TO HELP EMPLOYEES MAKE INFORMED DECISIONS
DPMG OUTLINES EARLY OUT INCENTIVE OPTION
In this week’s Field Updates, DPMG and COO Pat Donahoe outlines the 2009 Early Out Incentive Option and discusses the issues employees should consider before accepting the offer.
The incentive — extended to employees represented by either the American Postal Workers Union or the National Postal Mail Handlers Union — provides $15,000 to be paid out over two years and will be available to the first 30,000 employees who accept the offer to retire or resign.
Interested employees must take action to let USPS know they want to be part of this incentive. Most employees must opt in by Sept. 25, 2009. For full details, including timelines, employees should access the 2009 Early Out Incentive Option website on blue.usps.gov or liteblue.usps.gov.
Donahoe explains that eligible employees should pay close attention to the materials mailed to their home address, review retirement information available online, and follow the processes outlined in the instructions.
“The decision to retire is one of the most difficult decisions any of us can make,” says Donahoe, who encourages employees to consider their financial security and life beyond the Postal Service, and to consult with their family and friends to make an informed decision.
Click here to view the latest Field Updates video.
To read the PMG’s Aug. 25 letter to employees explaining the incentive, click here.
source: USPS News Link
how about you people who have been in service for over 30 years and are 65 and over just get forced out to make way for someone else to make a decent living…hmm yeah you get mad when it isnt all about you dont you?
I have received so far a bogus estimate, quickly thrown together and a second letter saying to pay close attention to the details/timeline for my group, yet nothing says how to add your name to the opt-in group.
If the employees would stop borrowing from their TSP and plan accordingly for retirement they would not be asking for a bailout. Call it what you want, but that’s what employees want. Proper planning prevents piss poor results 🙂
What about the idiots (like me) who really believed in the early out. Where is my $15,000. What was I not schrude enough. Can’t keep up with you thiefs.
Life is not fair. Never has been and never will be. The offer is on the table. This was as you know, negotiated for by the APWU. Nobody is giving you anything. Our officers have done a fine job of representing our interests. Be happy!
Laura and Victoria are correct. President Burrus said it took two months to reach this agreement, which means it was going on during the last VER offer. I retired on 7/31/09. This incentive should definitely be retroactive. Is there any chance it will be? Do we have any recourse?
@Dave, the MOU reads that anyone can accept the offer. Only if you resign, you will lose your health insurance, accumulated sick leave, and pension. Your TSP is still yours and you would be paid for any earned leave.
My concern is that if enough people eligible to retire take this, with the people resigning get left with their draws down
So anyone can resign. 5 years, 11 years 30 years. Is there a time limit of being in the P.O.?
Why dont they offer it to everyone that has retired since 1992? They missed out.
Laura- Get Real! That’s like pulling your money out of all your investment accounts when the news reports the economy is tanking and then it goes back up instead and you lose any potential gain.
After 27 years of paying union dues, I can only hope that the APWU will fight for those of us who did take the VERA in 2009 when they said there would be NO INCENTIVES. THis should be retroactive,as we were clearly lied to,this had to have been in the works!
Has anyone thought about putting the $15,000 incentive in their TSP TAX FREE! Come on people, what is your TSP for anyway. Retirement Maybe? Does anyone even understand how much longer they would have to work to build that up in their TSP working? It must be greed.
If you are offering the incentive to the first 30,000 employees, if they are not ready to accept $15,000, how about backing up to May, June and July 2009 and offering it to those who believed you when you said “no incentives”. We were misled and deceived while at the same time you were drafting the incentive offer.
First of all, OPM limits the incentive to 25K. Second, they didn’t have to offer anything. Eventually you would retire, or die at the PO waiting for more money. Now for those getting penalized for retiring early, this isn’t much of an offer.
Was going to wait to max out. 2 more years. Will take the money and run. No more 2AM alarm clock. The key as always is to save as much as possible for retirement. My wife and I have lived below our means for years to make this happen. If you haven’t saved don’t retire. If you have take the money and enjoy life.
So if you’re retiree #30,001, you won’t get the 15k, but all others before you will. (See paragraph 2 above: “…will be available to the first 30,000…”) In other words, the 15k is NOT guaranteed. And once you take it, you can’t turn back, even if you were #30,001. You better THINK!!
I totally agree with the comments of Mark Comerford. We can’t go for anything less then the agreement that was offered in the 90’s. I’ve been with the postal service for 30 years and under the CSRS program, I will take a cut of 8 percent because I’m not 55 yet. The unfortunate part is that this is for life. I see that if you are a FERS employee that they will at least get an offset from Social Security. This is provided until they actually reach full retirement age, then they will get their full benefits. How can you say that this is a fare shake.
1992 EO did not pay 25K to craft employess. The pay out was 6 months salary(roughly 16K). And Also the PO can NOT add time to service or age. Only OPM thru Congressional action can do that. CSRS regulations do not allow that. Can’t speak to FERS regs.
Come on people, get real. This is an incentive not a buyout. Lets see, $15K for what? Doing what you are going to do anyway. Why would someone who could collect even half of their current wages as a retirement continue to work for $12.50 an hour? Takes me awhile to save (after taxes) $10K. Who says we are entitled to anything better??
The federal gov’t norm for early retirement offers is $25,000. In the 90’s, the USPS offered this and 5 years credit for age and 5 years credit for service as part of the incentive package. Gemeral Motors, using taxpayer money, offered $50,000 plus some benefits, for any employee would take their early retirement offer. Why do postal employees, as government employees not get an offer similar to General Motors ? Will the US government let one of it’s agencies drown while they rescue private companies ?
Not sure how Starsky is coming up with $50K. That would be almost 100% of your high 3 pay. I guess if you are making $60K, with 45 years, you might come close to $50K.
Me,too! I have 31 years in and in this economy and with my bills, I won’t/can’t retire until $50,000. Why should I when I feel healthy enought to work and can just work on and increase my retirement pay? Besides,$15,000 over two years would be about $7000 now and $3000 next year with taxes. . . . and who’s gonna hire an ex postal worker for anything?
Come on 15K is nothing. Make me a decent offer like 50K and I’ll go. Also health plan premiums should decrease not increase when you retire. Still here in Peekskill.
$15,000 for craft and $15,000,000 for John Potter! Sounds fair to me!