General
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Your make-up contributions will be invested based on your most recent contribution allocation. For example, if you currently allocated 75% of the TSP contributions withheld from your pay to go to the C Fund and 25% to go to the G Fund, your make-up contributions will be allocated in the same manner. If you don't have a contribution allocation on file with the Federal Retirement Thrift Investment Board, the make-up contributions will be invested in the G Fund.
You may also get lost earnings on your make-up contributions. The amount of the lost earnings you receive are based on the contribution allocation in effect at the time the make-up contributions would have been made had you been correctly covered by FERS. For example, suppose you are going to make-up contributions for the period January 11, 1995 to July 6, 1995. During that period you may had allocated 45% of the contributions withheld from your pay to go to the G Fund and 55% to go to the C Fund. The lost earnings on your make-up would be computed as though 45% of your make-up went to the G Fund in 1995 and 55% had gone to the C Fund.
If you didn't have a contribution allocation, the lost earnings will be based on the return of the G Fund.
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No matter which retirement plan you elect, your annuity will be computed as if you were properly placed under CSRS, CSRS Offset or FERS on the effective date of your retirement coverage error. All the eligibility and benefit computation rules for the particular retirement system will apply to the calculation of your retirement benefit.
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If an employee, former employee, or retiree would have had a choice under FERCCA but died before making an election, then the survivor can make that election instead.
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You can find more information about Social Security benefits at
www.ssa.gov.
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It depends on when you withdrew your TSP contributions and the kind of withdrawal you made.
You can make an election under FERCCA if you:
- Separated from Government service after your agency corrected your records—but you did not retire—and the TSP automatically paid your account balance to you because it was $3,500 or less;
- Retired and withdrew your TSP contributions; or
- Received a financial hardship in-service withdrawal, or a TSP loan.
You cannot make an election under FERCCA if you:
- Separated from Government service after your agency corrected your records—but you did not retire—and you withdrew your TSP contributions. This does not include the TSP automatic payment described above; or
- Received an age-based in-service withdrawal from your TSP account while employed.
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No, you don't get a second choice.
Certain employees who were put in FERS by mistake could choose to stay in FERS when the agency discovered the error. We call this a "deemed FERS election". If they declined FERS, the agency placed them in the correct retirement plan (CSRS, CSRS Offset, or Social Security only). If you already had this opportunity to choose between FERS and CSRS, CSRS Offset, or Social Security-only; then FERCCA does not give you an opportunity to change your decision.
FERCCA may help you, however. If you worked for the Government before you came under a retirement plan, you may be able to get retirement credit for that service by taking an actuarial reduction in your retirement benefit instead of having to pay a deposit. The same may be true for any military service you have. See the questions under the heading
Service Credit for more information.
Also, if you were in FERS for at least 3 years of service before your agency gave you an opportunity to stay in FERS or have your records corrected, OPM may compensate you for any out-of-pocket expenses you incurred because of the error. See the questions under the heading
Out of Pocket Claims for more information.
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You can get more information about TSP by visiting
www.tsp.gov.
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Your agency shouldn't do anything if your error lasted for at least 3 years of Federal service. We have asked agencies to stop processing those retirement coverage corrections until we can work out the details necessary to implement FERCCA. Please be assured that any delay in correcting your records will not adversely affect you.
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When your agency corrected your retirement coverage to FERS, it also should have contributed make-up agency contributions and lost earnings on those contributions to your TSP account.
If you now choose CSRS Offset, no adjustments will be made to your TSP account. Instead, OPM will find out how much of your TSP account is based on what your agency contributed (this includes the earnings on those contributions). That dollar amount will form the basis for an actuarial reduction in your CSRS Offset retirement benefit.
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Yes. You can get lost earnings on the make-up contributions you already made to your TSP account, if you decide to stay in FERS. You cannot get lost earnings if you choose CSRS Offset coverage over FERS.
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No, there is no time limit. Everyone involved will work on collecting the missing information until it is resolved.
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It depends on when you withdrew your TSP contributions and the kind of withdrawal you made.
You can make an election under FERCCA if you:
- Separated from Government service after your agency corrected your records—but you did not retire—and the TSP automatically paid your account balance to you because it was $3,500 or less;
- Retired and withdrew your TSP contributions; or
- Received a financial hardship in-service withdrawal, or a TSP loan.
You cannot make an election under FERCCA if you:
- Separated from Government service after your agency corrected your records—but you did not retire—and you withdrew your TSP contributions. This does not include the TSP automatic payment described above; or
- Received an age-based in-service withdrawal from your TSP account while employed.
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We at OPM have set up a plan to help everyone who is entitled to relief by FERCCA. The plan includes:
- Identifying individuals and adding their names to the FERCCA File Database (See the question What is the FERCCA File Database?);
- Gathering information on those individuals from personnel and payroll records and other sources;
- Verifying options under FERCCA; and
- Helping individuals who have a choice of retirement plans make informed decisions
Our goal is to ensure that everyone receives the same high level of customer service. If you have a choice of retirement plans under FERCCA, you'll receive an in-depth comparison of your benefits under each option. The comparison will include how much you can expect to receive under each retirement plan, including Social Security and Thrift Savings Plan benefits. We will provide you with an opportunity for one-on-one personal assistance to help you weigh your options. This individual assistance will be available to anyone who has a choice of retirement plans under FERCCA.
We are working with agencies to implement this high level of service as quickly as possible. Agencies are busy identifying eligible individuals. We have also started the second step, collecting personnel and payroll records.
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You must file the appeal with the MSPB within 30 calendar days after the date you receive the decision letter.
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We began collecting the records we need to process retiree and survivor cases in June. In most instances we will be working on your case long before you actually hear from us.
The first step in the process is to collect your service history and payroll records. After we have your records we'll carefully review all your retirement coverage determinations and verify your eligibility for relief under FERCCA. Then we'll send you a copy of the information we have and ask you to review it. We'll also ask you to give us some information in order to prepare decision information for you to use. We'll ask for things like, "When do you plan to retire?", "Do you plan to elect a survivor annuity?" Next we'll prepare a personalized decision package for you and you'll be contacted by a counselor to review the information.
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Total Count: 61, Number of Pages: 5, Page: 3