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DeVos offers buyouts to shrink Education Department workforce
Source: Washington Post
DeVos offers buyouts to shrink Education Department workforce
By Danielle Douglas-Gabriel October 27 at 7:40 PM
The U.S. Department of Education on Friday informed staff in the Office of Federal Student Aid, the arm of the agency that handles grants and loans to college students, that buyouts are being offered to shrink the division.
In a memo obtained by The Washington Post, the department said it received approval from the Office of Personnel Management to offer early retirement and voluntary separation incentive payments. The offer, according to the memo, does not extend to all positions. Eligible employees will receive an email from human resources by Wednesday.
The so-called separation incentive is a lump sum payment made to workers who choose to leave through resignation or retirement. In most cases, the maximum an employee receives is $25,000, an amount that is subject to taxes. Employees who accept the buyout are not allowed to work for the federal government for five years, unless they choose to repay the separation award.
Voluntary early retirement, on the other hand, does not include a lump sum payment and allows federal employees to retire before they reach a certain age and years of service. Employees can retire at age 50 with 20 years of service or at any age with 25 years of service, but with a possible reduction in benefits.
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By Danielle Douglas-Gabriel October 27 at 7:40 PM
The U.S. Department of Education on Friday informed staff in the Office of Federal Student Aid, the arm of the agency that handles grants and loans to college students, that buyouts are being offered to shrink the division.
In a memo obtained by The Washington Post, the department said it received approval from the Office of Personnel Management to offer early retirement and voluntary separation incentive payments. The offer, according to the memo, does not extend to all positions. Eligible employees will receive an email from human resources by Wednesday.
The so-called separation incentive is a lump sum payment made to workers who choose to leave through resignation or retirement. In most cases, the maximum an employee receives is $25,000, an amount that is subject to taxes. Employees who accept the buyout are not allowed to work for the federal government for five years, unless they choose to repay the separation award.
Voluntary early retirement, on the other hand, does not include a lump sum payment and allows federal employees to retire before they reach a certain age and years of service. Employees can retire at age 50 with 20 years of service or at any age with 25 years of service, but with a possible reduction in benefits.
-snip-
Read more: https://www.washingtonpost.com/news/grade-point/wp/2017/10/27/devos-offers-buyouts-to-shrink-education-department-workforce/
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