mirror of
https://github.com/nhammer514/textfiles-politics.git
synced 2024-12-28 00:39:23 -05:00
700 lines
27 KiB
Plaintext
700 lines
27 KiB
Plaintext
[BBS file "VSIPEMP1.TXT"; "Employee's Guide to Buyouts" dated April
|
||
7, 1994.]
|
||
=================================================================
|
||
|
||
THE EMPLOYEE'S GUIDE TO BUYOUTS
|
||
|
||
U.S. OFFICE OF PERSONNEL MANAGEMENT
|
||
FEDERAL WORKFORCE RESTRUCTURING OFFICE
|
||
|
||
Version: APRIL 7, 1994
|
||
|
||
FEDERAL WORKFORCE RESTRUCTURING ACT OF 1994
|
||
PUBLIC LAW 103-226, March 30, 1994
|
||
|
||
KEY FEATURES OF INCENTIVES PROGRAM
|
||
|
||
To avoid or minimize involuntary separations due to
|
||
restructuring, executive branch agencies may pay voluntary
|
||
separation incentive payments (VSIP) in any designated component,
|
||
occupation, grade, series, and/or location to employees who
|
||
voluntarily agree to resign, retire, or take voluntary early
|
||
retirement (OPM must approve the agency's request for early
|
||
retirement). The agency may allow employees to take buyouts
|
||
through March 31, 1995.
|
||
|
||
Employees may be offered an incentive only if the agency
|
||
utilizes the VSIP program. The agency will then notify employees
|
||
when they will have the opportunity to take the incentive.
|
||
Agencies do not have to get approval from OPM to offer VSIPs.
|
||
|
||
To receive a VSIP offer, an employee must--
|
||
|
||
-be serving under appointment without time limit,
|
||
-have 12 months of continuous service,
|
||
-not be a reemployed annuitant,
|
||
-not be eligible for disability retirement,
|
||
-agree to resign or retire voluntarily during a period designated
|
||
by the agency, and
|
||
-be in a position designated by the agency as eligible for VSIP
|
||
offers.
|
||
|
||
VSIPs are not available to employees separated by reduction
|
||
in force (RIF).
|
||
|
||
The law sets no grade, series, or age requirements for VSIP.
|
||
Agencies may offer incentives to all eligible employees of the
|
||
agency or only to employees in designated:
|
||
|
||
-organizational units,
|
||
-geographic locations,
|
||
-occupational categories (including grade levels), or
|
||
-any combination of these factors,
|
||
|
||
but may not select individual employees on any personal basis
|
||
either to receive incentives or to be excluded from receiving
|
||
incentives.
|
||
|
||
The VSIP amount is the lesser of $25,000 or an amount equal
|
||
to the employee's severance pay entitlement. We have attached a
|
||
worksheet for employees to use to estimate the amount of their
|
||
VSIP. The VSIP is also subject to all applicable federal, state,
|
||
and local taxes, social security, medicare, etc.
|
||
|
||
The agency may delay employee separations up to March 31,
|
||
1997, to ensure performance of the agency's mission.
|
||
|
||
An employee must repay the full VSIP if employed by the
|
||
Government of the United States, by appointment or personal
|
||
services contract, within 5 years after separation. This provision
|
||
applies to employees of the Department of Defense and the Central
|
||
Intelligence Agency who take VSIPs on or after March 30, 1994.
|
||
|
||
-OPM may waive repayment only in cases where an individual
|
||
with unique abilities is the only qualified candidate for
|
||
appointment to a position.
|
||
|
||
Employees must apply for separation incentive payments and
|
||
must sign an agreement that the decision to resign or retire under
|
||
these circumstances is entirely voluntary. The application process
|
||
and the order in which applicants are selected to receive VSIPs is
|
||
determined by each agency. Employees will need to contact the
|
||
servicing personnel office for details.
|
||
|
||
If an employee is selected to receive the voluntary
|
||
separation incentive payment, these agreements will serve as a
|
||
commitment to resign or retire during the window period. If
|
||
employees are not selected to receive a separation incentive, they
|
||
will not be bound by this commitment.
|
||
|
||
|
||
[BBS Note-Guide continues on next page.]
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
FREQUENTLY ASKED "BUYOUT" QUESTIONS (AND ANSWERS)
|
||
|
||
|
||
|
||
1. "WHAT ARE VOLUNTARY SEPARATION INCENTIVE PAYMENTS? WHY ARE
|
||
FEDERAL AGENCIES OFFERING THEM?"
|
||
|
||
The Administration is committed to reducing the size of the Federal
|
||
workforce. On March 30, 1994, the President signed Public Law
|
||
103-226, the Federal Workforce Restructuring Act of 1994. This
|
||
law allows agencies to offer Voluntary Separation Incentive
|
||
Payments, (VSIPs or "buyouts") of up to $25,000 to employees who
|
||
resign or retire. These payments are lump sum cash bonuses given
|
||
to employees who voluntarily leave Federal service. By allowing
|
||
employees to volunteer to leave the Government, agencies can
|
||
minimize or avoid firing employees through the use of costly and
|
||
disruptive reductions in force (RIFs). The cost of separating an
|
||
employee by RIF is far greater than the cost to pay employees VSIPs
|
||
to voluntarily quit.
|
||
|
||
|
||
2. "WHEN WILL MY AGENCY OFFER BUYOUTS?"
|
||
|
||
The Federal Workforce Restructuring Act of 1994 authorizes the
|
||
heads of Executive Branch agencies to pay voluntary separation
|
||
incentives (buyouts) to eligible employees who resign or retire by
|
||
March 31, 1995. Since the agency head is authorized to determine
|
||
where and when to allow VSIPS, only YOUR agency can tell you where
|
||
and when buyouts will be offered. OPM CANNOT ANSWER THIS QUESTION
|
||
FOR YOU.
|
||
|
||
|
||
3. "DO I MEET THE AGE AND SERVICE REQUIREMENTS TO BE ELIGIBLE
|
||
FOR A BUYOUT?"
|
||
|
||
The law does not set any age or service requirements. However, the
|
||
law does allow agencies to limit where they use incentives.
|
||
Incentives can be targeted at positions in locations,
|
||
organizations, and/or occupations (including grade levels), but may
|
||
not be targeted at individuals.
|
||
|
||
Many people believe that the "buyout" program is a RETIREMENT
|
||
program. It is not. It is a program that allows federal agencies
|
||
to pay separation incentives (buyouts) to ANY employee who
|
||
quits or takes regular or early retirement. If your agency elects
|
||
to offer buyouts to you, you will be eligible--regardless of age or
|
||
length of service. If you wish to retire, you must meet the age
|
||
and service requirements for retirement (see question 9).
|
||
|
||
|
||
4. "MY AGENCY IS NOT PLANNING TO USE BUYOUTS. IS THIS FAIR?
|
||
DON'T I HAVE A RIGHT TO A BUYOUT?"
|
||
|
||
Agencies ARE NOT REQUIRED to use or pay incentives. Incentives ARE
|
||
NOT an employee right. The incentives are a management tool to
|
||
help the agency reduce the workforce without having to run
|
||
costly and disruptive RIFs.
|
||
|
||
5. "HOW MUCH WILL MY INCENTIVE BE? DOES EVERYONE GET $25,000?"
|
||
|
||
The amount of each employee's incentive will vary. The basic
|
||
formula for calculating your incentive is the same formula used for
|
||
calculating severance pay. Remember, the MAXIMUM amount that any
|
||
employee can receive is $25,000, (the amount you receive will be
|
||
EVEN LOWER after the appropriate taxes, social security, medicare,
|
||
etc. are deducted by your payroll office). You will need
|
||
to contact your servicing personnel office for an exact calculation
|
||
of your incentive amount. However, we have included a worksheet in
|
||
this packet to help you ESTIMATE your buyout.
|
||
|
||
An incentive payment is the amount of severance pay you would get,
|
||
or $25,000, whichever is less. Severance pay is figured as if you
|
||
would get it; you don't have to be eligible for severance pay.
|
||
(Severance pay is normally only for people who separate
|
||
involuntarily. Leaving Federal service with an incentive payment
|
||
is a voluntary action.)
|
||
|
||
The amount of severance pay would be 1 week's basic pay for each of
|
||
the first 10 years of your civilian service, plus 2 weeks' basic
|
||
pay for each year over 10 years. An age adjustment allowance
|
||
of 10% is added for each year you are over 40. (No credit is given
|
||
for military service unless the service interrupted otherwise
|
||
creditable civilian service.)
|
||
|
||
|
||
6. "WHAT MAKES AN EMPLOYEE ELIGIBLE FOR A BUYOUT?"
|
||
|
||
To receive a VSIP offer, an employee must--
|
||
|
||
-be serving under appointment without time limit,
|
||
-have 12 months of continuous service,
|
||
-not be a reemployed annuitant,
|
||
-not be eligible for disability retirement,
|
||
-agree to resign or retire voluntarily during a period designated
|
||
by the agency, and
|
||
-be in a position designated by the agency as eligible for VSIP
|
||
offers.
|
||
|
||
|
||
|
||
7. "ARE POSTAL SERVICE EMPLOYEES COVERED BY THIS LAW?"
|
||
|
||
No. The law specifically excludes U.S. Postal Service and Postal
|
||
Rate Commission employees.
|
||
|
||
|
||
|
||
|
||
8. "ARE D.C. GOVERNMENT WORKERS WHO WERE FEDERAL EMPLOYEES
|
||
COVERED BY THIS LAW?"
|
||
|
||
No. This law authorizes Federal agencies in the Executive branch
|
||
to pay incentives to their employees. The DC Government is not a
|
||
Federal agency.
|
||
|
||
9. "DOES THE NEW LAW CHANGE ELIGIBILITY FOR RETIREMENT?"
|
||
|
||
No. If you are under FERS or CSRS, you can take regular optional
|
||
retirement if you are 55 with at least 30 years of service; age 60
|
||
with 20 years of service; or age 62 with 5 years. If your agency
|
||
offers early retirement, you must be at least 50 with 20 years of
|
||
service or have 25 years of service at any age. An employee under
|
||
FERS also is eligible for an immediate annuity if he/she has 10
|
||
years of service and has reached the minimum retirement age (55 if
|
||
born before 1948, and gradually increasing to 57). An employee
|
||
under CSRS must meet the 1-out-of-last-2 years coverage
|
||
requirement and all employees must have at least 5 years of
|
||
civilian service.
|
||
|
||
|
||
10. "WHAT DOES AN "APPOINTMENT WITHOUT TIME LIMITATION" MEAN?"
|
||
|
||
An employee on an appointment with a time limit works only until a
|
||
specified date and then goes off the rolls. The employing agency
|
||
sets the ending date when it hires the individual and/or when it
|
||
extends the appointment. For example, temporary and term employees
|
||
serve with a time limit, so they are not eligible for an incentive
|
||
payment. Career and career-conditional employees and permanent
|
||
employees in the excepted service have no limit so they are
|
||
eligible.
|
||
|
||
|
||
11. "I RETIRED FROM THE MILITARY BUT AM NOW A CIVILIAN EMPLOYEE.
|
||
CAN I APPLY FOR A SEPARATION INCENTIVE?"
|
||
|
||
Yes, if you are otherwise eligible. The agency will figure the
|
||
incentive payment only on the basis of your civilian service.
|
||
|
||
|
||
12. "WHEN IS THE EARLIEST I CAN LEAVE WITH AN INCENTIVE PAYMENT?
|
||
WHEN IS THE LATEST?"
|
||
|
||
Your agency can set windows for buyouts at any time through March
|
||
31, 1995. The agency may also delay your separation with an
|
||
incentive payment to no later than March 31, 1997, if your job is
|
||
essential for continuing operations. See your personnel office for
|
||
details on when windows will be available for you to apply.
|
||
|
||
|
||
13. "IF I MEET ALL THE REQUIREMENTS, DO I AUTOMATICALLY GET AN
|
||
INCENTIVE PAYMENT IF I LEAVE? WHAT IF MY AGENCY GETS MORE
|
||
REQUESTS FOR INCENTIVE PAYMENTS THAN ARE NECESSARY TO MEET ITS
|
||
REDUCED STAFFING TARGETS. HOW WILL IT DECIDE WHICH REQUESTS TO
|
||
APPROVE?"
|
||
|
||
You are eligible to apply for an incentive payment if you meet all
|
||
the requirements set by the law and your agency. Agencies may
|
||
exclude certain jobs or units from the incentive payment offer.
|
||
(See your agency for a list.) In handling applications, the agency
|
||
must use a fair and objective method to determine the order in
|
||
which applications will be approved (for example, order of
|
||
separation date, order of receipt of completed applications,
|
||
seniority, etc.).
|
||
|
||
14. "WHEN WILL I RECEIVE MY INCENTIVE PAYMENT? WILL IT BE ALL AT
|
||
ONCE (LUMP SUM) OR MONTHLY? IS IT TAXABLE?"
|
||
|
||
The agency will send you the incentive payment as soon as possible
|
||
after the date of your separation but cannot guarantee a specific
|
||
date. First, the agency must resolve any leave errors, salary
|
||
offsets, and employee debts to the Government. It is also subject
|
||
to garnishment for alimony and child support. The incentive
|
||
payment is taxable. You will receive it as a lump sum (less
|
||
Federal income tax withholding, applicable State and local taxes,
|
||
and FICA/Medicare taxes).
|
||
|
||
|
||
15. "DO I HAVE TO MAKE A COMMITMENT TO LEAVE IF I ACCEPT AN
|
||
INCENTIVE PAYMENT?"
|
||
|
||
Yes. Your agency will ask you to sign an agreement saying that in
|
||
exchange for an incentive payment you agree to resign or retire on
|
||
a specific date. If employees could change their minds, the agency
|
||
might not be able to meet its downsizing goal.
|
||
|
||
|
||
16. "WHAT DOES THE INCENTIVE PAYMENT AGREEMENT SAY?"
|
||
|
||
The agreement says that you agree to leave by a certain date in
|
||
return for the incentive payment. It also says that if you accept
|
||
an incentive payment, you will not be eligible for reemployment
|
||
with the Federal government, in either a temporary or permanent
|
||
status, or on a personal services contract for 5 years following
|
||
the effective date of your separation--unless you repay the full
|
||
amount of the incentive payment. Waivers are allowed only in rare
|
||
cases.
|
||
|
||
|
||
17. "WHAT RIGHTS AND BENEFITS WOULD I BE GIVING UP TO TAKE AN
|
||
INCENTIVE PAYMENT TO RETIRE OR RESIGN RATHER THAN WAITING TO BE
|
||
SEPARATED IN A RIF?"
|
||
|
||
o Placement assistance;
|
||
o Taking a job in Government within next 5 years without paying
|
||
back the incentive payment;
|
||
o Full amount of severance pay (if eligible);
|
||
o Discontinued Service Retirement (if eligible); and the option
|
||
of a lump-sum refund of retirement contributions (available to
|
||
employees separated involuntarily through September 29, 1994).
|
||
|
||
|
||
18. "MAY I TAKE A DISCONTINUED SERVICE RETIREMENT, THE LUMP-SUM
|
||
REFUND OF RETIREMENT CONTRIBUTIONS, AND AN INCENTIVE PAYMENT?"
|
||
|
||
No. Incentives are paid to employees who leave voluntarily.
|
||
Discontinued Service Retirement is based on an involuntary
|
||
separation. The lump-sum refund is available only to employees who
|
||
have a critical medical condition or are separated involuntarily no
|
||
later than September 29, 1994.
|
||
|
||
|
||
19. "IF I LEAVE WITH AN INCENTIVE PAYMENT, CAN I TAKE A JOB IN
|
||
ANOTHER FEDERAL AGENCY? AM I ELIGIBLE FOR PLACEMENT ASSISTANCE?"
|
||
|
||
|
||
If you retire or resign with an incentive payment, you may not take
|
||
a job with the Federal government for 5 years following the day of
|
||
your separation--unless you pay back the full amount of
|
||
the incentive payment. This prohibition covers any kind of
|
||
employment (for example, permanent, temporary, expert, consultant,
|
||
reemployed annuitant) as well as personal services contracts.
|
||
Repayment may be waived but only in those rare cases where an
|
||
individual is the only qualified applicant for a job and the agency
|
||
head requests the waiver from OPM. If OPM waives the repayment and
|
||
you are reemployed, you may not move out of that position--unless
|
||
you repay the incentive payment or unless OPM approves another
|
||
waiver.
|
||
|
||
You are not entitled to placement assistance because employees
|
||
volunteer to leave Federal service with an incentive payment.
|
||
Placement assistance is for employees who are involuntarily
|
||
separated.
|
||
|
||
|
||
20. "CAN THE AGENCY DELAY MY SEPARATION UNTIL AFTER THE "WINDOW"
|
||
AND STILL GIVE ME AN INCENTIVE PAYMENT WHEN I LEAVE?"
|
||
|
||
Generally, to receive an incentive payment, the effective date of
|
||
your resignation or retirement must be during the agency's window
|
||
period. However, the agency may extend individuals in certain
|
||
positions or whole groups of positions for any period up through
|
||
March 31, 1997, to ensure the performance of the agency's mission.
|
||
|
||
|
||
21. "HOW WILL THE AGENCY DECIDE WHICH EMPLOYEES TO DELAY?"
|
||
|
||
Each agency can set its own policy on which positions they will
|
||
need to ensure the agency's mission. Check with your personnel
|
||
office to find out how your agency will be handling the option.
|
||
|
||
22. "CAN I TURN DOWN MY AGENCY'S REQUEST THAT I STAY ON FOR AN
|
||
ADDITIONAL PERIOD AND LEAVE NOW AND STILL GET THE INCENTIVE
|
||
PAYMENT?"
|
||
|
||
Agencies may approve the incentive payment for certain employees
|
||
contingent on their staying to finish essential activities. These
|
||
activities must be to ensure the agency's mission. If you are such
|
||
an employee, you could still resign at any time, or take early
|
||
retirement during the early retirement window, or take regular
|
||
retirement if you are eligible, but you may not get the incentive
|
||
payment if you left before the date the agency set.
|
||
|
||
|
||
23. "LEAVING FEDERAL SERVICE WITH THE INCENTIVE PAYMENT IS
|
||
SUPPOSED TO BE VOLUNTARY. IF I'M ELIGIBLE BUT DON'T CHOOSE TO
|
||
LEAVE, CAN MY AGENCY RETALIATE BY MOVING ME TO ANOTHER POSITION?"
|
||
|
||
Incentives are for voluntary separations. Coercion is prohibited.
|
||
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.]
|
||
|