My apologies for my original instructions on calculating your PSPRS Refund. In my haste to get the information out to people in my agency I did not explain who is eligible for the refund. The spreadsheet that I attached also did not work to the penny for everyone and I got some complaints. The new spreadsheet that is attached at the bottom is much easier and more accurate.
After this post I’m going to move on from calculating the refund as you should find out from your employer or PSPRS how much your refund is. This calculator is a good way to see if your numbers agree with theirs and start asking questions if not. I’m not saying they are wrong if the numbers don’t agree, but you might want to figure out why it is different.
Who is Eligible for the PSPRS Refund
First off, the lawsuit has to do with anyone who began contributing to PSPRS before July 20th, 2011. If you started on July 20th or after you do not receive the refund and will continue to contribute at the new rate of 11.65% of your gross pay.
The easiest way to figure this out is to log into your PSPRS account and download your Contribution History under the Active button at the top. If you have contributions in the “Year” 2011 or earlier then you should be eligible. This is shown in the last column on the right.
Calculate your PSPRS Refund (Redo)
To start from the beginning you can always send me your Contribution History and I will calculate it for you. However, if you do this I need to know what paycheck was your last check at the old rate. Ask around. Someone in your agency will know.
Here is how to do it yourself, in shorter step by step instructions.
Export your Contribution History into Excel. To do this log into PSPRS:
Click on “Active” at the top.
Click on “Contribution History” on the left.
Click on the drop down menu, just below the “Active” button. It should say “Select a format”.
Click on “Excel” and then the “Export” button, next to the drop down menu.
Open the Excel spreadsheet and scroll down until you get to Year 2012, which is listed in the far right column.
This is Important
To the left of the Year, it should say “Taxable Contributions”.
If you see any rows that say anything else; delete the number in Column D, which is titled “Amount”. These numbers are generally only a few hundred dollars.
Now open the new spreadsheet I created by clicking here.
Copy the numbers in Column D for 2012 and Paste them in the new spreadsheet in cell B-1, next to year 2012.
Now do the same thing for the Years 2013, 2014, 2015 and 2016. You must scroll down to get to these years. 2013 begins at B-34.
Do not worry if you don’t fill all the open spaces for each year. It is designed this way.
The last trick is to only copy your contributions in 2017 that were calculated at 11.65%. It is not the same for every agency, so ask your coworkers or Human Resources. My last check at the old rate was on 04/02/17.
If you have copied this correctly you should see your refund at the bottom and at the top of the spreadsheet. Let me know if you have questions.
Good luck, and next we’ll be talking about how to reduce the tax hit on your refund.