Q: My Agency has been authorized to offer employees an early out and buyout program this year with the requirement of being off the roles by Oct. 3, 2011. This is three days before I turn 55. However, I meet the years-in-service requirement. What will be the penalty if I take the early out/buyout three days before I turn 55 on Oct. 6.?
A: At retirement age and service are counted in years and full months. Because you would be one month shy of your 55th birthday, your annuity would be reduced by roughly 1/6 percent.