Most early retirement packages include salary severance (such as receiving one or two weeks’ pay for each year of service); extended health insurance coverage; and pension-related payout. But just because you’re offered an early retirement package, it doesn’t mean you have to retire if you take it.
Likewise, who is eligible for voluntary early retirement?
General Eligibility for VERA
To be eligible to retire under VERA, an employee must: (1) Meet the VERA minimum age and service requirements (i.e., the employee has completed at least 20 years of creditable service and is at least age 50, or has completed at least 25 years of creditable service regardless of age);
Keeping this in consideration, what is a voluntary retirement incentive program?
A VERA allows an employee to opt to retire before meeting the normal age and years of service requirements. A VSIP is a lump-sum payment made to eligible employees who voluntarily separate through resignation, optional retirement, or early retirement.