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700 lines
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700 lines
27 KiB
Plaintext
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[BBS file "VSIPEMP1.TXT"; "Employee's Guide to Buyouts" dated April
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7, 1994.]
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=================================================================
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THE EMPLOYEE'S GUIDE TO BUYOUTS
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U.S. OFFICE OF PERSONNEL MANAGEMENT
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FEDERAL WORKFORCE RESTRUCTURING OFFICE
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Version: APRIL 7, 1994
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FEDERAL WORKFORCE RESTRUCTURING ACT OF 1994
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PUBLIC LAW 103-226, March 30, 1994
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KEY FEATURES OF INCENTIVES PROGRAM
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To avoid or minimize involuntary separations due to
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restructuring, executive branch agencies may pay voluntary
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separation incentive payments (VSIP) in any designated component,
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occupation, grade, series, and/or location to employees who
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voluntarily agree to resign, retire, or take voluntary early
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retirement (OPM must approve the agency's request for early
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retirement). The agency may allow employees to take buyouts
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through March 31, 1995.
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Employees may be offered an incentive only if the agency
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utilizes the VSIP program. The agency will then notify employees
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when they will have the opportunity to take the incentive.
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Agencies do not have to get approval from OPM to offer VSIPs.
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To receive a VSIP offer, an employee must--
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-be serving under appointment without time limit,
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-have 12 months of continuous service,
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-not be a reemployed annuitant,
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-not be eligible for disability retirement,
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-agree to resign or retire voluntarily during a period designated
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by the agency, and
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-be in a position designated by the agency as eligible for VSIP
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offers.
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VSIPs are not available to employees separated by reduction
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in force (RIF).
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The law sets no grade, series, or age requirements for VSIP.
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Agencies may offer incentives to all eligible employees of the
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agency or only to employees in designated:
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-organizational units,
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-geographic locations,
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-occupational categories (including grade levels), or
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-any combination of these factors,
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but may not select individual employees on any personal basis
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either to receive incentives or to be excluded from receiving
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incentives.
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The VSIP amount is the lesser of $25,000 or an amount equal
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to the employee's severance pay entitlement. We have attached a
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worksheet for employees to use to estimate the amount of their
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VSIP. The VSIP is also subject to all applicable federal, state,
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and local taxes, social security, medicare, etc.
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The agency may delay employee separations up to March 31,
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1997, to ensure performance of the agency's mission.
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An employee must repay the full VSIP if employed by the
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Government of the United States, by appointment or personal
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services contract, within 5 years after separation. This provision
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applies to employees of the Department of Defense and the Central
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Intelligence Agency who take VSIPs on or after March 30, 1994.
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-OPM may waive repayment only in cases where an individual
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with unique abilities is the only qualified candidate for
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appointment to a position.
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Employees must apply for separation incentive payments and
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must sign an agreement that the decision to resign or retire under
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these circumstances is entirely voluntary. The application process
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and the order in which applicants are selected to receive VSIPs is
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determined by each agency. Employees will need to contact the
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servicing personnel office for details.
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If an employee is selected to receive the voluntary
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separation incentive payment, these agreements will serve as a
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commitment to resign or retire during the window period. If
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employees are not selected to receive a separation incentive, they
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will not be bound by this commitment.
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[BBS Note-Guide continues on next page.]
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FREQUENTLY ASKED "BUYOUT" QUESTIONS (AND ANSWERS)
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1. "WHAT ARE VOLUNTARY SEPARATION INCENTIVE PAYMENTS? WHY ARE
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FEDERAL AGENCIES OFFERING THEM?"
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The Administration is committed to reducing the size of the Federal
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workforce. On March 30, 1994, the President signed Public Law
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103-226, the Federal Workforce Restructuring Act of 1994. This
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law allows agencies to offer Voluntary Separation Incentive
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Payments, (VSIPs or "buyouts") of up to $25,000 to employees who
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resign or retire. These payments are lump sum cash bonuses given
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to employees who voluntarily leave Federal service. By allowing
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employees to volunteer to leave the Government, agencies can
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minimize or avoid firing employees through the use of costly and
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disruptive reductions in force (RIFs). The cost of separating an
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employee by RIF is far greater than the cost to pay employees VSIPs
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to voluntarily quit.
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2. "WHEN WILL MY AGENCY OFFER BUYOUTS?"
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The Federal Workforce Restructuring Act of 1994 authorizes the
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heads of Executive Branch agencies to pay voluntary separation
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incentives (buyouts) to eligible employees who resign or retire by
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March 31, 1995. Since the agency head is authorized to determine
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where and when to allow VSIPS, only YOUR agency can tell you where
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and when buyouts will be offered. OPM CANNOT ANSWER THIS QUESTION
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FOR YOU.
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3. "DO I MEET THE AGE AND SERVICE REQUIREMENTS TO BE ELIGIBLE
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FOR A BUYOUT?"
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The law does not set any age or service requirements. However, the
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law does allow agencies to limit where they use incentives.
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Incentives can be targeted at positions in locations,
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organizations, and/or occupations (including grade levels), but may
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not be targeted at individuals.
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Many people believe that the "buyout" program is a RETIREMENT
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program. It is not. It is a program that allows federal agencies
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to pay separation incentives (buyouts) to ANY employee who
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quits or takes regular or early retirement. If your agency elects
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to offer buyouts to you, you will be eligible--regardless of age or
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length of service. If you wish to retire, you must meet the age
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and service requirements for retirement (see question 9).
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4. "MY AGENCY IS NOT PLANNING TO USE BUYOUTS. IS THIS FAIR?
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DON'T I HAVE A RIGHT TO A BUYOUT?"
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Agencies ARE NOT REQUIRED to use or pay incentives. Incentives ARE
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NOT an employee right. The incentives are a management tool to
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help the agency reduce the workforce without having to run
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costly and disruptive RIFs.
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5. "HOW MUCH WILL MY INCENTIVE BE? DOES EVERYONE GET $25,000?"
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The amount of each employee's incentive will vary. The basic
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formula for calculating your incentive is the same formula used for
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calculating severance pay. Remember, the MAXIMUM amount that any
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employee can receive is $25,000, (the amount you receive will be
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EVEN LOWER after the appropriate taxes, social security, medicare,
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etc. are deducted by your payroll office). You will need
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to contact your servicing personnel office for an exact calculation
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of your incentive amount. However, we have included a worksheet in
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this packet to help you ESTIMATE your buyout.
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An incentive payment is the amount of severance pay you would get,
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or $25,000, whichever is less. Severance pay is figured as if you
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would get it; you don't have to be eligible for severance pay.
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(Severance pay is normally only for people who separate
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involuntarily. Leaving Federal service with an incentive payment
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is a voluntary action.)
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The amount of severance pay would be 1 week's basic pay for each of
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the first 10 years of your civilian service, plus 2 weeks' basic
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pay for each year over 10 years. An age adjustment allowance
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of 10% is added for each year you are over 40. (No credit is given
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for military service unless the service interrupted otherwise
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creditable civilian service.)
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6. "WHAT MAKES AN EMPLOYEE ELIGIBLE FOR A BUYOUT?"
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To receive a VSIP offer, an employee must--
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-be serving under appointment without time limit,
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-have 12 months of continuous service,
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-not be a reemployed annuitant,
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-not be eligible for disability retirement,
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-agree to resign or retire voluntarily during a period designated
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by the agency, and
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-be in a position designated by the agency as eligible for VSIP
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offers.
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7. "ARE POSTAL SERVICE EMPLOYEES COVERED BY THIS LAW?"
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No. The law specifically excludes U.S. Postal Service and Postal
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Rate Commission employees.
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8. "ARE D.C. GOVERNMENT WORKERS WHO WERE FEDERAL EMPLOYEES
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COVERED BY THIS LAW?"
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No. This law authorizes Federal agencies in the Executive branch
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to pay incentives to their employees. The DC Government is not a
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Federal agency.
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9. "DOES THE NEW LAW CHANGE ELIGIBILITY FOR RETIREMENT?"
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No. If you are under FERS or CSRS, you can take regular optional
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retirement if you are 55 with at least 30 years of service; age 60
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with 20 years of service; or age 62 with 5 years. If your agency
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offers early retirement, you must be at least 50 with 20 years of
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service or have 25 years of service at any age. An employee under
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FERS also is eligible for an immediate annuity if he/she has 10
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years of service and has reached the minimum retirement age (55 if
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born before 1948, and gradually increasing to 57). An employee
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under CSRS must meet the 1-out-of-last-2 years coverage
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requirement and all employees must have at least 5 years of
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civilian service.
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10. "WHAT DOES AN "APPOINTMENT WITHOUT TIME LIMITATION" MEAN?"
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An employee on an appointment with a time limit works only until a
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specified date and then goes off the rolls. The employing agency
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sets the ending date when it hires the individual and/or when it
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extends the appointment. For example, temporary and term employees
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serve with a time limit, so they are not eligible for an incentive
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payment. Career and career-conditional employees and permanent
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employees in the excepted service have no limit so they are
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eligible.
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11. "I RETIRED FROM THE MILITARY BUT AM NOW A CIVILIAN EMPLOYEE.
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CAN I APPLY FOR A SEPARATION INCENTIVE?"
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Yes, if you are otherwise eligible. The agency will figure the
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incentive payment only on the basis of your civilian service.
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12. "WHEN IS THE EARLIEST I CAN LEAVE WITH AN INCENTIVE PAYMENT?
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WHEN IS THE LATEST?"
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Your agency can set windows for buyouts at any time through March
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31, 1995. The agency may also delay your separation with an
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incentive payment to no later than March 31, 1997, if your job is
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essential for continuing operations. See your personnel office for
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details on when windows will be available for you to apply.
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13. "IF I MEET ALL THE REQUIREMENTS, DO I AUTOMATICALLY GET AN
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INCENTIVE PAYMENT IF I LEAVE? WHAT IF MY AGENCY GETS MORE
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REQUESTS FOR INCENTIVE PAYMENTS THAN ARE NECESSARY TO MEET ITS
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REDUCED STAFFING TARGETS. HOW WILL IT DECIDE WHICH REQUESTS TO
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APPROVE?"
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You are eligible to apply for an incentive payment if you meet all
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the requirements set by the law and your agency. Agencies may
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exclude certain jobs or units from the incentive payment offer.
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(See your agency for a list.) In handling applications, the agency
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must use a fair and objective method to determine the order in
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which applications will be approved (for example, order of
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separation date, order of receipt of completed applications,
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seniority, etc.).
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14. "WHEN WILL I RECEIVE MY INCENTIVE PAYMENT? WILL IT BE ALL AT
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ONCE (LUMP SUM) OR MONTHLY? IS IT TAXABLE?"
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The agency will send you the incentive payment as soon as possible
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after the date of your separation but cannot guarantee a specific
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date. First, the agency must resolve any leave errors, salary
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offsets, and employee debts to the Government. It is also subject
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to garnishment for alimony and child support. The incentive
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payment is taxable. You will receive it as a lump sum (less
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Federal income tax withholding, applicable State and local taxes,
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and FICA/Medicare taxes).
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15. "DO I HAVE TO MAKE A COMMITMENT TO LEAVE IF I ACCEPT AN
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INCENTIVE PAYMENT?"
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Yes. Your agency will ask you to sign an agreement saying that in
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exchange for an incentive payment you agree to resign or retire on
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a specific date. If employees could change their minds, the agency
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might not be able to meet its downsizing goal.
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16. "WHAT DOES THE INCENTIVE PAYMENT AGREEMENT SAY?"
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The agreement says that you agree to leave by a certain date in
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return for the incentive payment. It also says that if you accept
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an incentive payment, you will not be eligible for reemployment
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with the Federal government, in either a temporary or permanent
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status, or on a personal services contract for 5 years following
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the effective date of your separation--unless you repay the full
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amount of the incentive payment. Waivers are allowed only in rare
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cases.
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17. "WHAT RIGHTS AND BENEFITS WOULD I BE GIVING UP TO TAKE AN
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INCENTIVE PAYMENT TO RETIRE OR RESIGN RATHER THAN WAITING TO BE
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SEPARATED IN A RIF?"
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o Placement assistance;
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o Taking a job in Government within next 5 years without paying
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back the incentive payment;
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o Full amount of severance pay (if eligible);
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o Discontinued Service Retirement (if eligible); and the option
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of a lump-sum refund of retirement contributions (available to
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employees separated involuntarily through September 29, 1994).
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18. "MAY I TAKE A DISCONTINUED SERVICE RETIREMENT, THE LUMP-SUM
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REFUND OF RETIREMENT CONTRIBUTIONS, AND AN INCENTIVE PAYMENT?"
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No. Incentives are paid to employees who leave voluntarily.
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Discontinued Service Retirement is based on an involuntary
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separation. The lump-sum refund is available only to employees who
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have a critical medical condition or are separated involuntarily no
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later than September 29, 1994.
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19. "IF I LEAVE WITH AN INCENTIVE PAYMENT, CAN I TAKE A JOB IN
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ANOTHER FEDERAL AGENCY? AM I ELIGIBLE FOR PLACEMENT ASSISTANCE?"
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If you retire or resign with an incentive payment, you may not take
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a job with the Federal government for 5 years following the day of
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your separation--unless you pay back the full amount of
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the incentive payment. This prohibition covers any kind of
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employment (for example, permanent, temporary, expert, consultant,
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reemployed annuitant) as well as personal services contracts.
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Repayment may be waived but only in those rare cases where an
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individual is the only qualified applicant for a job and the agency
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head requests the waiver from OPM. If OPM waives the repayment and
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you are reemployed, you may not move out of that position--unless
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you repay the incentive payment or unless OPM approves another
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waiver.
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You are not entitled to placement assistance because employees
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volunteer to leave Federal service with an incentive payment.
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Placement assistance is for employees who are involuntarily
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separated.
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20. "CAN THE AGENCY DELAY MY SEPARATION UNTIL AFTER THE "WINDOW"
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AND STILL GIVE ME AN INCENTIVE PAYMENT WHEN I LEAVE?"
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Generally, to receive an incentive payment, the effective date of
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your resignation or retirement must be during the agency's window
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period. However, the agency may extend individuals in certain
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positions or whole groups of positions for any period up through
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March 31, 1997, to ensure the performance of the agency's mission.
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21. "HOW WILL THE AGENCY DECIDE WHICH EMPLOYEES TO DELAY?"
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Each agency can set its own policy on which positions they will
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need to ensure the agency's mission. Check with your personnel
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office to find out how your agency will be handling the option.
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22. "CAN I TURN DOWN MY AGENCY'S REQUEST THAT I STAY ON FOR AN
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ADDITIONAL PERIOD AND LEAVE NOW AND STILL GET THE INCENTIVE
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PAYMENT?"
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Agencies may approve the incentive payment for certain employees
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contingent on their staying to finish essential activities. These
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activities must be to ensure the agency's mission. If you are such
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an employee, you could still resign at any time, or take early
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retirement during the early retirement window, or take regular
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retirement if you are eligible, but you may not get the incentive
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payment if you left before the date the agency set.
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23. "LEAVING FEDERAL SERVICE WITH THE INCENTIVE PAYMENT IS
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SUPPOSED TO BE VOLUNTARY. IF I'M ELIGIBLE BUT DON'T CHOOSE TO
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LEAVE, CAN MY AGENCY RETALIATE BY MOVING ME TO ANOTHER POSITION?"
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Incentives are for voluntary separations. Coercion is prohibited.
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|||
|
However, after the window closes, an agency may find it necessary
|
|||
|
to move some remaining employees to other positions. Also, later
|
|||
|
restructuring could mean the agency would have to reassign or even
|
|||
|
separate employees. To take these actions agencies would have to
|
|||
|
follow requirements of law, regulation, and applicable negotiated
|
|||
|
procedures.
|
|||
|
|
|||
|
|
|||
|
24. "IF I DECLINE AN OFFER OF AN INCENTIVE, CAN I BE RIFed?"
|
|||
|
|
|||
|
Coercing an employee to take a buyout is prohibited. However, even
|
|||
|
if an agency uses buyouts, it is possible that buyouts will not
|
|||
|
result in a sufficient number of voluntary separations and the
|
|||
|
agency may need to carry out a RIF. A buyout offer does not
|
|||
|
protect the employee from RIF.
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
VOLUNTARY EARLY RETIREMENT
|
|||
|
|
|||
|
1. "WHO IS ELIGIBLE FOR EARLY RETIREMENT?"
|
|||
|
|
|||
|
OPM can authorize an agency to offer early retirement to eligible
|
|||
|
employees. The agency can exclude employees in certain jobs that
|
|||
|
are critical to the agency's operation. (See your agency for a
|
|||
|
list.) The agency may change this list before the early retirement
|
|||
|
window closes. Unless you are excluded because your job is on the
|
|||
|
above list, you are eligible for early retirement as follows:
|
|||
|
|
|||
|
o If you are under the Civil Service Retirement System (CSRS),
|
|||
|
you must have served in a position covered by the CSRS for at least
|
|||
|
l year out of the 2 years immediately before retirement.
|
|||
|
|
|||
|
o If you are under FERS, this rule does not apply. At least 5
|
|||
|
years must be civilian service, whether you are retiring under CSRS
|
|||
|
or FERS.
|
|||
|
|
|||
|
o You must be at least 50 with 20 years of service or have 25
|
|||
|
years of service at any age.
|
|||
|
|
|||
|
o You must be serving under other than a temporary appointment;
|
|||
|
|
|||
|
o You must have been on the agency's rolls at least 30 days
|
|||
|
before the agency requested authority from OPM and you served
|
|||
|
continuously since that date without a break in service.
|
|||
|
|
|||
|
|
|||
|
2. "WHAT DOES THE EARLY RETIREMENT "WINDOW" MEAN?"
|
|||
|
|
|||
|
Each agency sets a window, or period of time, during which eligible
|
|||
|
employees can take early retirement. Normally, this coincides with
|
|||
|
the window during which buyouts will be offered. If you want to
|
|||
|
retire early, you would separate during the agency's window. You
|
|||
|
must turn in your application as soon as possible to make sure you
|
|||
|
can retire during the window. If your agency offers you an
|
|||
|
incentive payment contingent on your staying beyond the window to
|
|||
|
finish essential work, you do not have to retire during the window,
|
|||
|
but you must apply during the window period.
|
|||
|
|
|||
|
|
|||
|
3. "CAN ANYONE WHO IS ELIGIBLE AND WHO APPLIES FOR EARLY
|
|||
|
RETIREMENT BE ASSURED OF RETIRING EARLY?"
|
|||
|
|
|||
|
Just as it does with buyouts, the agency may set a limit on the
|
|||
|
number of early retirements it offers. This number should take
|
|||
|
care of all the employees who want to retire early and whose jobs
|
|||
|
are not essential to the agency's continued operations. If the
|
|||
|
agency receives more applications than it needs, the agency must
|
|||
|
use a fair objective method to make decisions (for example, order
|
|||
|
of separation date, order of receipt of completed applications,
|
|||
|
seniority, etc.).
|
|||
|
|
|||
|
4. "IF I TAKE EARLY RETIREMENT, IS MY ANNUITY REDUCED?"
|
|||
|
|
|||
|
CSRS employees who retire under the voluntary early retirement
|
|||
|
authority will have a reduction in their annuity of 2 percent per
|
|||
|
year for each year they are under age 55. (The reduction is 1/6 of
|
|||
|
1 percent for each full month.) This is a permanent reduction in
|
|||
|
annuity.
|
|||
|
|
|||
|
Employees with only FERS service will not have their annuities
|
|||
|
reduced unless retiring under the MRA+10 provision before age 62.
|
|||
|
Employees with both CSRS and FERS service will have a reduction
|
|||
|
only for the CSRS portion of their service.
|
|||
|
|
|||
|
Special rules apply to the calculation of annuities of employees
|
|||
|
who have part-time service after 1986. The personnel office can
|
|||
|
give you more details.
|
|||
|
|
|||
|
|
|||
|
5. "IF I TAKE EARLY RETIREMENT, WHAT HAPPENS TO MY UNUSED SICK
|
|||
|
LEAVE?"
|
|||
|
|
|||
|
CSRS employees will receive service credit for any unused sick
|
|||
|
leave in determining their annuity (but they must meet eligibility
|
|||
|
requirements for retirement before the sick leave is added.)
|
|||
|
|
|||
|
FERS employees do not receive credit. Employees who were
|
|||
|
previously under CSRS but who transferred to FERS will receive
|
|||
|
credit for either the amount of sick leave at the time of the
|
|||
|
transfer to FERS, or at the time of retirement--whichever is less.
|
|||
|
|
|||
|
|
|||
|
6. "CAN I CONTINUE HEALTH AND LIFE INSURANCE INTO RETIREMENT?"
|
|||
|
|
|||
|
If you retire on an immediate annuity and if you have been enrolled
|
|||
|
(or covered as a family member) in a plan (not necessarily the same
|
|||
|
plan) under the Federal Employees Health Benefits program from (a)
|
|||
|
the 5 years of service immediately preceding retirement, or (b)
|
|||
|
from service since your first opportunity to enroll or, ( c)
|
|||
|
continuously for the full period or periods of service beginning
|
|||
|
with the enrollment which became effective no later than December
|
|||
|
31, 1964. Also, your annuity must be sufficient to cover your
|
|||
|
share of the premiums.
|
|||
|
|
|||
|
|
|||
|
7. "WHAT FORMS DO I NEED TO APPLY FOR EARLY RETIREMENT WITH AN
|
|||
|
INCENTIVE PAYMENT AND WHERE DO I GET THEM?
|
|||
|
|
|||
|
Your personnel office will provide these forms to you. You will
|
|||
|
sign: (1) an application for retirement, and (2) an incentive
|
|||
|
payment agreement.
|
|||
|
|
|||
|
[BBS Note-Guide continues on next page.]
|
|||
|
|
|||
|
|
|||
|
VSIP COMPUTATION WORKSHEETS-
|
|||
|
|
|||
|
The following are samples for use in ESTIMATING the amount of your
|
|||
|
buyout. The actual calculation formula is quite complicated and
|
|||
|
technical. The samples are intended to allow an employee to figure
|
|||
|
the approximate amount of the buyout they may receive. OPM is not
|
|||
|
responsible for the accuracy of the results that this worksheet may
|
|||
|
give you. If you want a more accurate calculation, you will have
|
|||
|
to contact your personnel office.
|
|||
|
EXAMPLE OF VSIP COMPUTATION WORKSHEET
|
|||
|
|
|||
|
|
|||
|
line 1.Salary at time of separation (GS-14/10)= $73,619
|
|||
|
|
|||
|
line 2.Weekly Rate (line 1 divided by 52)=$1,415.75
|
|||
|
|
|||
|
line 3.Years of Service (see A and B below)18
|
|||
|
|
|||
|
A. If your length of service is LESS THAN 10 years, enter
|
|||
|
your length of service on line 3a.
|
|||
|
|
|||
|
B. If your length of service is MORE THAN 10 years:
|
|||
|
1) enter your length of service: 18
|
|||
|
2) subtract 10 from your length of service: - 10
|
|||
|
= 8
|
|||
|
3) multiply the result, in this case, 8, by 2: = 16
|
|||
|
+10
|
|||
|
4) add 10 to the amount listed in 3). 26
|
|||
|
5) enter this total on line 3a. This is the factor for
|
|||
|
your adjusted years of service and tells you approximately the
|
|||
|
number of weeks of severance pay you would be entitled to.
|
|||
|
|
|||
|
line 3a. Adjusted Years of Service 26
|
|||
|
|
|||
|
line 4.Basic Severance Pay (multiply amount in line 2 by number on
|
|||
|
line 3a--Adjusted Years of Service) = $36809.50
|
|||
|
|
|||
|
line 5.Age Adjustment Factor (if your age is above 40, look your
|
|||
|
age up on the "AGE TABLE AND FACTORS" chart attached. Enter the
|
|||
|
"factor" number shown.)
|
|||
|
|
|||
|
Age = 52 years. Factor = 2.20.
|
|||
|
|
|||
|
Line 6. Severance Pay Amount
|
|||
|
|
|||
|
Multiply line 4 by line 5 factor (38809.50 X 2.20) =
|
|||
|
$80,980.90
|
|||
|
|
|||
|
6a. If line 6 exceeds line 1, enter amount on line 1.
|
|||
|
The amount of severance pay will be = 73,619
|
|||
|
|
|||
|
Line 7. Buyout Amount
|
|||
|
|
|||
|
If line 6a exceeds $25,000, enter $25,000
|
|||
|
OR
|
|||
|
If line 6a does not exceed $25,000, but is more than
|
|||
|
line 1, enter amount on line 1.
|
|||
|
|
|||
|
YOUR BUYOUT AMOUNT: = $25,000
|
|||
|
|
|||
|
[BBS Note-Guide continues on next page.]
|
|||
|
|
|||
|
|
|||
|
VSIP COMPUTATION WORKSHEET
|
|||
|
|
|||
|
|
|||
|
line 1.Salary at time of separation =_________
|
|||
|
|
|||
|
line 2.Weekly Rate (line 1 divided by 52) =_________
|
|||
|
|
|||
|
line 3.Years of Service (see A and B below) _________
|
|||
|
|
|||
|
A. If your length of service is LESS THAN 10 years, enter
|
|||
|
your length of service on line 3a.
|
|||
|
|
|||
|
B. If your length of service is MORE THAN 10 years:
|
|||
|
1) enter your length of service: ___
|
|||
|
2) subtract 10 from your length of service:-10
|
|||
|
___
|
|||
|
3) multiply the result by 2: ___
|
|||
|
+10
|
|||
|
4) add 10 to the amount listed in 3). ___
|
|||
|
5) enter this total on line 3a. This is the factor for
|
|||
|
your adjusted years of service and tells you approximately the
|
|||
|
number of weeks of severance pay you would be entitled to.
|
|||
|
|
|||
|
line 3a. Adjusted Years of Service ____________
|
|||
|
|
|||
|
line 4.Basic Severance Pay (multiply amount in line 2 by number on
|
|||
|
line 3a--Adjusted Years of Service) = _________
|
|||
|
|
|||
|
line 5.Age Adjustment Factor (if your age is above 40, look your
|
|||
|
age up on the "AGE TABLE AND FACTORS" chart attached. Enter the
|
|||
|
"factor" number shown.)
|
|||
|
|
|||
|
Age = _______years and _______months. Factor = _______
|
|||
|
|
|||
|
Line 6. Severance Pay Amount
|
|||
|
|
|||
|
Multiply line 4 by line 5 factor $_________
|
|||
|
|
|||
|
6a. If line 6 exceeds line 1, enter amount on line 1.
|
|||
|
The amount of severance pay will be $_________
|
|||
|
|
|||
|
Line 7. Buyout Amount
|
|||
|
|
|||
|
If line 6a exceeds $25,000, enter $25,000
|
|||
|
OR
|
|||
|
If line 6a does not exceed $25,000, but is more than
|
|||
|
line 1, enter amount on line 1.
|
|||
|
|
|||
|
YOUR BUYOUT AMOUNT: $_________
|
|||
|
|
|||
|
|
|||
|
[BBS Note-Guide continues on next page.]
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
AGE TABLE AND FACTORS
|
|||
|
|
|||
|
Yrs. Factor Yrs. Factor Yrs. Factor
|
|||
|
Mos. Mos. Mos.
|
|||
|
|
|||
|
40 3-5 1.O25 48 4-8 1.850 56 9-11 2.675
|
|||
|
40 6-8 1.050 48 9-11 1.875 57 0-2 2.700
|
|||
|
40 9-11 1.075 49 0-2 1.900 57 3-5 2.725
|
|||
|
41 0-2 1.100 49 3-5 1.925 57 6-8 2.750
|
|||
|
41 3-5 1.125 49 6-8 1.950 57 9-ll 2.775
|
|||
|
41 6-8 1.150 49 9-ll 1.975 58 0-2 2.800
|
|||
|
41 9-ll 1.175 50 0-2 2.000 58 3-5 2.825
|
|||
|
42 O-2 1.200 50 3-5 2.025 58 6-8 2.850
|
|||
|
42 3-5 1.225 50 6-8 2.050 58 9-ll 2.875
|
|||
|
42 6-8 1.250 50 9-11 2.075 59 0-2 2.900
|
|||
|
42 9-11 1.275 51 0-2 2.100 59 3-5 2.925
|
|||
|
43 0-2 1.300 51 3-5 2.125 59 6-8 2.950
|
|||
|
43 3-5 1.325 51 6-8 2.150 59 9-11 2.975
|
|||
|
43 6-8 1.350 51 9-ll 2.175 60 0-2 3.000
|
|||
|
43 9-11 1.375 52 0-2 2.200 60 3-5 3.025
|
|||
|
44 0-2 1.400 52 3-5 2.225 60 6-8 3.050
|
|||
|
44 3-5 1.425 52 6-8 2.250 60 9-11 3.075
|
|||
|
44 6-8 1.450 52 9-11 2.275 61 0-2 3.100
|
|||
|
44 9-11 1.475 53 0-2 2.300 61 3-5 3.125
|
|||
|
45 0-2 1.500 53 3-5 2.325 61 6-8 3.150
|
|||
|
45 3-5 1.525 53 6-8 2.350 61 9-11 3.175
|
|||
|
45 6-8 1.550 53 9-11 2.375 62 0-2 3.200
|
|||
|
45 9-11 1.575 54 0-2 2.400 62 3-5 3.225
|
|||
|
46 0-2 1.600 54 3-5 2.425 62 6-8 3.250
|
|||
|
46 3-5 1.625 54 6-8 2.450 62 9-11 3.275
|
|||
|
46 6-8 1.650 54 9-11 2.475 63 0-2 3.300
|
|||
|
46 9-11 1.675 55 0-2 2.500 63 3-5 3.325
|
|||
|
47 0-2 1.700 55 3-5 2.525 63 6-8 3.350
|
|||
|
47 3-5 1.725 55 6-8 2.550 63 9-11 3.375
|
|||
|
47 6-8 1.750 55 9-11 2.575 64 0-2 3.400
|
|||
|
47 9-11 1.775 56 0-2 2.600 64 3-5 3.425
|
|||
|
48 0-2 1.800 56 3-5 2.625 64 6-8 3.450
|
|||
|
48 3-5 1.825 56 6-8 2.650 64 9-11 3.475
|
|||
|
|
|||
|
[BBS Note-End of Guide.]
|
|||
|
|