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H.R. 828, The FERS Redeposit Act (10 comments ↓ | 3 wiki edits)
H.R. 828 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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Elizabeth A. Toth
April 6, 2009, 3:27pm (report abuse)I worked for the federal government (USAF) from 6/85 to 10/90 when I departed for a contract position at the request of a doctor (DVM) with the USAF School of Aerospace Medicine, Brooks AFB. Being young, I wasn't sure of the outcome of taking the money out. Today, at 48-years-old, it is apparent that being able to buy back those 5 years service under FERS (I was switched from CSRS to FERS automatically) would be a great benefit. I do strongly believe that if the federal government chose to automatically switch us from CSRS to FERS, if we can pay back/buy back our service time under CSRS, it would only be right to have the same opportunity under FERS. There appears to be a disparity in a sense in the current situation that would be so greatly appreciated if it could be reversed. Thank you so much for your consideration with this important effort. Respectfully, Elizabeth A. Toth
Yan
April 25, 2009, 3:22pm (report abuse)I am in favor. I resigned Fed Gov recently and when I received the paperwork from FERS, there was nothing related to losing years of service if I decide or not to rollover or to get the full amount. However, it had very clear stated that if I do not reply, they will send the money, so it was not a huge dollar amount and with the economy as it is now, I requested the amount from FERS without knowing that it will affect my years of service for retirement if I go back to Federal Government in a future.
When I received the paperwork from TSP, I did not take out the $. I wonder if that will make a difference or I lost 6 years of service because of not knowing any of this on time when I was completing the paperwork.
Tomas
May 2, 2009, 5:43pm (report abuse)There really is no valid reason why, when someone leaves FERS service, cashes it out, and then later returns to the government, they should not be able to buy that time back with interest accrued. I lost two years (my own fault, of course) of service toward my retirement because I didn't know any better, and cashed out during a tough personal trial, leaving government employment for the proverbial greener pasture. I believe I got about $400 back for my ignorance at that time.
I've since found there are quite a few people who left government service, under the assumption they would not return, who are similarly situated. In the end, the taxpayer wins on this because they are not paying me two more years of salary at a maxed out Grade 13 (over $100K a year), to make up for those two years. People like me would also be paying the government for the privilege to buy that time back, in the form of interest. Please pass this into law. It is a win-win for everyone involved.
fran
May 18, 2009, 12:51pm (report abuse)I am only 32 but about 2 years ago, I left federal service after 4 years. I was a screener for tsa, which is a horrible agency to work for worst attrition rate for a federal agency. My tenure was way above the average length that a screener stays with the agency. I have know other who stayed far less and ended up cashing out their fers retirement. Since I had only a year left for fers vesting, I did not cash out my fers because I have many left years to work, and who knows whether I rejoin federal service again in the future. But right now the money I have sitting in fers is completely useless to me. Now, I am working for state where I live, and they have a pension system that you can buy back what you cash out if you rejoin. I don't why the federal goverment set up such a stupid policy for fers to begin with
Mike D
August 20, 2009, 9:29pm (report abuse)I just found out I am really hosed. I am returning to Federal Service after leaving for active duty in 1996. I had been civil service from April 1984 to April 1996. I cashed out and no one explained to me I would not be able to use that time in the future. I was told by the agency taking me on there may be an exception to my case. We will see, but really there should not be a need for it. I received about $6,000 when I cashed out....crazy...and penalized 10% of that, and then paid taxes on it.
JV
August 21, 2009, 3:02am (report abuse)Good to see that I wasn't the only young fool who didn't realize he was losing years of service for a few hundred dollars. Went to work for govt in my early twenties and left at age 27 for other pursuits. I should have know better but didn't. I returned after eight years only to find that my previous service doesn't count. I'd buy it back in a heartbeat.
SLM
October 3, 2009, 9:26am (report abuse)I worked in federal service beginning 8/87 and left in 10/95 (over 8 years of service). First, my HR specailist never informed me that I would loose my years in service if I accepted the refund. Regardless of her not informing me, I probably would have taken the refund because I was young and didn't plan on going back to federal service. I was very unhappy with my job at the time. Three and a half years later, I returned to federal service realizing the importance of my federal job and realizing that I had a made a horrible mistake. At this time, I worked for Transportation which was a wonderful agency to work for. I would be willing to pay back with interest the money that is owed in order for me to have the over 8 years credited back to me. Unfortunately, we all make bad choices throughout life because no one is perfect but if there is a way to repay this I would be grateful! I totally support this bill and would be the first one to sign up and start repaying my debt.
Aseadog
October 29, 2009, 8:13am (report abuse)I worked at the Charleston Naval base from 1984 to 1993. We were closed by BRAC and during the out processing were told that we had to take out the FERS part but could leave the Thrift Savings in.
I think I got $2000.00 and lost 9 years of service. I got picked up off the stopper list 6 months later. I am still a government employee but have lost those 9 years of public service. Please let me buy back my time. It is only fair!
RL
November 2, 2009, 12:16pm (report abuse)It looks like HR 828 passed and President Obama signed it into law with the latest Defense Authorization Bill on Oct 28, 2009. FERS employee's will be able to buyback their civilian time.
LHS
November 23, 2009, 11:11am (report abuse)I too withdrew my FERS retirement contributions after 12 years with the Federal Government when I resigned to become a stay-at-home mom; however, I never intended to return to the Federal Government. Six years later they asked me to come back and made an offer I couldn't refuse. At the time that I withdrew the funds I realized that I was losing the money but I was never told that I would be losing the 12 years of service too, not that it would have made a difference in my decision. I will gladly buy back my time; however, I would like to see forgiveness of some of the interest because we did not have the option to buy it back when we returned. I have been back almost 5 years and I would have readily paid it back when I first returned had that been an option.