Early retirement


Q. I have more than 14 years of civil service. I’m retired military (20 years). I’m almost 58 years old. I fall under FERS. A while back, an email came down asking who would be interested in Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay. I replied in the affirmative.

If they offer VERA/VSIP, my supervisor says he would not approve it for me, as he cannot afford to lose the position. My plan was to retire at 60, but if they offered VERA/VSIP I would go earlier. With talk of reductions in force, I’m concerned what course would be most beneficial for me. If a RIF is enforced or if VERA/VSIP is offered, do they waive the 5 percent-per-year penalties for early retirement? How do I find out how much penalty I would incur if they do not waive them? Should I buy back my military time? Keep it separate? Stay until 60?

A. As long as you meet the age and service requirements, if you accept an offer of early retirement, the age penalty will be waived, whether your retirement is voluntary of involuntary.


About Author

Reg Jones was head of retirement and insurance policy at the Office of Personnel Management. Email your retirement-related questions to fedexperts@federaltimes.com.

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