§ 841.602 Definitions

5 CFR 841.602 (definition of "Contributions or deductions")Contributions or deductions means the amounts deducted from an employee's pay or deposited as the employee's share of the cost of FERS.

5 CFR 841.602 (definition of "Individual Retirement Record")Individual Retirement Record means the record of individual retirement deductions required by § 841.504.

5 CFR 841.602 (definition of "Last year of service")Last year of service means the calendar year in which deductions stop on the Individual Retirement Record under consideration.

5 CFR 841.602 (definition of "Unexpended balance")Unexpended balance means the unrefunded amount consisting of—

5 CFR 841.602 (definition of "Unexpended balance", paragraph (a))(a) Retirement deductions made from the basic pay of an employee under subpart E of part 841 of this chapter;

5 CFR 841.602 (definition of "Unexpended balance", paragraph (b))(b) Amounts deposited by an employee for periods of service (including military service) for which—

5 CFR 841.602 (definition of "Unexpended balance", paragraph (b)(1))(1) No retirement deductions were made; or

5 CFR 841.602 (definition of "Unexpended balance", paragraph (b)(2))(2) Deductions were refunded to the employee; and

5 CFR 841.602 (definition of "Unexpended balance", paragraph (c))(c) Interest compounded annually on the deductions and deposits at a rate which, for any calendar year, will be equal to the overall average yield to the Civil Service Retirement Fund during the preceding fiscal year from all obligations purchased by the Secretary of the Treasury during that fiscal year under section 8348(c), (d), and (e) of title 5, United States Code, as determined by the Secretary of the Treasury. Interest on deductions and deposits does not include interest—

5 CFR 841.602 (definition of "Unexpended balance", paragraph (c)(1))(1) If the service covered by the deductions totals 1 year or less; or

5 CFR 841.602 (definition of "Unexpended balance", paragraph (c)(2))(2) For a fractional part of a month in the total service.

5 CFR 841.602 (definition of "Year of the computation")Year of the computation means the calendar year when the unexpended balance is being computed.