USPS is expected to announce that it will offer Voluntary Early Retirement to select groups of postal employees on March 25, 2011.
PREPARING FOR CHANGE – VERA RULES OF THE ROAD
So what’s a VERA?
A “voluntary early retirement authority” (VERA) temporarily lowers age and service requirements for retirement. It’s an administrative tool USPS has used in the past as part of an overall redesign or restructuring.
The Postal Service must request approval for a VERA from the Office of Personnel Management (OPM) before making an offer of early retirement to its employees. OPM approval also will include a period of time during which the option will remain available.
Employees covered by the Civil Service Retirement System (CSRS) or the Federal Employee Retirement System are eligible for voluntary early retirement if they are at least 50 years of age with 20 years or more of service, or any age with at least 25 years of service. A minimum of 5 years must be creditable civilian — not military — service. Employees may use their time in the military to meet the balance of service required for eligibility.
CSRS employees must have been employed under CSRS for at least 1 out of the last 2 years, but the service need not be continuous. Eligibility criteria for all employees must be met by the VERA retirement effective date.
If the Postal Service announces a voluntary early retirement (VER), and if your position is covered in the group receiving the offer and you meet eligibility requirements, a VERA Offer Letter and Annuity Estimate will be mailed to your address of record. To receive notifications in a timely fashion, make sure USPS has your current mailing address on file.
You can change or update your address by clicking on “Change of Address” in the Employee Apps – Quick Links section at the center of the LiteBlue home page.
VERA-eligible employees who decide to accept an early retirement offer can apply by completing and submitting the required documents by the deadline specified in the Offer Letter. Eligible employees who decide not to accept the offer don’t have to do anything.
Click here for more information about VERA.