In my last article I went over the rules governing deposits for periods of service where no retirement deductions were taken out of your pay, and redeposits of any retirement deductions that were refunded to your when you left government. I also pointed out how to find out how much you would owe, plus accrued interest. In this article, I’m going to talk about a new feature that will allow any of you who have gotten statements from OPM to request an update of those statements by phone or e-mail.
In the past, if you wanted to get an update on how much you might owe, you needed to fill out another form, make a minimum payment, and send it to OPM. Now all you need to do is pick up the phone and call the following toll-free number: 888-767-6738. When a customer service specialist answers, give them your CSD number, which will be on the original statement, and ask for an updated billing statement. These specialists now have the ability to instantly update the interest and generate a new statement that will be mailed out to you. You can also ask for the update by sending an email to retire@opm.gov with the words “Deposit inquiry” in the subject line and your CSD number in the message.
Note: This new service only applies to deposits and redeposits for civilian service. It does not apply to deposits for military service, which are handled by your agency, not OPM.
Whether it’s in your interest to make a deposit or redeposit is something you’ll need to seriously consider before shelling out any money. In most cases, a benefits specialist in your personnel office can help you review the options and determine if it’s in your best interest to do so. In some cases, the amount you owe will be greater than the yield – even long-term – in increased annuity payments. In other cases, it will be well worth the money.
