- Access to your PSPRS account
- Excel spreadsheet software
- A basic familiarity with how to use Excel.
- Access your PSPRS account, hit the Access tab, then hit the Contribution History on the left side.
- At the top of that window, you'll see a drop down menu where you can choose to "select a format." Choose Excel, then click on the blue "Export" to the right of the drop down menu.
- Your computer should give you the option to open the exported file in Excel. Choose that option, and the file should open in Excel.
- Enable editing with the button at the top. This spreadsheet will show all your contributions to PSPRS since you joined the system. What you are concerned with are the columns that show amount and (fiscal) year. This will tell you how much you have contributed in each fiscal year.
- Now you need to separate the following fiscal years (FY's) out: 2012, 2013, 2014, 2015, and 2016 and later. You can do this by separating each FY out to get a total of all that fiscal year's contributions. For example, FY 2012 ran from 7/2/2011 to 6/30/2012 on my contribution history. I found it easiest to cut all the data from each FY's pay periods and paste them in a separate sheet.
- Once you have a FY's contributions separated out, all you have to do is use the autosum function to total all the contributions for that FY. Do the same thing for FY's 2013, 2014, and 2015 to get each of those FY's total contributions . Anything in FY 2016 and 2017 can be lumped together as they have the same contribution rate.
- In order to determine the excess contributions for each fiscal year, you will need to know how much of the total contributions for each year was excess. You can use the following percentages to determine the excess portion:
- FY 2012: 11.56% excess (1% / 8.65%)
- FY 2013: 19.90% excess (1.9%/9.55%)
- FY 2014: 26.09% excess (2.7%/10.35%)
- FY 2015: 30.77% excess (3.4%/11.05%)
- FY 2016 and later: 34.33% excess (4%/11.65%)
9. The sum of all these amounts is your total excess contributions.
The excess contributions should be your refunded "principal." If you have no access to Excel, you can do these by hand, though it will be a bit cumbersome. Mr. Radinsky notes that you can multiply your total refund by 75% to see what you will be paid, less withholding, assuming a 25% withholding rate. These totals do not include any pre-judgment interest owed to members.
Thanks again to Mr. Radinsky for sharing this with us. I am sure many people will find this very helpful.
***Here is some more helpful information from Mr. Radinsky from the comments:
The only thing I would add is that Excel itself isn't necessary. Microsoft has an accessible online version. Also Google Sheets would work, as well as the Apple spreadsheet equivalent.