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Thread: Good News - They are offering early buyouts where I work

  1. #1

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    Default Good News - They are offering early buyouts where I work

    Bad news - You have two weeks to sign up! (and that assumes you qualify)
    "All the prophets of Doom, Can always find room, In a world full of worry and fear..." - Protest Song, Monty Python


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  3. #2

    Default Re: Good News - They are offering early buyouts where I work

    Do you qualify?
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.

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  5. #3

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    Default Re: Good News - They are offering early buyouts where I work

    Yes, not because of age (off by one year ), but because the number of years I've worked in this funhouse. No, not taking the early buyout - family has a long life expectancy, and $25K bonus is pretty laughable. And two weeks isn't long enough to plan anything - especially not a retirement!
    "All the prophets of Doom, Can always find room, In a world full of worry and fear..." - Protest Song, Monty Python

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  7. #4

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    Default Re: Good News - They are offering early buyouts where I work

    Wish they would offer a buyout here. I would take it in a heart beat. Planning to retire 6/1/2012 anyway.
    May the force be with us.

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  9. #5

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    nasa1974, not sure if you work for NASA, I am at KSC and they are offering buyouts here, look into out if you are with NASA.

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  11. #6

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    Default Re: Good News - They are offering early buyouts where I work

    Quote Originally Posted by Boricua View Post
    nasa1974, not sure if you work for NASA, I am at KSC and they are offering buyouts here, look into out if you are with NASA.
    I wonder how much that has to do with the shuttle program ending vs. the economy and the centers reduced bugets?
    I have heard our center director does not want to offer buyouts. "We have offered to many already". I think we have had two buyouts a year for the last couple of years. So our new boss isn't willing to have another one. That could change as we approach the end of the year. Thanks for the info though.
    May the force be with us.

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  13. #7

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    Default Re: Good News - They are offering early buyouts where I work

    We have one retirement age guy at work who asks about a buy out every Monday morning at our safety/scheduling meeting. He is told that a buy out means the position (FTE) goes away and they can't do that. He usually responds with facts about the now dead dual qualification program and how eliminating positions and creating new ones wasn't a problem in the past. I love having this guy around.
    Management hates him.

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  15. #8

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    Default Re: Good News - They are offering early buyouts where I work

    Wow. I shouldn't have said anything about that retirement age guy. The offered him, three others and myself a buyout today. We do get over a month to make up our minds. Heh Heh. $25k. I could retire by the MRA+10 rule. 14% of high three minus 12.5% of that due to age? Maybe not. One (maybe two) of the people offered this don't meet any retirement requirements for FERS. Does management think they will just take the money and walk away?

    In the past I heard people talk about "buyouts" where people were offered money and credit for years toward annnuities. I asked my HR people and they tell me there was/is no such thing. EVER!

    PO

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  17. #9

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    Default Re: Good News - They are offering early buyouts where I work

    http://www.opm.gov/Reduction_In_Forc...03-16-2011.pdf


    The Voluntary Separation Incentive Payment (VSIP or buyout) Authority allows agencies to offer lump-sum payments to employees who are in surplus positions or have skills that are no longer needed in the workforce, as an incentive to separate. Under VSIP, agencies may pay up to $25,000, or an amount equal to the amount of severance pay an employee would be entitled to receive, whichever is less. Employees may separate to accept VSIP by resignation, optional retirement, or by voluntary early retirement, if authorized.


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  19. #10

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    Default Re: Good News - They are offering early buyouts where I work


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  21. #11

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    Default Re: Good News - They are offering early buyouts where I work

    I wonder if the Postal Service is one of these agencies?

    Agencies such as the Department of Defense that have been granted agency-specific VSIP authority are not required to seek OPM approval for their use of this option.

    FERS early retirement
    http://www.opm.gov/retire/pre/fers/earlyout.asp


    Sorry. I'll stop jacking this thread...

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  23. #12

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    Default Re: Good News - They are offering early buyouts where I work

    Kevin, I don't consider it hijacking. You posted a lot of good information, most of which I looked up in my quest to find out what it was all about. Feds hear about RIFs and "buyouts" all the time but rarely seek out what it really means.

    The one I was invited to participate in is one position of a specific series at my location where there are five of us in that series.

    I got confirmation from a HR type that it is what I stated, $25k (if you have enough years or are old enough) VSIP and you agree to retire or resign as applicable NLT 31 Dec 11.

    The letter I got only uses the term 'buyout" and does not mention VSIP or any other program. The attached form states that by submitting it you are obligated to retire or resign NLT 31 Dec 11.

    The "buyouts" that I spoke of before with money and credit for service were something I heard about from older employees when I first became a fed civilian 14 years ago. Most of these people were retirement eligible under CSRS and were speaking of something that "used to happen". Under what authority I do not know but those "buyouts" would never happen under current laws. They would speak of "5/15" meaning 5 years credit and $15k.

    What amuses or bemuses me is that the form we were given to submit sites Public Law 107-296, Section 1313(c). If you care to search for that law you will find it is the Homeland Security Act of 2002. The verbage is there but I really think they should have referred to Title 5, U. S Code, Chapter 35 as amended etc. etc. etc.

    Bottom line is they want to eliminate one of us and are trying to do it under the Homeland Security Act? What next?

    I am done jacking this thread too. Unless Silverbird had a change of heart. Keep us posted SB. I submit to leave it here and anyone who gets offered a "buyout" or is involved in a RIF post. It helps us know the feelings and rumblings out there in in fedland.

    regards to all

    PO

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