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15 Year Early Retirement For Navy
 The 15 year early retirement for Navy was a scheme that was introduced a few years ago. It is officially known as the Voluntary Separation Incentive program but was discontinued on December 31, 2001 after the Congress refused to extend the authority for it. More..
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Voluntary Early Retirement And Federal Employees
Federal agencies that are undergoing significant restructuring, reshaping, downsizing, transfer of function or reorganization to temporarily lower the age and service requirements to increase the number of employees who are eligible for retirement can now do so under Voluntary Early Retirement Authority, also known as VERA. |
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VERA has been encouraging voluntary separation of federal employees and helps federal agencies complete the organizational changes without experiencing too much disruption in work force. By offering voluntary early retirement, federal employees are given access to immediate annuity which otherwise they would not have been eligible for until they retire at the usual retirement age.
Voluntary early retirement covers federal employees who are covered by the Federal Employees Retirement System (FERS) and in order to be eligible for voluntary retirement, the federal agency wanting to introduce the plan should first request VERA and receive approval before offering the program to its employees. Once the approval is received, the plan will be open for a stipulated period of time during which federal employees can opt for early retirement.
In order to be eligible for voluntary early retirement, a federal employee has to meet certain retirement criteria. This means that the employee should be at least the age of 50 with at least 20 years of creditable federal service, or of any age with at least 25 years of creditable federal service. In addition, the employee has to be in a position that is covered by the federal agency’s VERA plan and should separate from service by the close of the early-out period.
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