Will the USPS offer an early-out?

[alevin]

Greg, one question is, CAN you retire before 60 if you are in FERS? The answer is yes, if they offer an early out or you are RIF'd and you are 50 and have at least 20 years in. Or are at Minimum retirement age with 10 years. http://opm.gov/retire/html/faqs/faq11.asp#fers2

Another question (which I think you are really asking) is, Can you LIVE on your retirement income if you retire early from the government and not have to immediately go out and find another decent-paying job?

The answer for me personally would be, NOT. I've barely made it to the 50 and 20 minimum for that retirement option, and my learning curve on managing my TSP and earning power have only in the last 5 years or so gone up significantly to rebuild and grow accounts from my first 15 years of TSP mistakes and market naivete.

There are retirement income calculators on the TSP that can help you figure out what kind of monthly income you'd be looking at, given your particular circumstances. http://www.tsp.gov/calc/index.html and some different caluculators on OPM for refining the take-home income estimates http://www.opm.gov/retire/html/faqs/faq1-taxfree.asp

By far the best fed retirement calculators I've found have been on US Geological Survey (USGS) of all places! http://hr.er.usgs.gov/calculators/retire/

I was under threat of getting RIF'd myself not too long ago. My plan, if that had occurred, would have been to downsize my standard of living immediately, get as decent-paying a job as I could and live on that, and try to hold off on drawing from TSP/IRA/Roth til I hit 60 minimum.

My other strategic move (I had 2 years notice of possible job loss), was to hurry up and finish paying off my house (I was already working on this) so I wouldn't have to worry about losing the roof over my head when/if my income declined drastically. That was my only debt at that point. I keep my cred cards paid off and car loans on used vehicle short short short duration (paid off early too).

I saw this as real possible future at the time, since to get a new fed job placement at my current level, I'd have had to move into much higher housing markets, which I couldn't do (I bought my house in early 99 before prices started screaming upwards everywhere).

A book I found really helpful for evaluating general topic of voluntary early retirement (my full retirement age/benefits under FERS/SS will arrive at 66.5 yrs (ugh) was the following by:

Steven Silbiger. 2005. Retire Early? Make the Smart Choices. Harper Collins Publications. Collins Imprint.

Hope these resources will help you make a decision that will work for you.

 

[Show-me]

Postal workers hired in the last 25 years are in FERS just like garden-variety feds, right?

Wouldn't it make make a big difference if a person is under CSRS vs FERS?

I don't see how a normal person can retire before they are 60 yo under FERS? Unless they are married to someone wealthy like Sandra Bullock or they have a highly profitable on the side.

If you are in FERS, please tell us how you would be able to retire before you are 60 yo.

Yes.

Yes, pension wise.

Some people just want out of the rat race.

 

[McDuck]

Postal workers hired in the last 25 years are in FERS just like garden-variety feds, right?

Wouldn't it make make a big difference if a person is under CSRS vs FERS?

I don't see how a normal person can retire before they are 60 yo under FERS? Unless they are married to someone wealthy like Sandra Bullock or they have a highly profitable on the side.

If you are in FERS, please tell us how you would be able to retire before you are 60 yo.

 

[CountryBoy]

This is for 12% and the boyz and girlz at the USPS...

IN GOD WE TRUST​

There is a God in the Post Office

This is one of the kindest things I've ever experienced. I have no way to know who sent it, but there is a beautiful soul working in the dead letter office of the US postal service.




Our 14 year old dog, Abbey, died last month. The day after she died, my 4 year old daughter Meredith was crying and talking about how much she missed Abbey. She asked if we could write a letter to God so that when Abbey got to heaven, God would recognize her. I told her that I thought we could so she dictated these words:

Dear God,

Will you please take care of my dog? She died yesterday and is with you in heaven. I miss her very much. I am happy that you let me have her as my dog even though she got sick.

I hope you will play with her. She likes to play with balls and to swim. I am sending a picture of her so when you see her. You will know that she is my dog. I really miss her.

Love, Meredith.

We put the letter in an envelope with a picture of Abbey and Meredith, and addressed it to God/Heaven. We put our return address on it. Then Meredith pasted several stamps on the front of the envelope because she said it would take lots of stamps to get the letter all the way to heaven. That afternoon she dropped it into the letter box at the Post Office. A few days later, she asked if God had gotten the letter yet. I told her that I thought He had.

Yesterday, there was a package wrapped in gold paper on our front porch addressed, 'To Meredith' ....in an unfamiliar hand writing. Meredith opened it. Inside was a book by Mr. Rogers called, 'When a Pet Dies'. Taped to the inside front cover was the letter we had written to God in its opened envelope. On the opposite page was the picture of Abbey & Meredith and this note:


Dear Meredith,
Abbey arrived safely in heaven.
Having the picture was a big help. I recognized Abbey right away.
Abbey isn't sick anymore. Her spirit is here with me just like it stays in your heart. Abbey loved being your dog. Since we don't need our bodies in heaven, I don't have any pockets to keep your picture in, so I am sending it back to you in this little book for you to keep and have something to remember Abbey by.

Thank you for the beautiful letter and thank your mother for helping you write it and sending it to me. What a wonderful mother you have. I picked her especially for you.

I send my blessings every day and remember that I love you very much.

By the way, I'm easy to find, I am wherever there is love.

Love,
God
​

Dang being a dog lover and having 3 of my own that sure brought tears to my eyes.

CB

 

[Buster]

This is for 12% and the boyz and girlz at the USPS...

IN GOD WE TRUST​

There is a God in the Post Office

This is one of the kindest things I've ever experienced. I have no way to know who sent it, but there is a beautiful soul working in the dead letter office of the US postal service.




Our 14 year old dog, Abbey, died last month. The day after she died, my 4 year old daughter Meredith was crying and talking about how much she missed Abbey. She asked if we could write a letter to God so that when Abbey got to heaven, God would recognize her. I told her that I thought we could so she dictated these words:

Dear God,

Will you please take care of my dog? She died yesterday and is with you in heaven. I miss her very much. I am happy that you let me have her as my dog even though she got sick.

I hope you will play with her. She likes to play with balls and to swim. I am sending a picture of her so when you see her. You will know that she is my dog. I really miss her.

Love, Meredith.

We put the letter in an envelope with a picture of Abbey and Meredith, and addressed it to God/Heaven. We put our return address on it. Then Meredith pasted several stamps on the front of the envelope because she said it would take lots of stamps to get the letter all the way to heaven. That afternoon she dropped it into the letter box at the Post Office. A few days later, she asked if God had gotten the letter yet. I told her that I thought He had.

Yesterday, there was a package wrapped in gold paper on our front porch addressed, 'To Meredith' ....in an unfamiliar hand writing. Meredith opened it. Inside was a book by Mr. Rogers called, 'When a Pet Dies'. Taped to the inside front cover was the letter we had written to God in its opened envelope. On the opposite page was the picture of Abbey & Meredith and this note:


Dear Meredith,
Abbey arrived safely in heaven.
Having the picture was a big help. I recognized Abbey right away.
Abbey isn't sick anymore. Her spirit is here with me just like it stays in your heart. Abbey loved being your dog. Since we don't need our bodies in heaven, I don't have any pockets to keep your picture in, so I am sending it back to you in this little book for you to keep and have something to remember Abbey by.

Thank you for the beautiful letter and thank your mother for helping you write it and sending it to me. What a wonderful mother you have. I picked her especially for you.

I send my blessings every day and remember that I love you very much.

By the way, I'm easy to find, I am wherever there is love.

Love,
God
​

 

[Show-me]

Who Will Be Eligible for the ‘Early-Out’ Offer?

The Office of Personnel Management (OPM) approves requests by federal agencies and the USPS to offer Voluntary Early Retirement.​

According to OPM, to be eligible, employees must be at least 50 years old and have at least 20 years of creditable service, OR may be any age provided they have at least 25 years of creditable service.

OPM’s approval of the Postal Service’s VER request [PDF] applies to Clerk, Mail Handler, and initial-level supervisory employees agency-wide. The offers can be made to eligible employees “from June 30, 2008, through June 30, 2009.”
The USPS estimates that nearly 57,000 clerks, and about 16,000 mail handler and supervisory employees are eligible. It projects that 6,496 clerks, 1,552 mail handlers, and 693 supervisors will accept the VER offer.​

The Postal Service has told the APWU that it plans to request approval to offer early-outs to other categories of employees, including some members of the Maintenance Craft and city and rural carriers.

http://www.apwu.org/news/nsb/2008/nsb03-080715-ver.htm#who

 

[Show-me]

http://www.apwu.org/news/burrus/2008/update10-2008-070811.htm

Employees Would Be Best Served
By Postponing Early-Out Decisions
Burrus Update #10-08, July 11, 2008
In light of the announcement that the Postal Service has received approval to offer Voluntary Early Retirement to employees in the Clerk Craft and the Mail Handler Craft, as well as to some supervisory employees, many APWU members are beginning to wonder about their options.
As employees who meet the eligibility criteria (still to be determined) think about their choices, I ask that they forgo making a quick decision. There are compelling reasons for taking a wait-and-see attitude, including that the economy is in (or is approaching) a recession, and the opportunities for even part-time employment have diminished. In addition, energy and medical costs are escalating, which will make it extremely difficult to survive on a fixed income.
Meanwhile, economic stagnation has had a serious impact on mail volume: The union has been informed that the Postal Service expects a deficit of approximately $1.4 billion in the current fiscal year. We also can expect that if a sufficient number of employees do not accept the early-out offer, the Postal Service will still face a significant deficit, and will still be forced to find ways to reduce the workforce.
In light of these factors, it would be foolish for employees to retire early without achieving all of their personal objectives.
The union will continue to discuss the details of the early-out offer and will report the results of those discussions. Among the subjects to be addressed are whether all APWU-represented employees will be included and whether eligible employees will receive an incentive bonus for retiring.
I ask that eligible employees delay making a final decision on early retirement until the union concludes discussions at the national level. If we are not successful, we will announce that we have reached an impasse, and individual decisions can then be made.
In the interim, help us help you by delaying your decision.
Please note: The Postal Service has told us it plans to make additional requests to the Office of Personnel Management for approval to offer early-outs to other categories of employees, including some members of the Maintenance Craft, Letter Carriers, and Rural Letter Carriers.
William Burrus
President

 

[12%ayear]

APWU to Meet With USPS
Over Possible 'Early Out' Offer
Burrus Update #08-08, July 3, 2008
The union has learned unofficially that the Postal Service has requested from the Office of Personnel Management (OPM) the authority to offer early retirement to 40,000 postal employees. In response to an inquiry from my office, a meeting with Postal Service headquarters has been scheduled for Monday regarding these reports.

No specifics of the early-retirement plan will be available until full discussions have taken place with the USPS. The union interprets the national agreement as requiring negotiations over early-retirement offers, and a written demand for official notification and bargaining has been forwarded to postal management.
The Postal Service is experiencing serious revenue shortfall as a result of the slumping economy. Mail volume is down significantly, and revenue is not keeping pace with inflation. What was touted as “a new business plan” in the Postal Accountability and
Enhancement Act of 2006 (PAEA) serves only only to place a cap on rate increases in response to the mail-volume loss. Excessive workshare discounts and the increased focus on contracting postal activities generate budgetary losses that cannot he recovered through internal efficiencies. It is within this environment that the postal monopoly and six-day delivery are being re-evaluated, which guarantees we will be seeing proposals for revolutionary change.
APWU is demanding bargaining on any proposal to offer “early outs.” We believe that all APWU-represented employees should be eligible, and that there should be monetary incentives for interested employees.
As more information is made available, the union membership will be informed.
William Burrus
President

 

[Rustynutt]

Sounds like the DOD....

 

[12%ayear]

1. Business is terrible 2. Paper costs through the ceiling 3. Fuel Costs 4. Businesses cutting mailing to save money 4. E-mail 5. New Tech taking away jobs across the board 6. Top heavy with Supervisors and every craft 7.Aging workforce 8. Labor costs ramping with inflation ......They need to step to the plate and offer something to stop the bleeding. Many will run for the hills.