Voluntary Early Retirement Offers

In August 2009, the Postal Service negotiated an agreement with the American Postal Workers Union and the National Postal Mail Handlers Union to offer a $15,000 financial incentive to employees who agreed to retire under regular or voluntary early retirement, or to resign if not eligible for retirement on or before November 30, 2009. The incentive was limited to employees represented by those unions. 20,843 employees agreed to retire or resign under this offer. The incentive is being paid out over a two-year period — the first payment of $10,000 was made this fiscal year within two pay periods after separation; the remaining $5,000 is to be paid on October 29, 2010. Other localized voluntary early retirement offers without incentives were made to employees affected by realignments and RIFs.