Q. My agency is waiting for Office of Personnel Management approval to offer a Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay. No details have been released to employees, but speculation is running high that two or three additional years of service will be offered as an incentive to retire. Managers have been telling people already eligible to retire but still working that they would not be eligible for the additional years of service because they already meet standard full retirement eligibility criteria. It seems to me that anyone who is eligible should be able to take advantage of the incentive.…
Browsing: VSIP
Q. Will I be required to repay my Voluntary Separation Incentive Pay if I accepted a position with a company which works on federal contracts? My thought is “no.” I would be working for a private company. But I know the government does not always follow my thought process. A. Here are the rules, according to the Office of Personnel Management: “An employee who receives a VSIP and later accepts employment for compensation with the Government of the United States within 5 years of the date of the separation on which the VSIP is based, including work under a personal…
Q. How much is usually received after taxes on a $25,000 Voluntary Separation Incentive Pay buyout? Also, how is my lump-sum annual leave payment taxed? Is it based on my current exemptions?
Q. My agency has offered a Voluntary Separation Incentive Pay (incentive is $25,000). I have worked 26 years and nine months and am considering this offer. Someone told me that not everyone will receive the full incentive of $25,000. Is there a calculation used to determine the actual amount one will receive?
Q. I am a CSRS employee approaching my 30-year service computation date and planning to retire shortly thereafter. I have not yet submitted retirement paperwork. Coincidentally, my agency has just indicated that within the next few weeks, I will receive a notification that I am eligible for an early-out with incentive. Do I need to separate from federal service prior to my 30 years of service date to be eligible for Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay? Anticipated date of VERA eligibility letter: July 22. SCD (30 years): Aug. 8.
Q. If an employee has submitted his retirement application and then the agency subsequently offers him a Voluntary Separation Incentive Payment, can he withdraw his retirement application to take advantage of the VSIP? Or once the retirement application is filed, is the eligibility for a VSIP lost?
Q. If my agency offers a Voluntary Separation Incentive Pay/Voluntary Early Retirement Authority after I have submitted my retirement paperwork, but before I actually retire, am I eligible for the payout?
Q. I would like to know from what pot of money Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay are funded because I will never be on the receiving end.
Q. Is the Voluntary Separation Incentive Pay/Voluntary Early Retirement Authority a bonus pay or a severance pay?
Q. Please give a definition of what is a Voluntary Separation Incentive Pay and what is a Voluntary Early Retirement Authority.