Q. I turned 53 in July. I worked as an intermediate employee with the IRS for seven months in 1985, then as a permanent employee for the CDC/VA Medical Center from 1986 to 1987. I resigned and was reinstated in November 1987 as a temp for two years, then in November 1989 received a permanent job, which I now hold. My service computation date is 1986, and I checked for retirement and the service computation date is 1988. My installation is now talking about a reduction in force. How much time do I have? Where do I stand? The agency…
Browsing: VSIP
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 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. For early retirement before age 62, what are the requirements to qualify for the special retirement supplement? How is the SRS amount calculated? If I apply for the SRS, will it reduce my benefit when I apply for Social Security at age 62 or 67? A. If you retire under a Voluntary Early Retirement Authority or Voluntary Separation Incentive Pay, you would be entitled to receive the SRS when you reach your minimum retirement age. The SRS will continue until age 62, when you are eligible for a Social Security benefit, whether or not you apply for it. Receiving the SRS, which is…
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.
Q. My brother-in-law is retired military and has worked for the Air Force as a civil servant for approximately 25 years (FERS). He is 64. His job is offering a Voluntary Separation Incentive Payment, but he was told he could not get the VSIP because he receives a military retirement pension. My benefits specialist said this was not true — that VSIP has nothing to do with the military pension. Have you heard of this? If so, what regulation? A. What he was told is completely untrue. The fact that he is receiving military retired pay has no bearing on…