| The Voluntary Early Retirement Agency or VERA | | | | been granted an agency specific VERA and so do |
| allows those agencies which are undergoing the | | | | not need to seek OPM approval in order to use |
| following: | | | | this option. |
| 1. Substantial Restructuring or Reshaping | | | | Such voluntary early retirement plans will be |
| 2. Downsizing | | | | offered to employees who are covered under |
| 3. Transfer of Functions | | | | both the Civil Service Retirement System or the |
| 4. Reorganization | | | | Federal Employees Retirement System. So once |
| So that they may temporarily lower the age and | | | | an agency has received their Voluntary Early |
| service requirements for their workforce in order | | | | Retirement Agency approval from the Office of |
| to increase the actual number of employees who | | | | Personnel Management then an employee who is |
| will be eligible for retirement. This Agency helps | | | | able to meet their general eligibility requirements is |
| these agencies to complete the needed | | | | then quite eligible to retire early. |
| organizational changes with as little disruption as | | | | In order to be eligible for the Voluntary Early |
| possible to the actual workforce. By doing this the | | | | Retirement the employee need to meet the |
| agency is able offer short term opportunities and | | | | following minimum age and service requirements. |
| so make it possible for employees to receive an | | | | 1. That they are at least 50 years old and have |
| immediate annuity years before they would | | | | at 20 years creditable service or they can be any |
| actually normally be eligible for it. | | | | age but with at least 25 year's creditable service. |
| Before this can be done the agency must request | | | | 2. They have served in a position which is |
| VERA and then receive approval from the Office | | | | covered by the Office of Personnel Management |
| Of Personnel Management (OPM) before they | | | | authorization for the minimum period that is |
| offer early retirement to their employees. The | | | | specified by the OPM. |
| approval provided by the OPM will stipulate and | | | | 3. The employee is serving in a position that is |
| time period in which the option will remain available | | | | covered by the Voluntary Early Retirement |
| to them. However there are such agencies the | | | | Agency plan. |
| Department of Defense being one which has | | | | |