TOPICS
TOPICS
OPM issues early retirement regulation
The Office of Personnel Management Monday issued a regulation establishing voluntary early retirement procedures.
Sept. 30 was going to be the last day most federal employees could opt to take early retirement, but the fiscal 2000 Treasury-Postal appropriations bill, which President Clinton signed Sept. 29, created permanent early out authority for the government.
Agencies must receive OPM's approval before authorizing early outs. OPM can approve early retirement plans "for agencies undergoing a major reorganization, major reduction in force or major transfer of function," OPM said.
The new regulation does not affect the rules for early out eligibility. To be eligible to take early retirement, an employee must have completed 25 years of government service or be at least 50 years old with 20 years of service.
Early outs have been a popular means of downsizing. About 56,000 Defense Department employees have taken early retirement since 1989. In fiscal 1999, 1,163 Social Security Administration employees took early outs.
RELATED STORY:
Congress makes early out authority permanent
(Sept. 17)
RELATED LINK:
Oct. 4 Federal Register
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