Browsing: VSIP

Q. I worked for NAF from Sept. 1, 1970, to August 1990 in the Air Force. With no break in service, I ported into FERS. Early in my FERS career, I had the option of taking my NAF retirement in a differed annuity or transferring it into FERS with my NAF service. I chose to move all of my NAF retirement money ($6,500) into FERS, hoping it would combine with my FERS retirement. In November, I started looking at the possibilities of taking the VSIP. From November to April, I spoke with BEST counselors five times trying to get an…

Q. My wife was a CSRS clerk for the Postal Service for 30 years, and on June 30, 2009, she retired at age 54 under a VERA and lost 2 percent because she was younger than 55. Two months after she retired, the Postal Service offered a VSIP of $15,000 to any clerk who wanted to retire because they didn’t get the numbers they were looking for. Would she be entitled to the $15,000 because she left under a VERA? A. No. The purpose of the Voluntary Separation Incentive Payment law is to encourage employees to retire, not to reward them…

Q. I took my retirement money out in 1990. Can I use Voluntary Separation Incentive Pay money to pay that back? The Office of Personnel Management told me I would have the opportunity to buy back refunded money or time before final annuity payments were calculated, but I worried that if I retired, they would not count that time into my annuity before I had time to pay it back. A. What OPM told you is correct. And, since you will have your VSIP long before your annuity is finalized, you’ll be able to make the redeposit with time to…

Q. I am a career federal employee under the old CSRS who has approximately 37 years of federal service. I just recently put in my paperwork for Voluntary Separation Incentive Payment. I was wondering approximately how long it would be after I retire before I receive my lump sum annual leave and payment. I know there is a major backlog in the processing of “exact” annuity payments upon retirement, but can I assume these two payments are different in that regard? A. Your lump-sum leave payment and Voluntary Separation Incentive Payment will come from your agency. Your payroll office can…

Q. I am not a disability retiree, but I was planning to apply for disability retirement. However, I may be offered a VSIP. Also, I have been out on medical leave now for about six months but don’t know if I am officially classified as disabled. Is this break in service going to be counted against me? Would I be eligible for the VSIP at this point? I was going to apply for reasonable accommodation and disability retirement, but now I am afraid to. A. According to the Office of Personnel Management, you would not be eligible for a voluntary separation incentive payment if you have…

Q. If I am offered an early-out and apply for disability at that time, why wouldn’t I get the incentive? This seems like discrimination. A. You can’t because the law specifically excludes “an employee having a disability on the basis of which such employee is or would be eligible for disability retirement under subchapter III of chapter 83 or 84 or another retirement system for employees of the Government.” See Public Law 107-296 and 5 U.S. Code 3521.

Q. I am 56 with 34 years of federal service, and I have just learned that my position has been declared surplus. Due to my rank in my present position in the Wage Grade series, I do not see any way they can place me into an existing vacancy. If I’m offered a Voluntary Separation Incentive Pay, will I be able to collect my full pension and the VSIP? A. Yes.

Q. I am a CSRS employee and was offered an early retirement by July 31 by Voluntary Separation Incentive Payments. I will be 53 in November. If I take this offer to leave two years and four months early, am I losing — as opposed to waiting the two years and four months until age 55. They are giving $20,000 in two lumps — $10,000 in December 2012 and the other $10,000 in December 2013. A. If you retire before reaching age 55, your annuity will be permanently reduced by 2 percent for every year you are under age 55…

Q. I am a FERS employee. My organization offered a VSIP/VERA. I applied for the buyout but was denied because this offer was good for the first 100 technicians only. The memo did not state that it was for the first 100 technicians.  Can this be true? A. Sure, it can be true. An agency can limit its offer to the level needed to reach its organizational objectives. That limit can be set ahead of time or imposed when the staffing reduction goals have been met.

Q. I am a FERS employee with 26 years, four months service. I am 51 years, two months old. My place of work is experiencing a restructure/reorganization and is offering VERA/VSIP. Will I be able to get the special retirement supplement when I am at the minimum retirement age? I have a Thrift Savings Plan account and was looking at a lump sum from that. A. Yes, you will be eligible to receive the special retirement supplement when you reach your MRA.

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