[Code of Federal Regulations]
[Title 5, Volume 2]
[Revised as of January 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR846.401]

[Page 364-365]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
          CHAPTER I--OFFICE OF PERSONNEL MANAGEMENT (Continued)
 
PART 846--FEDERAL EMPLOYEES RETIREMENT SYSTEM--ELECTIONS OF COVERAGE--Table of Contents
 
                Subpart D--Refunds of CSRS Contributions
 
Sec. 846.401  Refunds of excess contributions.


    (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 Sec. 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 Sec. 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 Sec. 846.302(a) and performed on or 
after January 1, 1987, the amount by which the amount contributed 
exceeds the amount required under Sec. 841.503 of this chapter; and
    (3) For service described in Sec. 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 Sec. 831.105 (d) and (e) of this chapter. 
Interest is payable regardless of the length of the period of

[[Page 365]]

service for which refund is being made or the total amount of service 
the employee has.
    (d) A refund described in this section is payable upon the receipt 
of an application by OPM or its designee.