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Show 6 HMopi September 2, 1999 Hilary servio by Mary Gaibraith Hilltop Times staff Time spent in military service can qualify personnel for additional retirement credit if they work for the federal government. q usuries person n el for retirement oreaii its "The people who may qualify are those with military service, after 1956," said Marilyn Walker, employee relations assistant. Before Sept. 8, 1982, Civil Service retirees who were eligible for B Social Security at age 62 could not receive credit for military service performed after 1956 even if they'd pre- find out about it, and then make their own decision," said Walker. "The bottom line is your military service may be creditable service for retire- viously been credited in the computation of their retirement benefits. The Civil Service Retirement System law changed in 1982 with respect to the crediting of military service for retirement pur- ment... I'continually receive calls from employees who maintain they've never heard about a Military Deposit. In an effort to keep the base population informed, we continue to publish poses." credit "When looking into for military service, it's important to know what the laws are for paying interest. The CSRS law provides a two-- s grace period on year interest-fre- e this information on a regular basis. We find employees sharing information with other employees fail to recognize the other person may not be, subject to the same rules; consequently, people are misinformed. We recommend people find out what the deposit is and how they may be affected before making an 'uninformed decision.'" The Office of Personnel has compiled the following guidelines to help explain credit for post-195military service: post-195- 6 r period, deposits. After the interest is accrued and compounded two-yea- annually. The Federal Employees Retirement System law provides a two-year grace period on deposits. r period, interest is assessed and compounded annually interest-fre- e After the two-yea- 6 on the balance due in the deposit account as of the day before the employees Interest Accrual Date. The IAD is the date each year when accrued interest is added to the amount of deposit owed by the employee." The Office of Personnel Management-haa web site, www.opm.gov, where further information on retirement benefits is available. Walker suggests per- sonnel with questions look into the credit because it can affect retirement. "We recommend people at least s Civil Service Retirement System If you were employed in a position covered by the Civil Service Retirement System prior to Oct. 1, 1982, you have the option of either.making a deposit to the retirement system for your post-195military service, or not a making deposit. If you choose not to make the deposit (seven percent of military base pay with interest) , you will still receive credit for your post-195military service at the time of 6 6 receive credit. Federal Employees Retirement m System If you contribute to the Federal Employees Retirement System you must make a deposit to receive credit for eligibility and computation. With- retirement. In order to obtain credit for be made to cover such service. Military service performed on or after Jan. 1, 1957, is covered by Social Security. In order to obtain credit for post-195- 6 military service, a deposit must be made to cover such service. '. . A out! tsS). Marc-- ' if Jf HI Cliange of Season ! Eieat mg Cooling Sale AMANA AIR FURNACE SALE CONDITIONING Save Save CLOSEOUT $100 $ 1 00 Furnace & Air Conditioning Disposals Microwaves Water Heaters ..au-.- 1" htr I Ranqes Dryers Freezers wrnchot-- c Contractors j Dishwashers Refrigerators Air Conditioning 520 South State, Clearfield 773-4836292-16- A A 10 off All Military Five Star Restaurant FREE EGG ROLL WITH EVERY PURCHASE Tour 36 www.kearsleyservice.com to Favorite 776-936- 6 V FrOG Thai C Chinese & W. Roy 1900 5676 S. street (Across the 4a Swamp Coolers Furnaces K i? Personnel c: 1 Layton X PMKI DAME) HI 2 Interest accrues at a variable rate y Tri-Car- 2112 N. Hillfield Road employee first became subject to FERS. d Scott Wall, D.D.S. Jeff Hansen, D.D.S. e Active (A Duty Family Member Dentist) Members of American Academy of Pediatric Dentistry ' "&f within three years from the date the determined by the Secretary of TreaHonorable military ser- sury and compounds annually. Deposits vice is potentially creditable. Receipt for military service credit must be of military retired pay will bar credit made to the employing agency prior of military service unless military to separation. retired pay is waived. Credit will be Military service that applies to the active-duty allowed for military ser- CSRS component of FERS annuity is vice if retired pay is either based on creditable under CSRS rules. combat-connectePersonnel has information available disability retirement in line of duty during period of on credit under both systems. "The package that we give them is war, or based on age and service 'in the reserves. basically instructions that you send If you currently contribute to the away to your military branch of serCivil Service Retirement System and vice to find out how much you made. were first employed before Oct. 1, 1982 Then you fill out this form and send it you will receive credit for eligibility to payroll and payroll computes it," and computation. If at age 62 you are said Walker. Once the percentage is eligible for Social Security and have calculated, personnel can make paynot made the military deposit at the ments to the payroll office. time of retirement, your CSRS annuApplications to make a deposit for ity will be reduced at the rate of two military service are available. Contact percent for each year of military ser- Ann Carpenter in the Entitlements and vice. for an Benefits Office, Ext. If you are not going to be eligible application. Other personnel reprefor Social Security at age 62, a deposit sentatives are available to answer is not required. active-dut- Hibbert, D.D.S. '&S8&$3st& out a deposit, you will not receive credit. The amount due will be three percent of the military base pay. No interest is charged if the deposit is completed post-195- 6 military service, a deposit must PEDIATRIC DENTISTRY, P.C. S. Dale If you were first employed after Oct. 1, 1982 you will not receive credit for eligibility and computation towards your retirement, unless you make the deposit. Without a deposit, you can not trom blockbuster on Main Street) Delivery! (Only to local business) D'"shes X |