By Reg Jones
Employment after buyout
February 14th, 2012 | Buyouts
Q: After receiving a buyout, would employment with a government contractor require repayment of the buyout?
A: You would only have to repay the buyout if you later accepted employment with the federal government (including work under a personal services contract or other direct contract) within five years of the date of the separation on which the VSIP is based.
Tags: buyout
Early buyout retirement
December 22nd, 2011 | Buyouts
Q: I am 50 with 30 years of service. Will I be penalized if I take the early buyout at age 50 or at any age before my MRA of 56 years? If I draw my retirement at age 50, will I be entitled to receive my FERS supplement at age 56?
A: Yes, as a FERS employee you would be eligible to retire without the age penalty. That’s because you are at least 50 and have at least 20 years of service. As for the special retirement supplement, you’d be eligible to receive that when you reach your minimum retirement age, unless you have earnings from wages or self-employment that exceed the Social Security annual earnings limit.
Government-offered buyouts
December 21st, 2011 | Buyouts
Q: I turned 62 in September. I have 29 years of service as a FERS employee. I’m thinking of retiring Jan 31. I work for the Federal Aviation Administration. Is there any possibility that the government will offer buyouts or early buyouts before I retire? Or is it a possibility that they will offer them later in the year?
A: We have no information about potential early retirement opportunities or buyouts. Your best source of information about them will come from your own agency.
Tags: FERS
VERA
December 19th, 2011 | Buyouts
Q: I left the Postal Service in 1999 to go to Arizona and received the refund then, and was reinstated in 2001. I’m 48 and in FERS. I bought back my military time already. I’m making biweekly payments to buy back the 13 years I lost when I left Rockford, Ill., in 1999. If the Postal Service offers a VERA, would I be eligible and given the opportunity to pay the balance due to buy back my time? Or do I need to make a full payment now to get the credit and be eligible if the VERA happens?
A: Unless you completed the deposit, you’d get no credit for that period of service for which you took a refund. However, even if you did make the deposit, your numbers may not add up. The early retirement rules would allow you to retire if you were at least 50 and had at least 20 years of service. Even though you would have at least 20 years, you wouldn’t be age 50. The Postal Service would also allow you to retire at any age if you had 25 years of service. It appears that you only have 24 years of service. However, if it turns out that you’ll have 25 years when the early retirement window opens, and you had completed your deposit, you could retire.
Tags: FERS, military service
Eligibility for early out
December 7th, 2011 | Buyouts
Q: I am a 47-year-old CSRS employee with 29 years of experience. I am thinking about applying for a position at another federal agency, but I am wondering if I would still be eligible for an early out as a new employee at another agency?
A: Yes, if one were offered.
Tags: CSRS
Federal buyouts
December 6th, 2011 | Buyouts
Q: I worked for a federal agency that has offered a VERA/VSIP. If employees in positions identified as part of the buyout choose not to leave voluntarily, is there a chance that these jobs would be identified for RIFs or furloughs? Is there any history of this in the federal government? My thinking is yes. Here’s why. If your position is part of a buyout, but you choose not to leave, it would seem that if the agency needs to make further reductions, the positions identified for the buyout would be the first to be identified for other solutions to the budget problems.
A: If an agency is unable to achieve staffing or reorganizational goals when it offers early retirement opportunities or buyouts, it may have to institute layoffs or a reduction-in-force. Which positions would be affected, and how many of them, would depend on where further reductions are needed.
Tags: buyout
Buyout eligibility
October 12th, 2011 | Buyouts
Q: I am 58 and have 35 years service under CSRS. If my agency offers buyouts, can I get the buyout?
A: Yes, if you are offered one. The fact that you are already eligible to retire is irrelevant.
Tags: RETIREMENT
Update on early retirement?
July 7th, 2011 | Buyouts DOWNSIZING Early retirement RETIREMENT
Q: I work at Kirtland Air Force base, N.M. A Voluntary Separation Incentive Pay/Voluntary Early Retirement Authority survey was sent out in May with a suspense date of May 21 to show interest. I completed the survey and received confirmation that it was received. The VSIP/VERA is scheduled for fiscal year 2011/2012. It’s been more than a month and I haven’t heard anything. I’d like to know for planning purposes; I am a Civil Service Retirement System employee with 33 years’ experience. Are you aware of any details or rulings?
A: We haven’t heard a thing.
Tags: buyout, Early retirement, VERA, VSIP
Just one buyout
June 29th, 2011 | Buyouts
Q: I am in CSRS Offset. I received a VERA/VSIP buyout in 2001 and returned to work in 2008. I am 56 and have 28 years of federal service. I indicated on the recent survey that I would accept a buyout if offered. I am now told that I am ineligible for a buyout because a person can only receive one buyout in their lifetime. Is there any regulation that states an employee can only receive one buyout?
A: Your agency is correct. For confirmation, go to www.opm.gov/employ/html/vsi.htm.
Federal buyouts coming?
June 24th, 2011 | Buyouts
Q: Are there any planned buyouts for 2011 or 2012? If so, for which agencies?
A: We don’t keep an inventory of current offers, nor do we have advanced knowledge of future ones. I suggest you continue to visit our website and, better yet, subscribe to the Federal Times to be sure you have the latest information.
Tags: buyout