CSRS Voluntary Contributions i

Chapter 31

CSRS and FERS Handbook April, 1998

Table of Contents

Subchapter 31A CSRS

Part 31A1 General Information

Section 31A1.1-1 Overview ....................................... 1

A. Introduction ............................................... 1

B. Topics Covered ............................................ 1

C. Organization of Subchapter ..................................... 1

D. Statement of Authority ........................................ 1

Section 31A1.1-2 Employee Eligibility Requirements ...................... 2

A. General Requirements ........................................ 2

B. Ineligibility When Deposit or Redeposit is Due ........................ 2

C. Effect of Refund of Voluntary Contributions .......................... 2

D. FERS Transferee Account ...................................... 2

Section 31A1.1-3 Amount of Voluntary Contributions ..................... 3

A. Amount and Limitation ....................................... 3

Part 31A2 Interest

Section 31A2.1-1 Interest on Voluntary Contributions ..................... 4

A. Rates of Interest ............................................ 4

B. When Interest Begins to Accrue .................................. 4

C. Refund to a Current Employee ................................... 4

D. Separation and Election of a Refund ............................... 4

E. Separation and No Refund ...................................... 5

F. Retirement on an Immediate Annuity ............................... 5

G. No Interest on Contributions Above the 10-Percent Limit .................. 5

Part 31A3 Effect on Annuity

Section 31A3.1-1 Purchase of Additional Annuity ........................ 6

A. General Rule .............................................. 6

B. Amount of Additional Annuity ................................... 6

C. Additional Survivor Annuity .................................... 7
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April, 1998 CSRS and FERS Handbook

Part 31A4 Refunds

Section 31A4.1-1 Refund of Voluntary Contributions ..................... 9

A. Withdrawal ............................................... 9

B. Withdrawal at Retirement ..................................... 9

C. Death in Service or After Separation ............................... 9

D. Death of Retiree ............................................ 9

Section 31A4.1-2 Taxation of Voluntary Contributions .................... 10

A. General .................................................. 10

B. Taxable Year .............................................. 10

C. Additional 10-Percent Tax on Interest .............................. 10

D. Rollover of Interest Earned on Voluntary Contributions ................... 11

E. Taxation of Voluntary Contributions Used to Purchase Additional Annuity ...... 11

F. Example 1: Refund While Employee Under CSRS ..................... 11

G. Example 2: Refund to Employee Retiring Under Age 55 .................. 12

H. Example 3: Refund After Regular Voluntary Retirement .................. 13

Part 31A5 Procedures

Section 31A5.1-1 Making Voluntary Contribution Payments ................ 14

A. General .................................................. 14

B. Employee Responsibility ....................................... 14

C. Agency Responsibility ........................................ 14

D. OPM Responsibility .......................................... 15

Section 31A5.1-2 Purchasing Additional Annuity ........................ 16

A. General Rule .............................................. 16

Section 31A5.1-3 Withdrawing Voluntary Contributions ................... 17

A. Employee Responsibility ....................................... 17

B. Separated Employee Responsibility ................................ 17

C. Agency Responsibility ........................................ 18

D. OPM Responsibility .......................................... 18
 CSRS Voluntary Contributions 1

Chapter 31

CSRS and FERS Handbook April, 1998

Subchapter 31A CSRS

Part 31A1 General Information

Section 31A1.1-1 Overview

A. Introduction This subchapter covers voluntary contributions to the Civil Service

Retirement and Disability Fund (hereafter the "Fund") in addition to regular

retirement deductions taken from an individual's basic pay under CSRS. 

Voluntary contributions may be used to increase the amount of annuity at

retirement or as a savings or investment option.

Employees under FERS are not eligible to make voluntary contributions. 

See section 31A1.1-2, paragraph D, for information about accounts

established by employees before transferring to FERS.

B. Topics Covered This subchapter covers:

• The eligibility requirements to make voluntary contributions;

• The amount of voluntary contributions and their effect on the annuity;

• The interest earned on voluntary contributions;

• The refund of voluntary contributions; and

• The procedures governing voluntary contributions accounts.

C. Organization

of Subchapter

This subchapter has five parts:

Part Name of Part Page

31A1 General Information 1

31A2 Interest 4

31A3 Effect on Annuity 6

31A4 Refunds 9

31A5 Procedures 14

D. Statement of

Authority

This subchapter is based on the laws and regulations cited below.

• United States Code: 5 U.S.C. 8343

• Code of Federal Regulations: 5 CFR 831.401 through 407. 
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Section 31A1.1-2 Employee Eligibility Requirements

A. General

Requirements

Only these individuals may make or apply to make voluntary contributions:

• An employee who is currently covered by CSRS (including CSRS

Offset); or

• A separated employee whose application for retirement under CSRS is

currently being processed by OPM.

B. Ineligibility When

Deposit or

Redeposit is Due

The applicant must not owe a deposit for nondeduction civilian service or a

redeposit for refunded retirement deductions. He or she will be eligible to

make voluntary contributions only upon completing the deposit or

redeposit. See Chapter 21, Service Credit Payments for Civilian Service,

for more information on deposit and redeposit service.

NOTE: It is not necessary for an employee to complete service credit

deposits for post-1956 military service before being eligible to

make voluntary contributions.

C. Effect of Refund

of Voluntary

Contributions

If the applicant ever received a refund of voluntary contributions, he or she

cannot make further voluntary contributions unless he or she is reemployed:

• After a separation of more than 3 calendar days; and

• Under CSRS.

D. FERS Transferee

Account

An employee covered by FERS may not open a voluntary contributions

account. An employee who had a voluntary contributions account before

becoming covered by FERS may not continue to make contributions to the

account.

NOTE: Any amount of voluntary contributions erroneously made to the

employee's account after the employee becomes covered by FERS

does not earn interest and will be refunded to the employee upon

OPM's determination that the employee was ineligible to make

contributions to his or her account.
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Section 31A1.1-3 Amount of Voluntary Contributions

A. Amount and

Limitation

1. Payments of voluntary contributions to OPM must be made in multiples

of $25 (for example, $50, $75, $100).

2. Total contributions may not exceed 10 percent of the aggregate basic

pay the employee has received as of the date any contribution is made. 

Basic pay is the pay the employee receives for creditable civilian

service that is covered by deductions or deposits. See Chapter 30,

Employee Deductions and Agency Contributions, for the definition of

basic pay. 

3. The employee may not circumvent the 10-percent limit by making

contributions based on anticipated future earnings. Any amount found

to be in excess of the limit will be refunded without interest. See

section 31A2.1-1 for more information about interest earned on

voluntary contributions.
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Part 31A2 Interest

Section 31A2.1-1 Interest on Voluntary Contributions

A. Rates of Interest Interest is earned at the rate of 3 percent annually through December 31,

1984. Beginning January 1, 1985, voluntary contributions earn a variable

interest rate determined by the Department of the Treasury each calendar

year, based on the average yield of new investments purchased by the Fund

during the previous fiscal year. The interest credited to each voluntary

contributions account is compounded annually on December 31.

Variable Interest Rates

Year

Interest 

Rate Year

Interest 

Rate 

1985

1986

1987

1988

1989

1990

13.0%

11.125%

9.0%

8.375%

9.125%

8.75%

1991

1992

1993

1994

1995

1996

1997

> 1998

All future

periods

8.625%

8.125%

7.125%

6.25%

7.0%

 6.875% 

 6.875% 

6.75% <

To be determined

by the Department

of the Treasury

B. When Interest

Begins to Accrue

Voluntary contributions begin to earn interest on the date deposited by

OPM.

C. Refund to a

Current Employee

If a current employee takes a refund of voluntary contributions, interest

accrues to the date OPM authorizes the refund payment.

D. Separation and

Election of a

Refund

If an employee separates and takes a refund of voluntary contributions,

interest is computed to date of separation.

EXAMPLE: An employee made a voluntary contribution that OPM

deposited on February 1, 1989, and separated from Federal service on

November 18, 1989. The employee applied for a refund in December

1989. Interest was paid at the rate of 9.125% for 9 months and 18 days.
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Section 31A2.1-1 Interest on Voluntary Contributions (Cont.)

E. Separation and No

Refund

If an employee separates from Federal Service with entitlement to a

deferred annuity and does not request a refund of his or her voluntary

contributions, interest continues to accrue on the account to the beginning

date of annuity or death, whichever is earlier.

NOTE: If the former employee with entitlement to a deferred annuity

decides, before final adjudication of the deferred annuity, to

request a refund, interest is paid only to the date of separation. 

See paragraph D, above.

F. Retirement on an

Immediate

Annuity

If an employee separates from Federal service to retire on an immediate

annuity, interest accrues on the voluntary contributions to the date of

separation for retirement. This rule applies regardless of whether the

retired employee elects to receive a refund of voluntary contributions or to

purchase an additional annuity.

G. No Interest on

Contributions

Above the 10-

Percent Limit

Interest is not earned on voluntary contributions made in excess of the 

10-percent limit described in section 31A1.1-3.
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Part 31A3 Effect on Annuity

Section 31A3.1-1 Purchase of Additional Annuity

A. General Rule An employee may elect to receive a lifetime annuity purchased with

voluntary contributions in addition to his or her regular retirement annuity. 

See section 31A5.1-2 for procedures on how to purchase an additional

annuity.

NOTE: A FERS transferee may purchase an additional annuity with his or

her voluntary contributions.

B. Amount of

Additional

Annuity

1. Each $100 in the voluntary contributions account provides an additional

annual annuity of $7, plus $0.20 for each full year the retiree is over

age 55 at the time the annuity begins.

EXAMPLE 1: If the retiree is age 60 at retirement, each $100 would

purchase $8.00 a year of additional annuity.

60 years minus 55 years = 5 years

$0.20 x 5 years = $1

$7 + $1 = $8 additional annuity purchased per

$100 of voluntary contributions and

interest

EXAMPLE 2: If a retiree is age 55 at retirement and has an account

balance of $10,000, the amount of additional annuity is

$700 per year.

$10,000

$100 = 100

100 x $7 = $700 per year

2. Any additional annuity purchased by voluntary contributions continues

to be paid as long as the individual remains retired.

NOTE: Once the annuity begins, the additional annuity purchased by

voluntary contributions is not increased by any cost-of-living

adjustments.
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Section 31A3.1-1 Purchase of Additional Annuity (Cont.)

C. Additional

Survivor Annuity

At retirement, the retiree may elect a reduction in his additional annuity to

purchase a survivor annuity. Any person, related or unrelated to the

retiree, may be designated, and need not be the same person for whom

regular survivor annuity benefits are elected.

NOTE: If a retiring employee does not include RI 38-124, or SF 2802

with the notation that only voluntary contributions are to be

refunded, with his or her retirement application, OPM assumes

that the employee elects an additional annuity. OPM also assumes

that election of a survivor benefit on the retirement application

also applies to the additional annuity from the voluntary

contributions account unless the retiree attaches a note to the

application stating that he or she does not want a survivor benefit

in connection with the additional annuity or wants to designate a

different person to receive it. 

1. If the retiree elects a survivor annuity, his or her additional annuity is

reduced. The reduction in the additional annuity depends on the

difference in the ages between the retiree and the person named as the

survivor, as shown in the following table:

Age of Person Named in Relation

to That of Retiring Employee

(Years Younger)

Older, same age, or less than 5

 5 but less than 10

10 but less than 15

15 but less than 20

20 but less than 25

25 but less than 30

30 or more

Reduction in Annuity of 

Retiring Employee

(Percent)

10

15

20

25

30

35

40

2. The survivor annuity benefit is equal to 50 percent of the retiree's

reduced additional annuity.

EXAMPLE: • Age at retirement: 60

• Spouse's age: 54 (6 years younger)

• Voluntary Contributions: $500

• Additional benefit without survivor annuity: $40 per year
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Section 31A3.1-1 Purchase of Additional Annuity (Cont.)

C. Additional

Survivor Annuity

(Cont.)

• Additional benefit with survivor annuity: $34 per year

$40 x 15% = $6

$40 minus $6 = $34

• Additional benefit for survivor: $17 per year

$34 x 50% = $17

NOTE If the employee elects to provide additional survivor annuity, the

reduction of the additional annuity rate is permanent. The

reduction will not be eliminated if the designated survivor

predeceases the retiree, nor can the additional survivor annuity be

transferred to a different person.
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Part 31A4 Refunds

Section 31A4.1-1 Refund of Voluntary Contributions

A. Withdrawal An employee may withdraw all voluntary contributions with interest at any

time before receiving additional annuity payments based on those

contributions. The withdrawal is not subject to the spousal notification

requirements that apply to refunds of regular retirement contributions.

See section 31A2.1-1 for information on the accrual of interest on voluntary

contributions accounts.

See section 31A4.1-2 for information about the tax treatment of

distributions of voluntary contributions.

See Chapter 40 for instructions on filing an expedited refund request.

B. Withdrawal at

Retirement If an employee plans to make the withdrawal at retirement, see Chapter 40.

C. Death in Service

or After

Separation

If the employee dies while still in Federal service or after separation from

service but before becoming a retiree, the voluntary contributions account, 

including interest, is paid in a lump-sum payment to the person or persons

who survive the employee and who are entitled under the normal order of

precedence given in Chapter 34.

This payment after death also includes money credited as voluntary

contributions for service performed in excess of that required for the

80-percent maximum annuity. (See Chapter 50, section 50A3.1-2.)

D. Death of Retiree If the retired employee and any designated survivor annuitant die without

having received the total amount of voluntary contributions with interest as

additional annuity payments, OPM pays any remaining monies in a lump

sum to the person or persons entitled under the normal order of precedence

given in Chapter 34.
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Section 31A4.1-2 Taxation of Voluntary Contributions

A. General The information in this section has been authorized by the Internal Revenue

Service (IRS). For any additional information about tax treatment of

voluntary contributions accounts, contact the IRS.

Employees should read both the Voluntary Contributions Notice (Form

RI 38-125) and the Special Tax Notice Regarding Rollovers (Form

RI 37-22) for information on refunds, rollovers, taxes and voluntary

contributions annuities. The Special Tax Notice Regarding Rollovers is

also found in Chapter 40 and may be locally reproduced. 

B. Taxable Year If an individual takes a refund of voluntary contributions, any accrued

interest is taxable in the tax year in which the refund is received unless the

taxable portion is directly rolled over by OPM. (See paragraph D. below.) 

Only the interest portion of the refund is taxable.

C. Additional

10-Percent Tax on

Interest

If an individual receives a refund of voluntary contributions before he or

she attains age 59 1/2, the interest portion of the refund is generally subject

to an additional 10-percent early distribution tax. Exceptions to the 

10-percent tax are as follows:

• Payments on account of disability (as defined by the Internal Revenue

Code; see IRS Publication 575);

• Monthly additional annuity payments elected at time of retirement

(rather than a lump sum payment of the voluntary contributions

account);

• Payments after separation from service if the separation occurred during

or after the year in which the recipient attains age 55;

• Payments to survivors after the death of the employee.

NOTE 1: The early distribution tax is calculated by multiplying 

10 percent times the amount of interest paid as part of your

refund.

NOTE 2: IRS Form 5329 provides additional information on the 

10-percent tax.
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Section 31A4.1-2 Taxation of Voluntary Contributions (Cont.)

D. Rollover of

Interest Earned on

Voluntary

Contributions

Interest refunded to the employee is subject to a mandatory 20% tax

withholding. However, if the interest on the voluntary contributions

account is at least $200, the employee can elect to have OPM roll over all

or part of the interest to an Individual Retirement Account (IRA) or other

qualified retirement plan to defer income tax. A direct payment to the

employee will not defer the tax, even if the employee chooses to deposit it

in an eligible IRA after receiving it.

Employees in a position to make rollover decisions at the time they request

a refund can submit their rollover election on form RI 38-124 with their

refund request, either on RI 38-124 or SF 2802 with notation. 

E. Taxation of

Voluntary

Contributions

Used to Purchase

Additional

Annuity

If voluntary contributions are used to purchase an additional annuity, the

annuity payments are taxed under the "General Rule" or the "Simplified

General Rule."

NOTE: Refer to IRS Publication 721, "Comprehensive Tax Guide to U.S.

Civil Service Benefits," for further information.

F. Example 1: 

Refund While

Employee Under

CSRS

Bob, age 45, needs the funds in his voluntary contributions account to place

a down payment on a house. He files an SF 2802 with his employing

agency in February 1990 and receives a refund from OPM of $33,380 in

March 1990. ($33,380 = $30,000 voluntary contributions Bob has made

plus $3,380 accrued interest.)

1. The $3,380 accrued interest is taxable income in 1990.

2. Since Bob received the refund before he attained age 59 1/2 and he does

not meet one of the exceptions, for example, he did not separate from

service and attain age 55 during 1990, the interest is also subject to a

10-percent early distribution tax.

3. OPM withheld the mandatory 20-percent tax of $676 on the interest

portion of Bob's refund, in addition to the 10-percent early distribution

tax.
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April, 1998 CSRS and FERS Handbook

Section 31A4.1-2 Taxation of Voluntary Contributions (Cont.)

F. Example 1: 

Refund While

Employee Under

CSRS (Cont.)

4. If Bob did not need the interest as well as the principal for the

downpayment, he could have elected to have OPM roll over the interest

into an IRA and avoided paying tax on the interest in 1990.

G. Example 2: 

Refund to

Employee Retiring

Under Age 55

Jason's position is being abolished and he is retiring under the discontinued

service provisions effective January 1, 1994, at age 45. Jason has a

voluntary contributions account with a balance of $44,360 as of the date of

his retirement ($44,360 = $40,000 voluntary contributions Jason has made

plus $4,360 accrued interest).

1. At retirement, Jason may elect either:

• A refund of his voluntary contributions account; or

• A refund with a direct rollover of the interest to an IRA; or 

• Payment of a voluntary contributions annuity.

Jason elects a refund of his voluntary contributions account.

2. He receives a voluntary contributions refund payment of $44,360 in

1994. The accrued interest of $4,360 is taxable income in 1994.

3. Since Jason received the refund before attaining age 59 1/2 and he does

not meet one of the exceptions, that is, he did not attain age 55 in 1994,

the year he separated from the service, the interest also is subject to the

10-percent early distribution tax.

4. To avoid paying the 20-percent tax and the 10-percent early distribution

tax, Jason could have elected to have OPM roll the interest over

directly to an IRA.
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CSRS and FERS Handbook April, 1998

Section 31A4.1-2 Taxation of Voluntary Contributions (Cont.)

H. Example 3:

Refund After

Regular Voluntary

Retirement

Anne retires voluntarily effective March 1, 1994, at age 55. Anne has a

voluntary contributions account with a balance of $16,250 as of the date of

her retirement ($16,250 = $15,000 voluntary contributions Anne has made

plus $1,250 accrued interest).

1. At retirement, Anne may elect either:

• A refund of her voluntary contributions account; or

• A refund of her voluntary contributions account with a direct

rollover of the interest to an IRA; or

• Payment of a voluntary contributions annuity.

Anne elects a refund of her voluntary contributions account with a

direct rollover of the taxable portion into an IRA. 

2. The interest ($1,250) is not taxable income in 1994.

3. She will receive a voluntary contributions refund payment from OPM

of $16,250 in 1994. Because she chose to roll over the interest, she is

not subject to the 10-percent early distribution tax. However, she

would have avoided the tax, since she meets one of the exceptions, that

is, her separation occurred after the year in which she attained age 55.
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April, 1998 CSRS and FERS Handbook

Part 31A5 Procedures

Section 31A5.1-1 Making Voluntary Contribution Payments

A. General Voluntary contribution payments are made directly to OPM. Payments

cannot be made by payroll deductions.

B. Employee

Responsibility

An employee who wants to make voluntary contributions must:

1. Obtain SF 2804, Application to Make Voluntary Contributions, from

the employing agency.

2. Complete the application and submit it to the agency personnel office.

NOTE 1: An employee must pay all deposits or redeposits for

nondeduction service or refunded service prior to making

voluntary contributions.

NOTE 2: The employee should not send money with the application. 

OPM does not accept contributions until it approves the

application.

C. Agency

Responsibility

Upon receipt of a completed SF 2804 from an employee, the agency must:

1. Complete the agency certification box to provide verification of

employment under CSRS.

NOTE: Agency certification is not needed for separated employees

whose retirement applications are pending at OPM.

2. Mail the application directly to OPM at the following address:

Office of Personnel Management

Retirement Operations Center

Boyers, PA 16017

NOTE: The record and account of voluntary contributions are maintained

by OPM and not by the employing agency. Agencies must not,

under any circumstances, enter a voluntary contribution on the

employee's SF 2806, Individual Retirement Record.
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CSRS and FERS Handbook April, 1998

Section 31A5.1-1 Making Voluntary Contribution Payments (Cont.)

D. OPM

Responsibility

After the application is approved, OPM:

1. Assigns the employee a voluntary contributions account number 

(a CSV number). 

2. Sends instructions to the employee on how to make payments to the

voluntary contributions account.

3. Sends payment receipts and the Voluntary Contributions Annual

Statement of Account to account holders. The statements are sent at the

beginning of each year, showing the amount of interest through

December 31 of the preceding year. 
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Section 31A5.1-2 Purchasing Additional Annuity

A. General Rule The voluntary contributions account is automatically converted to an

additional annuity at retirement unless the retiree requests a refund of the

voluntary contributions by filing SF 2802, Application for Refund of

Retirement Deductions, or RI 38-124, Voluntary Contributions Election

Form, with OPM before final adjudication of the basic annuity.

NOTE: The retiree may attach SF 2802 or RI 38-124 to the retirement

application if he or she wants a refund of voluntary contributions.
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CSRS and FERS Handbook April, 1998

Section 31A5.1-3 Withdrawing Voluntary Contributions

A. Employee

Responsibility

An employee who wants to withdraw all of his or her voluntary

contributions with or without a rollover of the interest, must:

1. Obtain RI 38-124, Voluntary Contributions Election Form, from the

employing agency, Or

Obtain SF 2802, Application for Refund of Retirement Contributions,

and state in item 7 "I want only my voluntary contributions to be

refunded to me" or similar words expressing this intent. 

2. Complete the application or election form and submit it to the agency

personnel office.

NOTE: Spousal notification is not required for a voluntary contributions

refund.

B. Separated

Employee

Responsibility

Separated employees must follow the procedures listed below in order to

obtain only a refund of voluntary contributions:

1. Obtain RI 38-124, Voluntary Contributions Election Form, OR

Obtain SF 2802, Application for Refund of Retirement Deductions, and

state in item 7 "I want only my voluntary contributions to be refunded

to me" or similar words expressing this intent. 

2. Complete the application or election form and send it directly to OPM

at the following address:

Office of Personnel Management

Retirement Operations Center

Boyers, PA 16017

NOTE: A separated employee requesting only a refund of voluntary

contributions by using SF 2802 must ensure that the SF 2802 is

annotated to that effect to prevent an undesired refund of all

contributions.
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April, 1998 CSRS and FERS Handbook

Section 31A5.1-3 Withdrawing Voluntary Contributions (Cont.)

C. Agency

Responsibility

The agency must provide the employee with:

• Voluntary Contributions Notice (Form RI 38-125) 

• Special Tax Notice Regarding Rollovers (Form RI 37-22) for

information on refunds, rollovers, taxes and voluntary contributions

annuities. The Special Tax Notice Regarding Rollovers is also found in

Chapter 40 and may be locally reproduced.

• Voluntary Contributions Election Form (RI 38-124) or SF 2802. 

Upon receipt of a completed SF 2802 or RI 38-124 from an employee, the

agency must certify the date of receipt in the appropriate box, on the SF

2802, and mail the application directly to OPM at the following address:

Office of Personnel Management

Retirement Operations Center

Boyers, PA 16017

D. OPM

Responsibility

Upon receipt and approval of SF 2802 or RI 38-124, OPM refunds the

entire voluntary contributions account to the employee or retiree, and

completes the requested rollover action.