We already have about 120,000 employees who are retirement eligible but are still working for us.
So, add the two together and it means we will have about 260,000 employees with retirement decisions swirling around in their heads.
Are you one of them? What do you think? Are you gonna jump? Share your thoughts here.
42 comments:
I would love to I think I will be able to this time I just can't afford it right now.
“You’re looking to get rid of 150,000 people…That’s not going to happen if you have the same plan you had last time, Look at the economy. You think people are going to go out the door when everything is so precarious?”
-- Rep. Stephen Lynch, D-Mass.
I'm still two years away from the early out, but even if I could go, I would still have to work for a living. Why should I go to a new job with no benefits or security.
I am going to stay in the fry pan(keep working). It makes no sense to jump into the fire(bad economy). Unless, there is an incentive and it would have to be a good one!
I have 39 years in, and would go in a heartbeat if I was given the 80% versus 76% on my retirement.
Love it here!
I think a lot of employees are tempted by the offer, but are not financially ready at this time. For me, the amount I would receive per month (before health care deductions)is less than one of my paychecks after all deductions.
With 2 kids in college, and another planning for it...no way!
Besides, I love my work!
I'm tempted, but three things need to happen. Talk money, not the amount set in the 80's, but a new inflation based index figure that represents today. A full annunity. Poverty is not my ideal of retirement. Crunch the numbers, the organization would still come out ahead. Besides, I always hear how much the employees are valued; show it. Let us leave with a two weeks notice (if we can find other employment); holding us for three months isn't right if another job is available and we want to work.
If the Postal Service wants to get people to retire, some incentive needs to be given. Why would anyone take this offer when it's no different from the last one?
I think it is a good move for the city and urban areas but keep in mind that some areas of rural America may still be technologically challenged. Some of the small communities do not even have libraries with computer access let alone internet access. Don't forget about these customers when developing computerized programs.
I have 2 years left to retire at the age of 55 (minimum age with no penalty). I will make over $50,000 the next 2 years in salary alone not to mention my benefits. Why would I take an early retirement which means having to take a 4 percent penalty just to leave early. There has to be some type of incentive for me to leave early. I think a cash payout for the remaining years we have left would be more enticement for employees to retire.
I have 31 years and would go if I could get a live person to give me my high 3 years credit. the letter i received has the last 3 years which is much lower than my high 3. When you call HRRSC, you get a recording and are on hold forever.
I have 27 years of service. I am 54 years old. At the earliest, I had planned to retire after my children were out of college (I have one in now and one starting next year). There is no incentive to leave. I agree with the person who wrote - do the math. We could give each employees half a year's salary as an incentive (give out 1/2 of the salary but subsequently save 1 whole years salary per person); add up to 5 years to each persons retirement years; or take some other action and our agency would still be better off. I want the Postal Service to remain viable - but I also want my household to remain viable. As it stands there is nothing motivating me to take this second round of VERAs.
I was eligible last year and would love to retire (new grandchildren to spoil) but won't go because of the economy. A monetary incentive would probably help cover any loses to my TSP. Either a one time payment or just increase the percentage I can receive by adding years to my work time. I would probably retire with an incentive package.
I have 34 years in next month, but don't have the age. Why would I accept an offer that penalizes me for leaving early. A serious offer would at the very least drop the penalty for years under age 55. I'm sure there are a lot of people out there who would love to go, but find it offensive that there is a penalty to leave early.
That was not an offer, what the USPS sent was an insult! I have 26 yrs (csrs), am only 48.Take a 14% penalty? when I can easily work 10 more years, thats = 500K + full retirement, or at least no PENALTY. No Brainer. VERA K.M.A.
If the Postal Service is serious about getting people to take the early out, they shouls offer it with no penalties. Who in their right mind would take a penalty(2% a year for every year under 55) when they can stay working and contributing to TSP and hope the economy rebounds. If you have to take a pay deduction just to retire a few years early it's not worth it.
I agree with many of the comments above. Even though I would not take a penalty to retire, my annuity estimate is only 50% what I make now. In these times, who can afford to take that kind of cut in pay? With the job market in the state it's in, you couldn't go and find another to make up the difference.
I think if they waive the penalty on CSRS employees at least those with only a year or two before they become optional I believe more would go. Secondly, there really is no incentive for FERS other than there is no penalty, I think they will hold out and see what the Senate does in SL being counted for FERS employees and thirdly with the economy the way it is who can afford to retire!
I have enough years in for the early out but 7 years away from age 55. If I did not have to take the minimum age penalty or there was some type of incentive it may be something to concider.
My husband retired early from AT&T
and they gave him a percentage of his work years, which amounted to 2years pay, as an incentive. The Postal Service needs to address this if they truly want early outs and elligible retirees to consider leaving. What's the point if no reward...
In this current economy it would be hard for me to take VER. I am a fers employee and would lose 2190 hours of sick leave. The stress we are under currently makes the VER tempting but I will waite a couple years and retire with 30 yrs at age 62.
I'm 52-1/2. If I left early I would lose $399.95 per month. Staying gives me a higher amount on my 'high three' plus more service time plus no penalty. It's a no-brainer. Why would I leave? Where could I go to make this kind of money with these benefits? I will not retire from the PO just to work full time somewhere else. Part-time maybe. And I'm talking about retiring comfortably, no big vacations, travel plans. Just enough to be comfortable where I'm at.
I would love to leave now I have my 20 and am 50 years but by the time health benefits and life ins. are taken out I will only have $400.00 a month. Who can live on that?
Have we employees gotten greedy? We have been making good money and enjoying good benefits, but we think we need to be paid to leave? I would go in a heartbeat if given the opportunity and I would have that if they counted my 6 years as an RCA. There are grandkids I need to be with more than here, and things to do other than my work here. Maybe we all need to look at the greatest good, and not be so self-centered. Maybe we won't have as much as we do now, but will probably still have enough. Have some faith.
cash incentive, and or medical ins. benifit that is tided to medicare would be some relief to the medical premiums that now burden the Postal service. That would turn the heads of early retirement.
I agree with the statements above.
I also believe that an incentive
needs to be offered, i.e. adding
five years of service time to the
employees who do retire would be
nice. If added years were offered
to help with my retirement pay
and expenses, I would probably go.
I can't believe how many greedy people there are out there. So many think that an incentive should be offered for the early retirement. I don't get it the Postal Service has given you outstanding wages, and benefits. Get real... show me one place just one where you could get a job that would pay you anything close to what you are making now?????????? Especially those of us who don't have a college degree. So many that go to college and get a 4 year degree and still don't make what we are making. What is wrong with people? If you have been foolish with your money and can't afford to retire then keep working but don't whin about how the Postal Service owes you something. I have been a clerk for 12 years and I can tell you this job was and is a lifesaver for me. I have been able to afford a very comfortable lifestyle and still saved for retirement. I put 2 kids through college paid every penny of it by working at the USPS. All this talk of how much you think you are worth??? No wonder our economy is so out of sorts with all the greed that is out there.
so what are you waiting for???
Greedy? I don't think so. What part of the country do you live in? Big city, I think not. Put your children through college. Good for you. Did you have any expenses pertaining to flooding? How's you family's health. I carry high option insurance. Have a heart attack or some other life threatening occurance - see how much out of pocket you pay. Remember, big city.
How is wanting more than $400.00 a month after deductions being greedy?
I think you guys should get what you have earned!!! I have 15yrs in and I do love my job but it does have its ups and downs. You guys have worked hard for a good retirement and the Postal Service needs to pay you for your hard work!! You shouldn't have to cheat yourself because they need you to go!! Thank you for working hard!! I have a good job know because of your dedication!
I have worked for the USPS for 24 years. I'm 52 so no social security, taking out of TSP results in a 10% penalty, not minimum retirement age so I would get around $500.00 a month after taxes, health insurance, etc. I would also have to work at another job if I could find one. I have not been foolish with my money. I just can't withdraw TSP savings without a penalty. I would like a decent retirement. An incentive would make me think harder about retiring now. But as is stands now I can't afford to.
It is almost impossible to leave your position unless you are 55 or older. EG. you are 50 years old and are a CSRS employee. If you leave now that is a 10% penalty correct, no. Actually it could be closer to 20% until you would factor your increases in salary that you would receive each year. If the phone companies can offer incentives, and the big automakers can offer incentives, than the USPS will need to find a way to do the same or continue to waste more money gathering VER info, and sending it out when few people take any part of this seriously.
The USPS needs to buy out all CSRS employees, and then there are pretty much out of the pension business. The Federal Times recently stated that CSRS for the USPS is fully funded, and that there is 32 billion for future retiree health benefits. I do not see how the USPS cannot afford to take advantage of this opportunity. the Federal sector of CSRS has an unfunded liability of 5.3 trillion dollars, the USPS is fully funded, seems to make good logic to me
Well I guess I am greedy and whiney too because I want an incentive to leave now!! 27 years in and I am a CSRS employee. I know too many people in the private sector who get incentives to retire, why can't we expect it too? Also, why do we have to pay for spousal survivor benefits? It is retirement monies earned and should be given to a surviving spouse without having to "buy" that benefit.
Why shouldn't the Postal Service offer an incentive? Last I understood the Postal Service is supposed to be a business, not a federal agency. If every other company in the country reduces manpower they "buy out" the employees. But if you even want to think of the Postal Service as a hybrid federal/private corporation, even the U.S. Govenment bought out a lot of military members (REDUX) in the late 80's. $30K + 40% at 15 years...look it up. As I see it, no one here is being "greedy" as a few of you put it, I would think following industry standard would be fair. Anything below that standard is pretty much cheating all those who have done more with less year after year.
the APWU has filed a step 4 grievance asking for incentives.
Sick leave for FERS bill passed voice vote in house. HR 22 has many supporters. I do not think it in my best interest to retire yet until these issues are finalized.
I'd love to go but I am concerned about medical issues/health insurances. I think we can all agree that we wish we had been able to put more away, but most articles talk about 20 yrs of retirement and I want to be able to feel secure enough to have 40!!
35 years in...I'm 57
See Ya...
I would have to say, "to each their own." If you feel you are ready and able, then go. Otherwise stay put. Everyone is entitled to their own opinion and everyone has different circumstances. Just make darn sure you do the math before making a decision to go. I have heard some stories about regret. I will say that this is the best job I have ever had including the pay and benefits. And as for myself being 6 months out from 100% with 30+ and a cancer survivor with well over 2,000hrs of S.L still remaining, I will not make any hasty decisions. Being I do not have all of my quarters for SS, I will likely be seeking a job in the private sector to take up the financial slack and to keep me out of the rocking chair. As a matter of fact, I have started looking already. There are jobs out there and alot of young competition to go with. Just bear in mind that one may have to move and be retrained and you very will likely be making much less than you do now with or without benefits. Isn't America great? We can make our own decisions. It's just that some in high places seem to think they desire a golden parachute. NOT.
It is not being greedy to expect some incentive for stepping aside before you have reached 30 years or minimum retirement age. If private sector businesses are offering incentives to reduce their workforce, it obviously benefits the employer in the long run to do so. I also have ample sick leave banked and will not even consider leaving until a decision is reached regarding sick leave credit for FERS employees upon retirement.
I have been with postal service since 1985 started as a rural carrier sub 10 yrs(doesn't count toward retirement) only fifteen as a regular carrier and now clerk, 59 yrs old would retire in heartbeat if 5 yrs is offered, don't you think postal service would like to get rid of my almost $59,000 salary? I paid my dues to the service with injuries back surgery and knee replacement.........
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