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H.R. 2533, The FERS Redeposit Act (16 comments ↓ | 3 wiki edits)
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
- This bill, or a similar bill, was reintroduced in the current Congress as H.R. 828, The FERS Redeposit Act.
H.R. 2533 would amend chapter 84 of title 5, United States Code, to allow individuals who return to Government service after receiving a refund of retirement contributions to recapture credit for the service covered by that refund by repaying the amount that was so received, with interest.
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Visitor Comments
D. Clifford
January 21, 2008, 7:08am (report abuse)This would only be fair. I have invested the time, so why should I not get credit for my years of service. I am willing to re-deposit any monies that I have collected with interest. Government workers can already buy back military time, so why should government time be any different. I would also like to add that when people remove money from FERS that they should be fully informed as to the results of their actions. I was not aware that I was selling back my years of invested government service (eleven years in all).
Nora S.
February 15, 2008, 2:19pm (report abuse)If I am willing to buy back the 5 years of service which I gave to the Federal Government, with interest, why should I not be allowed to do so? Like D. Clifford, I too was unaware that I was giving up those years of service.
Alan B.
February 18, 2008, 1:45pm (report abuse)Clearly it is not fair or equitable that CSRS individuals can buy back years of creditable service with interest and former FERS cannot. Years of government service are years of government service. I might add that I too was not made aware of the forfiet of years of credit service before a FERS withdrawal. Passage of this legislation would benefit both those adversely affected as well as increase the civil service ability to re-attract highly qualified former civil servants to government service while enabling substantial contributions back to the fund upon re-instatement. I among many others strongly support this measure.
Diane C.
March 6, 2008, 8:26am (report abuse)It would only seem fair that if (CSRS) can buy back years of creditable service and the military can buy back years of service, that FERS employees should have the same rights. I also was NOT made aware that I would forfiet my years of service. I was in a RIF situation after 6 years of service, which was hard enough to handle.Then you are presented with mountains of paperwork to sort through when you are in an emotional state, it is just not fair to hold it against a person for making a bad judgement. Especially when they weren't aware it was a bad move in the first place.
I strongly support this measure.
Sylvia
March 14, 2008, 9:24am (report abuse)I did not and have not drawn out any retirement. I want to be able to buy the years I did not receive credit toward retirement; for years (4/1989 to 6/1994). I am still working for the government (almost 15 years) because I do not have enough retirement to think about retiring. I am well pass the age to retire but can't. If I could buy my years that I did not get credit for, it would go a long way in allowing me the dignity to retire and live my remaing years with some leisure time with my husband,8K who is bad health. Please consider this Bill and the quality of life it will mean to so many. Thank you.
S. Silvati
March 29, 2008, 1:15pm (report abuse)With all due respect it would only be consistent with other federal buyback back programs eg military buyback to allow federal employees the right to purchase back the time lost. None of us have the "hindsight" necessary to have realized that we would one day re-enter the federal govt. workforce. Please consider this fact. Our government has benefitted from the time we spent in it's employ. Please allow us the right to buy back our years.
Very respectfully,
Stephen M. Silvati
L. Goodwin
April 7, 2008, 9:55am (report abuse)I too, would like to see this measure passed. I have almost 5 years I would like to repay with interest. FERS employees should be allowed the same privileges as the military and CSRS.
Richard S
April 17, 2008, 10:46pm (report abuse)As many others have said, I was absolutely unaware I was deleting time served by taking an annuity payment. I understand paying the money back with interest, but not losing time served. This needs to be fixed. Eric Cantor has stated that he will co-sponsor this bill as of April 17,2008.
Marilyn
April 18, 2008, 8:50pm (report abuse)I want this passed as well. I have just learned that I apparently withdrew 10 yrs of my FERS without realizing exactly what it meant. I just turned 60 and have 22 1/2 yrs of federal service, but only 12 yrs toward retirement -- I lost 10 yrs for $2500.
Doug
May 31, 2008, 10:19pm (report abuse)Sounds only fair. Probably most veterans working for the government have either bought back or are in the process of buying back their military time. It seems only logical to offer that same deal to all government workers. Of course interest charges should apply.
GW
June 16, 2008, 7:25pm (report abuse)The Redeposit bill should be past especially for employees that were under medical care or undue stress during the time of separation. This guideline could be developed to clarify an employee's justification to be allowed to participate in the redeposit of retirement fund program.
Mike
July 21, 2008, 3:50pm (report abuse)I'm with GW. What happens to the poor soul with a medical condition and they resign to cash in retirement contributions to pay medical bills, then that person recovers and want to go back to work for Uncle Sam? The way the law reads now, it's "Tough luck, Charlie".
Jan
September 8, 2008, 9:10am (report abuse)The unintended result of HR 2533 may be to cause more federal employees to retire sooner, rather than to entice them to return to service. However, I hope it passes! What do we need to do to get some action on this?
John
September 14, 2008, 3:35am (report abuse)If my personnel office had informed me that I was losing all of my retirment years, I never would have rolled my TSP into an IRA--I don't recall ANY paperwork that signed away my years--if there was, it must have been in legalese that only a lawyer could understand. I'm very careful about my finances, so I don't understand how this could have happened. I had no idea that such traps existed in the government retirement system. I am not asking for a handout--I just want the right to buy back, with interest, the hard years I put in as a former government employee. I do hope legislation that will allow me--and the many others in my situation--to do so.
Suzanne
September 24, 2008, 12:41pm (report abuse)I, too, would pay back the money w/ interest in order to have those years calculated into my retirement. Not interested in working pass the age of 60, as it stands w/o the passagae of this bill, I would work until I am 65 in order to have 20 years. whats the big deal as long as Gov. get their money back.
Mona
November 5, 2008, 10:57am (report abuse)As gov't employees we are conditioned to just fill out forms and return them when asked to do so by our personnel offices. When I separated I was sent a package of papers and told to complete them and return them. Until I became a retirement specialist I never knew the damage I had done by just completing the paperwork and returning it. I lost 8 years of service. I support this bill because personnel offices are still sending out these packages without any guidance to the former employees.