Voluntary Early Retirement (VER)

What Is It?

Voluntary Early Retirement Authority (VERA) allows agencies that are undergoing substantial restructuring, reshaping, right-sizing, transfer of function, or reorganization to temporarily lower the age and service requirements in order to increase the number of employees who are eligible for retirement. The authority encourages more voluntary separations and helps the agency complete the needed organizational change with minimal disruption to the work force. By offering these short-term opportunities, an agency can make it possible for employees to receive an immediate annuity years before they would otherwise be eligible.

As with any agency, the Postal Service must request VERA and receive approval from the Office of Personnel Management (OPM) before making an offer of early retirement to its employees. The approval from OPM will stipulate a period of time during which the option will remain available.

Employee Coverage

Voluntary Early Retirement offers apply to employees covered under both the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS). When the Postal Service has received VERA approval from OPM, an employee who meets the general eligibility requirements may be eligible to retire early. The employee must:

1. Meet the minimum age and service requirements:

• At least 50 years of age with at least 20 years of service, or any age with at least 25 years of service, and
• At least five years MUST be creditable civilian service, not military service. Employees may use military service to meet the balance of service required for eligibility.
• The above criteria MUST be met by the VERA effective retirement date.

CSRS employees must have been employed under CSRS for at least one year out of the last two years, but the service need not be continuous.

2. Have served in a position covered by the OPM authorization for the minimum time specified by OPM (usually 30 days prior to the date of the agency request);

3. Serve in a position covered by the agency’s VERA plan; and

4. Separate by the close of the early-out period.

VER Announced and You Think You’re Eligible…Now What?

• Don’t panic. You will receive all the help you need.
• Make sure we have your current address on file. Click here for instructions to change or update your address..
• Annuity Estimate Letter arrives in the mail; start thinking about your choices.
• Offer Letter arrives with a retirement kit from the HR Shared Service Center (HRSSC); consider your options carefully.
• Apply for retirement (send in all required documents) by the deadline spelled out in the VER Offer Letter, or do nothing – the choice is yours.
• PLEASE don’t call the HRRSC or your Local Services office as soon as the VER is announced or for the status of your VER application. If you apply for retirement, the HRSSC will contact you.
• Sit back, relax and plan for that hard-earned retirement!

Source: USPS