Bay Valley District – No Retirement Incentive – Shared Services will be mailing VERA offer letters and annuity estimates from July 19-22, 2011 to VER eligible employees. The VER retirement application deadline and irrevocable date is August 26, 2011.
Alameda, Alamo, Antioch, Aptos, Benciia, Brentwood, Byron, Carmel, Clayton, Campbell, Capitola, Concord, Crockett, Cupertino, Danville, El Cerrito, Fairfield, Felton, Fremont, Gilroy, Hayward, Hollister, Lafayette, Livermore, Los Gatos, Marina, Martinez, Milpitas, Monterey, Moraga, Morgan Hill, Napa, Newark, Oakland, Oakland P & DC, Oakley, Orinda, Pacific Grove, Pebble Beach, Pinole, Pittsburg, Pleasanton, Richmond, Rio Vista, Rodeo, Saint Helena, SF NDC, Salinas, Salinas PDF, San Bautista, SAn Jose, San Jose, P & DC, San Leandro, San Lorenzo, San Ramon, Santa Clara, Santa Cruz, Saratoga, Seaside, Soquel, Suisun City, Union City, Vallejo, Walnut Creek, Watsonville, & District Customer Services Support
You may retire if you meet the age and swervice requirements shown below
- Age 50 with 20 years of Service
- Any age with 25 years of Service
Civil Service Retirement System ( CSRS): Your annuity benefit will be reduced by 2% for each year (1/6% per month) that you are under agfe 55 on datre of retirement and the reduction is permanent.
Federal Employee Retirement System (FERS): If you meet the above requirements your annuity benefit will not be reduced with age. Special Retirement Supplements are payable until age 62 when you reach the minimum retirement age(55-57). Social Secuity benefits begin when you reachg age 62.
Shared Services will be mailing VERA offer letters and annuity estimates from July 19-22, 2011 to VER-eligble employees. The VER retirement application deadline and irrevocable date is August 26, 2011. One Important thing to note is that you must follow the process in your letter to opt in and take advantage of this early out. If you participate in the VER, your retirement effective date will be August 31, or Septmener 30, 2011.
The VER is a part of Pacific Area efforts to streamline operations, increase effienciencies and reduce costs in support of the Postal Services’s action plan to ensure a strong, viable orgnaization now and in the future.
Dates for retirement seminars will be announced soon.