Refunds of excess contributions.

CFR · 2024-01-01 · US · Title 5

(a) An individual who elects FERS coverage is entitled to a refund of CSRS contributions made prior to the effective date of the election for service that is subject to FERS computation under § 846.304(c) (if not already refunded) which exceed the contributions required under FERS, as provided by this section. (b) The refund is equal to— (1) For service described in § 846.302(a) and performed on or after January 1, 1984, and before January 1, 1987, the amount by which the amount contributed exceeds 1.3 percent of basic pay; (2) For service described in § 846.302(a) and performed on or after January 1, 1987, the amount by which the amount contributed exceeds the amount required under § 841.503 of this chapter; and (3) For service described in § 846.302(b), the amount by which the amount contributed exceeds 1.3 percent of basic pay. (c) A refund made under this section is payable with interest computed as prescribed under § 831.105 (d) and (e) of this chapter. Interest is payable regardless of the length of the period of (d) A refund described in this section is payable upon the receipt of an application by OPM or its designee.

official document · source cfr-2024 · id 5:§ 846.401