Family Life Financial Services Inc. - Greater Lansing Financial Services

Sub-time Payback
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Sub Time Payback - Family Life Financial Services


Redeposits

  1. Employees receiving a retirement refund under CSRS must make a redeposit before service can be credited in the computation of annuity benefits
  2. The amount of redeposit consists of amount of refunded plus interest.
  3. If refunded service ended before October 1,1990, employee need not pay back redeposit, annuity will be recalculated as if a lump-sum distribution were made.
  4. Redeposit of refund for service after September 1, 1990 must pay both principle and interest to receive credit.

Family Life Financial Services - Lansing Financial Services


Deposits



I. Creditable service Prior to September 30, 1982


A. Deposit Made

  1. 7% of total earnings during sub-time
  2. 3% interest from date of full time CSRS service until payment is made or retirement


II. Creditable Service After September 01,1982


A. Deposit Made

  1. 7% of total earnings during sub-time
  2. Current interest


B. Deposits Not Made

  1. If a deposit is not made for such service, no credit will be allowed in the computation of annuity.

Important Dates — Non Career Service


Prior to 10/1/82

Deposit service performed prior to this date does not require payment for service to be creditable for COMPUTATION purposes. If deposit is not made, annuity is reduced by 10% of deposit due.

After 10/1/82

Deposit service performed on/after this date requires payment for service to be creditable for COMPUTATION purposes.

After 4/7/86

Part-time service performed on/after this date is pro-rated for COMPUTATION purposes. Only hours worked will be used.

After 1/1/89

Non-Deductive service performed on/after this date, not creditable under FERS for both eligibility and computation purposes.