GovLaunch: GAO to Offer Buyouts and Earlyouts to Employees

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This topic contains 1 reply, has 1 voice, and was last updated by  Matthew Goolsby 6 years, 3 months ago.

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  • #138455

    Patrick Fiorenza
    Participant

    Government Executive reports that in an attempt to navigate the current fiscal environment, the Government Accountability Office has announced that it is planning to offer buyouts to employees in an attempt to restructure its workforce. A memo was sent to employees on Aug 8 stating that the GAO has sought approval from the Office of Personnel and Management to offer Voluntary Early Retirement and Voluntary Separation Incentive Payment opportunities. The memo listed 56 positions within the agency that would qualify. For employees interested in the buyout/early out they must apply by Sept 6 or leave the agency by Sept 30.

    Government Executive identified the difference between the buyout and the early out,”While both are voluntary, buyouts and early outs are different. To be eligible for a Voluntary Early Retirement Authorization (early out), employees must have 20 years of service and be at least 50 years old, or have at least 25 years of service — this applies to those covered under the Civil Service Retirement System or the Federal Employees Retirement System. CSRS employees younger than 55 face a 2 percent penalty on their annuity, but can earn cost-of-living adjustments upon retirement. FERS employees won’t get dinged on their pensions, but in most cases they will not receive COLA benefits until age 62. Buyouts, or Voluntary Separation Incentive Payments, are cash incentives of up to $25,000 for employees and can be offered along with an early out.”

    Would you participate in a similar program in your agency? What are the strengths/weakness of these programs?

  • #138457

    Matthew Goolsby
    Participant

    Good idea, but if you don’t make enough during your retirement, you may have to go find another job and that is not easy right now!

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