Retirement eligibility can be confusing with military service. You need a minimum of 5 years of civilian service to be eligible for a civilian retirement annuity. However, after the 5 years is met, the military service is creditable towards years of service for all the other voluntary retirement eligibility requirements: MRA +10; MRA +30; 60 years old with 20 years of service; and even the VERA requirements - age 50 with 20 years of service or any age with 25 years of service. Review all eligibility requirements for FERS and CSRS retirement.
A deposit is the payment of the retirement deductions, plus interest, that would have been withheld from your pay if you had been covered by the Federal Employees Retirement System (FERS) during a period of employment when retirement deductions were not withheld from your salary. You are not required to make this type of payment.
You can repay any refund you received for any period of civilian service during which retirement deductions were withheld from your pay and later returned to you. Interest is charged from the date of the refund and compounded annually. Interest is charged to the date full payment is made or the date annuity begins, whichever is earlier. If you do not repay (redeposit) your prior refunded service, you will not receive credit in determining your eligibility to retire or in computing your retirement benefit.
Redeposit FERS: A redeposit is the repayment of retirement deductions that were previously withheld and refunded to you, plus interest.
References: OPM FERS Deposit Guidance
Creditable service is not limited to service covered by retirement deductions. It can also include service where an employee's pay is not subject to retirement deductions. In some cases, you must pay back the retirement deductions (plus interest) to credit this service in the computation of your benefit. This repayment amount is called a deposit. If the service was performed before 10/1/82, you do not have to pay back the deductions. Your annuity will be subject to a reduction based on the amount of the unpaid retirement deductions, if you do not pay the deposit.
A deposit is the payment of the retirement deductions, plus interest, that would have been withheld from your pay if you had been covered by the Civil Service Retirement System (CSRS) or Federal Employees Retirement System (FERS) during a period of employment when retirement deductions were not withheld from your salary. You are not required to make this type of payment.
If you received a refund for service that ended on or after October 1, 1990, the service covered by the refund cannot be included in computing your annuity, unless the refund is repaid after you become reemployed. This repayment is called a redeposit.
It will still be used toward the service used to qualify for retirement. If you received a refund for service that ended before October 1, 1990, and did not repay the refund, the service will still be credited when you retire, however, it will cause an actuarial reduction in your annuity. The reduction is based on the amount of the redeposit and your age at the time of retirement. This exception to the redeposit requirement does not apply if you retire for disability.
A redeposit is the repayment of retirement deductions that were previously withheld and refunded to you, plus interest. You are not required to make this type of payment.
Redeposit Service Ending before October 1, 1990 and Covered by CSRS:
You can repay the refund you received for periods of civilian service ending before October 1, 1990 during which retirement deductions were withheld from your pay and later refunded to you. However, you will receive credit for all of this service whether or not you make the payment (unless you retire under the disability provisions of the law). Your annuity will be subject to a permanent actuarial reduction based on the amount of redeposit and interest due and your age at retirement. The actuarial reduction will not be applied to any annuity due your surviving spouse. You can avoid the reduction by repaying the refund.
If the refund was paid before October 1, 1982, interest is charged up through the billing date. If full payment is received within 30 days after the bill is issued, no additional interest will be charged. Otherwise, interest will be computed after each payment at the rate of 3 percent for the interval since the most recent payment.
If the refund was paid on or after October 1, 1982, interest is
compounded annually and charged through December 31 of the year before the
year in which this bill is being issued. If full payment is received
by December 31 of the year in which this bill is issued, no additional
interest will be charged. If not, interest will be computed once
each year as of December 31 based on the unpaid balance at that time.
Interest
is applied at the rates described in the table.
References: OPM CSRS Guidance