining your total years of service; however, unless you redeposit that money, plus accrued interest, you won’t get any credit for it when your annuity is calculated. If you are retired when you are re-employed, the salary of your position will be offset by the amount of your annuity. If you aren’t receiving an annuity, you’ll get the salary with no reduction.
Source: Reg Jones, FederalTimes.com - December 4, 2013
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