[Code of Federal Regulations]
[Title 5, Volume 2]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR841.602]

[Page 275]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
          CHAPTER I--OFFICE OF PERSONNEL MANAGEMENT (CONTINUED)
 
PART 841_FEDERAL EMPLOYEES RETIREMENT SYSTEM_GENERAL ADMINISTRATION--Table of 
 
                    Subpart F_Computation of Interest
 
Sec.  841.602  Definitions.

    Contributions or deductions means the amounts deducted from an 
employee's pay or deposited as the employee's share of the cost of FERS.
    Individual Retirement Record means the record of individual 
retirement deductions required by Sec.  841.504.
    Last year of service means the calendar year in which deductions 
stop on the Individual Retirement Record under consideration.
    Unexpended balance means the unrefunded amount consisting of--
    (a) Retirement deductions made from the basic pay of an employee 
under subpart E of part 841 of this chapter;
    (b) Amounts deposited by an employee for periods of service 
(including military service) for which--
    (1) No retirement deductions were made; or
    (2) Deductions were refunded to the employee; and
    (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--
    (1) If the service covered by the deductions totals 1 year or less; 
or
    (2) For a fractional part of a month in the total service.
    Year of the computation means the calendar year when the unexpended 
balance is being computed.