Browsing: VSIP

Q. I was just offered a $25,000 Voluntary Separation Incentive Payment. I have -153 sick leave hours due to an auto accident. Are waivers available prior to accepting the VSIP offer? If so, what is the procedure? A. The decision about granting a waiver is entirely up to your agency. Check with your personnel office to learn how such requests are handled where you work.

Q. My position was not listed as eligible under the last Voluntary Separation Incentive Pay round offered by the Department of Energy. I was told that, before another round of VSIP can be offered, the department must request or renew its buyout authority. How and when is this done? Where can I find a description of the process that departments must go through to request buyout authority and how eligibility lists are determined? A. For basic information and legal and regulatory background, go to www.opm.gov/hcaaf_resource_center/assets/Tal_tool9.pdf. To learn how your agency establishes eligibility lists, you’ll have to check with your own…

Q. I am getting ready to retire should we be offered early retirement. I am working for the Defense Department and planning on retiring under a disability. Would this affect the Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay? I would, of course, wait to get accepted with that and then retire under disability. A. Because you have a disability such that you are or would be eligible for disability retirement, you aren’t eligible for a VSIP. On the other hand, if you were offered an opportunity to retire early and met the age and service requirements to do so, you…

Q. I have retired from the Postal Service in Jan. 31 on a Voluntary Early Retirement Authority with an incentive payment. I recently was awarded Social Security disability. I am 54 years old. Am I required to apply for federal disability? I understand the offset. Will I lose my voluntary separation incentive payments in May? A. You don’t have to apply for disability retirement. However, the fact that you are  or would be eligible for disabiltiy retirement would bar you from receiving the VSIP.

I am a 58-year-old Postal Service employee with 34 years of service who was sent home during the National Reassessment Process. I was thinking about retiring but choosing workers’ compensation over my civil service retirement. I would like to know if I would be eligible to receive the incentive if I did this. I would also like to know if I would be able to elect the spousal annuity if I retired OWCP. A. No, you wouldn’t. No one who has a disability such that he or she is or would be eligible for disability retirement can receive a Voluntary…

Q. Our installation is offering a Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay. My service computation date is in November 1988, and I will be 52 this May. I have 15 years of part-time employment. A majority of these years were at 40 hours, biweekly. Approximately three to four years were 48 hours, biweekly. How can/do I calculate my estimated retirement pay, other than contacting ABC and requesting calculation? I’m afraid they will not be able to provide info before the deadline to apply for the VERA/VSIP. A. You’ll find out how to do that by going to www.opm.gov/retirement-services/publications-forms/csrsfers-handbook/c055.pdf and…

Q. Will VSIP income, upon retirement, count toward credits earned for Social Security eligibility? I served in the military for four years in the early 1970s. I never bought that service time back. I have earned only 30 Social Security credits and thus won’t be eligible for Social Security benefits at age 62. I am 60 and federally employed with 42 years under CSRS. If I accept a VSIP ($25,000 gross) upon retirement before age 62, will that money count toward Social Security credits earned? If so, how many? And will the credits reduce my annuities at age 62, having…

Q. I am planning to retire Feb. 21, 2014. I will be 60 years old and will have completed 10 years and one month of service. I am prepared to take the permanent reduction for being under age 62. 1. If a Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay is offered at the time of my planned retirement, would I qualify for one or both? 2. I was told that if a VERA/VSIP is offered at the time of my retirement, I could approach my leadership and ask that the 10 percent reduction be waived. I believe this was because…

Q. I’m a civil service employee covered by FERS. My agency is offering Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay. I am 62 and receiving military retired pay. I’ve been told that I’m not eligible for either VERA or VSIP because I’m receiving military retired pay. Is that true? A. Not that I’m aware of. According to the Office of Personnel Management: Employees in the following categories are not eligible for VSIP. Employees who: 1. Are re-employed annuitants; 2. Have a disability such that the individual is or would be eligible for disability retirement; 3. Have received a decision notice…

Q. Is Voluntary Early Retirement Authority offered to those who are already eligible to retire? Does VERA apply to your high-three calculation for retirement? A. It’s clear from your questions that you are asking about the Voluntary Separation Incentive Payment, not VERA. According to OPM, “The Voluntary Separation Incentive Payment Authority, also known as buyout authority, allows agencies that are downsizing or restructuring to offer employees lump-sum payments up to $25,000 as an incentive to voluntarily separate. When authorized by the Office of Personnel Management (OPM), an agency may offer VSIP to employees who are in surplus positions or have…

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