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Department of Interior


The U.S. Department of the Interior protects America’s natural resources and heritage, honors our cultures and tribal communities and supplies the energy to power our future.

The agency employs about 70,000 people in approximately 2,400 locations with offices across the United States, Puerto Rico, U.S. Territories and Freely Associated States.
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countrychick  
#1 Posted : Wednesday, January 18, 2012 11:19:24 PM(UTC)
countrychick

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Has anyone heard anything about buyouts or early retirement deals for DOI or NPS?  There is some discussion in the air but not sure if it factual or rumor......
Fed1969  
#2 Posted : Wednesday, January 18, 2012 11:28:19 PM(UTC)
Fed1969

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As far as I know it is rumor at this time.  Don't be surprised if it becomes official in the next few months.
Imaw1ldkat  
#3 Posted : Tuesday, January 24, 2012 7:55:02 AM(UTC)
Imaw1ldkat

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I know that DOI requested VERA (Voluntary Early Retirement Authority) to OPM in December. Also, Fish & Wildlife Service and Bureau of Land Management requested VERA separately, and were approved by OPM (don't know about DOI, there were problems with their initial request). F&WS opened up their VERA to employees in January. "Rumor" is that BLM will offer similar VERA to employees very soon. Have not heard if DOI was actually approved by OPM or not, nor if NPS requested VERA separately, like her sister agencies. Remember, this is VERA, as opposed to VSIP. There would be NO buy-outs under this authority. only opportunity for some to retire early, most likely with penalties. Hope this helps.
bearlakeguy  
#4 Posted : Saturday, January 28, 2012 6:26:10 AM(UTC)
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countrychick wrote:
Has anyone heard anything about buyouts or early retirement deals for DOI or NPS?  There is some discussion in the air but not sure if it factual or rumor......


Regarding buyouts, be careful!

I recall the government draw down of the mid 90's.  Employees were offered 25 grand, and all they could see was that cash in their hot little hands.  They took it and ran, ran right into the poor house!  I personally know of two of them, one I will discuss.  He bought a new pickup.  Still has the same pickup, cannot afford anything better.  When he retired he was making twice what the civilian counterpart was.  He could not maintain his lifestyle on the premature retirement.  Today his annuity is only $1600  per month, and I believe he is getting little or no social security because he is CSRS.

My advice is before you accept a buyout, get your retirement estimate.  If that's your only source of income, can you live off of that at the life style you want??  Are jobs plentiful in your area to make up the short comings?  Do you really want to go to retire just to work for someone downtown that has no vacation time, sick leave and paid holiday benefits that can fire you without notice for any reason they want???

Think it over.  I stuck it out and do not regret it.
Imaw1ldkat  
#5 Posted : Saturday, January 28, 2012 12:33:53 PM(UTC)
Imaw1ldkat

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I agree 100% with bearklake guy. Know ALL of your options, as the younger you retire, the more likely you are to live longer with the reduced income. Even if I were to take an "early out", I would definitely keep working, doing something that I love to do, for supplemental income.
bearlakeguy  
#6 Posted : Sunday, January 29, 2012 12:31:32 AM(UTC)
bearlakeguy

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I would like to expand on the message Imaw1ldkat and I are giving for FERS folks.

In addition to looking at your retirement estimate for your annuity, check out your estimate for social security.  I found my estimate to be 100% accurate as I am now receiving exactly that.  The problem with early retirees is the younger you are the less apt you are to receive 100% of that estimate.  I was very displeased with my FERS supplement in that it was only 64% of my social security.

Regarding TSP.  The worst thing you can do is to take out large sums and just blow it.  You are hurting yourself in terms of income tax and in terms of robbing your own future.  Keep it in TSP, roll it over into an IRA (that's what I did), or if you admit to having spending issues, buy an annuity from TSP or one of the many commercial places that sell them.  The annuity will dole out your TSP in small tax affordable amounts for the rest of your life.


countrychick  
#7 Posted : Monday, January 30, 2012 12:32:55 AM(UTC)
countrychick

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Thank you for all the helpful response.  I am no where near close to retiring or being offered anything.  I just work for DOI and was curious.  Thanks again though.  I will try to keep it in mind, for that far distant future Ermm
Fed1969  
#8 Posted : Thursday, February 02, 2012 11:19:30 PM(UTC)
Fed1969

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The $25K is great for those planning to retire.  However if you leave a few years early, it could cost you over $100K in reduced lifetime pension.
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