Browsing: buyout

VERA/VSIP

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Q. Will a VERA/VSIP be offered in 2014? A. If you are asking if they would be offered somewhere in the U.S. and its territories, the answer is yes. If you are asking if they will be offered where you work – and to you – I have no idea.

Furloughs vs. buyouts

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Q. Can someone explain why furloughing workers would be the first step to save money? I would think  buyouts would be first. There are thousands of CSRS employees just waiting for a buyout; why aren’t they being offered?

Buyout likelihood

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Q. I am a federal employee under CSRS with 40 years of service this year for the Veterans Affairs Department at age 60. I am the only person at my facility doing my job and the only one in this facility with full knowledge of my job task and responsibilities. Is there an opportunity for a buyout in this position? Do I need to ask human resources if there is a chance for buyout potential?

Buyout eligibility

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Q. I’m retiring at the end of this month. If there were to be an announcement of a buyout before 5 p.m. of my last day, would I qualify? I’m 62 with 29 years in the Postal Service. A. Highly unlikely because the purpose of a buyout is to encourage employees to leave who wouldn’t do so without a financial incentive. Since you have already made the decision to retire and are on the verge of departing, your agency would have no reason to either offer or approve a buyout for you.

Eligibility for benefits

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Q. I am 64 with 9.5 years under FERS, but it was split up after 4.7, then a few years later I returned and now have 4.8 years. Could I retire on an immediate retirement and be able to take my Federal Employees Health Benefits along with me? I know if there was an early-out/buyout offer, I could. I was given a service computation date of Feb. 4, 2004. A. You could retire on an immediate annuity because you are at least age 62 and have at least five years of service. And you could carry your FEHB coverage into…

Retirement options

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Q. I am so totally lost in all of this early retirement and buyouts and furloughs. I have 33 years of service with the government and am 55 years old under CSRS. Not sure which to apply for or wait until our office gives us reduction-in-force notices if our office is going to reorganize, restructure. Would I be eligible for early buyout with full benefits come May? A. You really are lost! However, everything should be clearer when I tell you that you can retire anytime you want to. That’s because you have the age (55) and service (at least…

Special retirement supplement

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Q. I work for Customs and Border Protection. I am 59 years and eight months old with 20 years and three months of service. If I retire ASAP, can I receive the special retirement supplement? Any information for early buyouts for us? It would make more sense to give us early buyouts and not furlough the front-line officers. A. If you are a law enforcement officer, you can retire at any time. If you aren’t, you can only retire under the MRA+10 provision unless you are offered an early retirement opportunity by your agency. If one is offered, you’ll learn…

Buyout eligibility

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Q. If I decided to retire this year and submitted my retirement paperwork already… If my agency came along later and offered a buyout, would I be eligible for that buyout? A. Highly unlikely, since the purpose of a buyout is to encourage people to leave or retire who wouldn’t do so without a financial incentive. However, the decision is up to your agency. And their decision is final.

VSIP

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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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