Delivered on: Thursday, January 30, 2025
To Watch on YouTube, CLICK HERE
Preparing for the DOGE Workforce Reductions (BONUS: Includes the “Delayed Resignation” option)
How to control your response by knowing your options in advance.
- CATEGORIES: Reviewing the likely scenarios for various groups of federal workers
- NUMBERS: Eliminating most of the uncertainty by knowing your numbers
- RIPPLE EFFECT: Understanding the consequences of leaving government service early
- PRIORITIES: Creating your checklist of must-do “pre-notice” action items
Download Handouts: CLICK HERE
Register for our next short webinar: FedImpact.com/webinar
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Prefer to read instead? A transcript of this webinar is below:
Hello everyone and welcome to the FedImpact webinar today on preparing for the DOGE workforce reductions. Boy, if you’d have asked me a month ago when I announced this webinar was going to happen, that we would have the flurry of activity that we’ve had at this point, I would’ve told you that I thought you were crazy. But in reality, we have a brand new administration that is moving quickly and we certainly have a lot to cover today.
We have of course, added some new information in the last couple of days being released, and so we have essentially 10 pounds of potatoes in a five pound bag today because there is a lot that we are going to be covering, so stick with me and we’ll do our best to get through this together. When we originally announced this webinar a month ago, the intention really was to help federal employees be more familiar with the different tools that the government has to be able to reduce its workforce.
Of course, there’s been a new tool introduced in the last couple of days and we’ll definitely dive into the details of that. But today’s session is not only going to be talking about what was just announced, but some of the pending tools that I believe are going to be utilized by this administration to be able to get to the correct number of federal employees in the workforce that they’re targeting. We have so many new people on our webinar that have never been part of our following, and so I welcome all of you.
My name is Chris Kowalik, I am the founder of ProFeds. I’m the developer of the FedImpact Retirement Workshop. We do hundreds of workshops all over the country and we’re delighted to be able to do webinars like this to be able to bring smaller chunks of material out to federal employees all over the place. I’m also the host of the FedImpact podcast, so gosh, I have lots of platforms to be able to talk to federal employees and help them feel better about the decisions that they’re making for retirement.
Normally we’re not on such a short timeline as we are right now, but definitely a lot to pick up today and just remember we’re standing by for your questions and we’ll do our very, very best to be able to get through them.
Agenda – DOGE Workforce Reductions & Delayed Resignation Option
Our agenda today, let’s go ahead and hop in here. We’re going to talk about some likely scenarios for various groups of federal workers and I’m going to do my best to show you some good examples that you can relate to so that you can get a better sense of what all of the options are going to be for you moving forward.
Next, we’re going to talk about numbers. It will be difficult for me to do a lot of numbers here on this particular webinar because I have so much content that I’m delivering today. The numbers I fear will complicate things unnecessarily and I think you’ll lose maybe the bigger picture of what we’re trying to do. I’ll share with you how you can get your numbers and what those next steps are, but today we’re going to stay focused more on the concept of each of these different tools that the government has to downsize.
Next, we’ll talk about the ripple effect. It’s one thing to make a decision that affects you now, it’s another thing to make a decision that affects you for the rest of your life, and there are a lot of consequences to leaving the government early, at least earlier than you are originally anticipating or what the government was anticipating. There’s naturally a ripple effect of those decisions that we want to make sure that you’re really clear on.
Next are priorities. Next we’ll talk about some priorities. Of course, anytime we have a looming deadline, we know what tends to be paid attention to during that time, but we also want to make sure that we’re thinking about the action items that we’re going to need before future announcements are made. If it’s not the delayed resignation, what is the next announcement and how can we be more ready when we get there?
And then bonus, at the end of today’s session, I’m going to talk about some of the pending legislation that’s on the docket right now that’s under review. Don’t be alarmed, there’s always lots of things that get put on the floor of the house or Senate that don’t ever pass, but we’re starting to see a momentum of legislation that’s being passed that we want to be very cautious of and aware so that we know how to respond when that happens.
What this webinar will NOT cover
As much as it’s great to talk about what the webinar will cover, like in our agenda, I also want to talk briefly about what this webinar will not cover. I want to start by saying that this is not the place where we’re going to talk politics. Please do not send in any political statements, any positions that you hold, any gripes, moans, groans, complaints into the Q&A. We already have a tight window to be able to answer those questions that are coming in.
And keep in mind, we’re not the ones who have written these rules, we’re simply here to help you decipher what you’re looking at and what is being asked of you in this decision. So please keep the politics out, we’re just going to look at the facts here of what we have in front of us so that we can have a really productive afternoon together.
Next up are telework policies. I know that that is a big piece of the resignation request from OPM through the Trump administration as far as the return to office policies and all of that. That is something between you and your agency, whatever it is that is happening there. You have no control over the telework policy or the remote policy and so make sure that you’re in lockstep with your agency as far as what is required of you.
And if not, then of course you’re looking at that resignation piece as part of that telework return to office protocol and being able to make a decision of whether going back to the office is worth resigning or not going back to the office is worth resigning in a very short period of time.
Next is specific agency policy. We’ve got loads of different federal agencies on here and each of you are going to have your own little nuances, all those intricate details. Do yourself a favor, please don’t stay so focused on that today that you missed the rest of the message so that we can get all of this material out to you.
Next are the questions I already mentioned, but it’s worth mentioning it again, we will likely not be able to get to everyone’s questions today just because we have several thousand people on today’s session. Please feel free to still submit them and we’re going to do our very best to be able to sift through all of those.
We’ll answer as many as we can live here today, but we’ll also be able to pull together some additional frequently asked questions to be able to get that out to the masses based on those questions. Remember, this is a familiarization webinar, so I want you to be familiar with all of these tools that the government has and if we get too wrapped up in the details, we’re going to miss that familiarization that we’re trying to get to today.
Of course, we are going to talk in greater detail about the pending decision that many of you are contemplating and get into some of those details here towards the end of today’s session.
My Hope For You Today
My hope for you today is to strive to be in control of what you can control. Try not to go too far down that rabbit hole of, “Why is this happening?” Or, “This is unfair.” Because it can spin out of control a little bit and probably just leave you pretty angry and still unprepared if you don’t ever get past that feeling.
I encourage you to set the priority to prepare yourself for the worst case scenario. We’re going to talk about some of those today and if we can see, “Okay, worst case, this is how bad it is,” then it’s probably diffusing some of the fear that you have with how these numbers are going to work.
Here’s the question I want you to focus on during today’s webinar, “If I am let go or choose to leave, what happens to my federal retirement and benefits?” If we can stay focused there today, then you’re going to be able to see how all these tools work.
The Typical Ways the Government Reduces in Size
Let’s jump into the typical ways that the government reduces in size. We know with different administrations, the size of the federal workforce goes up and other administrations, it goes down, and that is a very natural thing that happens all the time. It’s more pronounced now.
But a natural thing that happens to stop the federal workforce from continuing to grow is a hiring freeze where we’re just going to say, “We’re going to put a halt to any new hires.” And that could be in a specific agency or a job series or across the board, like we’re experiencing.
Next is natural attrition. We know that naturally, there are people who are separating and retiring and this natural attrition piece is simply not filling those seats when those people leave. Next we have reductions in force. It’s been a while since we’ve had a riff. These are involuntary layoffs or terminations.
And so this doesn’t feel good, this is essentially being let go, and the good news is there are quite a number of benefits available to you as federal employees through these different tools that can leave you just not having a job, but also having some other benefits to go along with it.
And then lastly on this list are early outs and discontinued service retirements. This essentially is two similar, but different ways that the government can allow employees to retire earlier than what you would normally be allowed to do by the normal eligibility rules.
We’re going to get into the details of these, but definitely a lot to think about and we haven’t even talked about the one that was just offered, so I promise we’re going to get there.
For Todays Discussion
For today’s discussion, we’re going to cover various tools or methods in this order. We’re going to first talk about full eligibility because we need to set the standard of what is normal so that we can understand how abnormal some of these options are and how they’re different than just being eligible to go.
Next, we’ll talk about the Voluntary Early Retirement Authority or VERA, this is known as an early out. We’ll talk about the Voluntary Separation Incentive Payment or the VSIP, the Discontinued Service Retirements, Reduction-in-Force, and Delayed Resignation. Of course, this is the one that was just announced, a new tool in the toolbox and so we’re going to dissect that a bit today.
For each one of these different tools or topics, we are going to review six case studies to examine their eligibility to qualify for each type of these tools that we’re talking about. There’s going to be a lot that we’re covering and don’t be overwhelmed. It will be natural if you are overwhelmed, but I’m trying to give a little bit for every person on this call to be able to identify with of examples that you are close to so that you understand how this works for you too.
Our Employee Case Studies
Thinking of our case studies, here are the six people that we are going to be talking about today all the way throughout today’s session.
We’re going to start on the left-hand side. Aaron is 28-years-old, he’s got four years of service. Carolyn, same age, 28, but she’s got five years of service, big difference. Jackie has been around for much longer, she’s 48 and has 25 years of service. Shawn is 55 with 32 years of service. Brett is older, he’s 57, but he’s only got 10 years of service. And then we’ve got Nancy who’s 62 with 37 years of service.
All of these are very specific and for a reason that we’re breaking it out this way to be able to demonstrate how these different tools work and trying to not just have a bunch of words on the screen but so that you can relate to the scenarios that these people are in.
Full Eligibility to Retire
Let’s start with full eligibility to retire. When an employee meets the eligibility requirements, so the age and the service year requirements, this is considered a voluntary separation. Of course they’re retiring and they’re going to draw a pension and all of that, but this is a voluntary exit from the government.
The employee has absolute control over when they choose to retire and that pension begins immediately with no penalties. This is the standard full eligibility. Let’s take a look at what the full eligibility rules look like. On the far left-hand side, we have our CSRS full eligibility. The vast majority of CSRS employees are already fully eligible to retire. It has been a long time since I’ve met one who wasn’t eligible and they would only not be eligible if they left federal service and then returned back, and so they’re trying to get more years under their belt.
But since the last one was hired in the end of 1983, it’s natural that those people have had their years, they’re naturally old enough to be able to retire. Today’s session, we are not going to talk about CSRS employees at all. If you happen to be one and you are not fully eligible, let us know and we can try to fill in some gaps for you.
But this session is going to be primarily devoted to FERS employees. On the right-hand side, you’re seeing the FERS full eligibility rules. In order to be fully eligible, you would need to be at least age 62 with at least five years of service, at least age 60 with at least 20 years of service, or have reached your minimum retirement age, somewhere between 55 and 57 depending on the year that you were born, and also have 30 years of service under your belt.
If you’re not sure what your MRA is or if that’s a new term for you, look to the right-hand side, the far right of your screen, you’ll see that table. You simply find the year in which you were born, you go to the right-hand side, and you will find your MRA. This is the baseline. We have to know where we’re starting from to be fully eligible so that we know when we haven’t quite reached that and can look to other tools to allow us to leave, allow us to gather benefits, and be able to take care of ourselves in retirement.
Who Is Fully Eligible to Retire?
I want to look through the lens of our case studies and talk about who is fully eligible to retire. In all of the scenarios that we covered in our case study when I introduced them, only one of them is fully eligible to retire, and that’s Nancy because Nancy met the age 62 with five years of service rule from the previous slide.
Of course she’s got way more than five years, but she meets the age and service year requirement and she is able to go if she wishes, but nobody else is able to voluntarily leave service and immediately start drawing a pension that has no penalties to it. We’re going to see some other options for these people throughout today’s session, but as far as being fully eligible and fully in control of the decision to walk out the door with the full pension, Nancy’s the only one who has that in the bag right now.
For Nancy, if she takes this fully eligible option, she will simply file for regular retirement. And based on those 37 years of service, she will get an immediate pension that begins, as you might guess, right away. She’s going to be able to keep her health insurance and life insurance as long as she meets the criteria to do so.
Most of you know that you need to have FEHB and/or FEGLI for five years immediately prior to you retiring from federal service. So our mantra is on the day you retire in five years prior. As long as you’ve met that rule as far as Nancy is concerned, then she’s able to keep her health and life insurance through the federal government.
Now she will not be eligible for this program called the Special Retirement Supplement. Many of you know that this program kind of bridges that gap between the time an employee is eligible to retire and the time that they’re eligible for social security.
But because Nancy is already 62, this benefit doesn’t apply to her, and so I just want to point it out that it’s not going to be an available benefit for Nancy because of her age. Once Nancy has separated, she can access the Thrift Savings Plan without penalty. There’s some special rules needing to be certain ages to be able to access that TSP without paying a 10% early withdrawal penalty on it, and so Nancy meets that, which is great.
Voluntary Early Retirement Authority (VERA)
The next scenario, we covered the fully eligible piece, now we’re going to talk about the Voluntary Early Retirement Authority or the VERA. The common name for this is being offered an early out. So these VERAs or early outs are voluntary separations. This is not you being forced out of the government.
This is your agency recognizing that they need to be downsizing, reorganizing, restructuring, whatever we want to call it, and they are given the authority to offer these early outs, which is essentially relaxing the age and credible service years that are necessary for you to be able to start drawing a pension.
The agency must make an offer to an employee for them to consider. The employee is not able to just go out under these rules without it being offered to them. Let’s take a look at this early out or the VERA. If this is offered, for the employee to be able to take advantage of this, like I said, the agency’s going to need to extend that VERA offer to the employee for their consideration. You can’t just decide on a whim to do this.
The VERA offer will have a specific retirement date or window that’s identified that you must retire by. And most of the time, VERAs are intended to be used as we’re preparing for a reduction in force. Generally we’re thinking, “Okay, there’s a workforce reduction. We’re trying to bring the total numbers down. Let’s start with the people who are close to being eligible to retire, but just not quite there yet.
Relax those rules and give those people an opportunity, a path to be able to go ahead and retire.” In order to qualify for a VERA, if your agency has the authority to be able to do it, on the far right-hand side, you’re going to see those rules. For an early out under FERS, you need to be at least age 50 with at least 20 years of service or any age with 25 years of service. There’s no penalties.
If you get offered an early out and you meet these rules, which is the only way you’re going to be offered in early out, you are going to be able to start drawing your pension right away and there will be no penalty to it. You might have fewer years in the calculation than you are originally planning for if you’re retiring earlier than you expected, but as far as penalties go, there will be none in this calculation, which is great.
The special retirement supplement that I talked about before, that benefit that bridges the gap between the time you retire and the time you’re eligible for social security, this particular benefit would be payable when you meet your minimum retirement age, so that’s somewhere between 55 and 57. We covered that a few slides ago, so if you need to look back in your handouts, you can do that.
But if you’re offered an early out and let’s say you’re 50, know that for a number of years you are not going to receive the supplement. And then once you hit that 55 to 57 mark at your MRA, the supplement will start and then it will stop again at 62. Let’s talk about who of our core six group can be offered an early out.
Who May be Offered an Early Out (VERA)?
Really the only two people. We’ve included Nancy in here because technically she qualifies for an early out, but she’s already fully eligible, so she doesn’t really count. Jackie and Shawn are both meeting the requirements. Jackie meets the any age with 25 year requirement and Shawn meets the 50 with 20 years of service requirement. He’s our overachiever, he has obviously more years and a higher age than is required, but he meets both of those requirements.
We’re going to take a little bit of a deeper dive to Jackie and Shawn so that we can understand, and we’ll do a little bit on Nancy too, but so that we can understand what’s really happening with that early out. If Jackie takes the VERA or the early out, she will qualify to begin receiving an immediate pension. She’s going to be able to keep her health insurance and life insurance as long as she meets the basic requirements, that five-year rule that I mentioned before.
She will begin receiving the special retirement supplement when she turns 57 and once separated, she can access the TSP, but she will have a 10% early withdrawal penalty. Let’s talk about Shawn. If he decides to take the VERA option, he too will qualify for being able to receive an immediate pension and be able to keep his health insurance and life insurance. He will begin receiving the special retirement supplement at age 57 and once he’s separated, he can access the TSP without penalty.
And the reason is that Shawn is retiring at 55 or later, which is the rule in the TSP to be able to access your money without penalty, and it happens to be when you are separating or retiring that they’re looking at your age. Everything else was very similar between Shawn and Jackie, but the fact that Sean meets that age 55 requirement is allowing him to access his TSP without penalty.
Next up is Nancy. I shared with you that Nancy’s already fully eligible to retire and so if she technically takes the VERA, she will simply file for a regular retirement. It’s just a formality that’s happening, but based on those 37 years of service, she’s going to have her immediate pension, she’ll be able to keep the health insurance and life insurance. She’s not eligible for the supplement, as we’ve already determined, because she’s already age 62, and she will have penalty free access to the TSP once she separates.
Again, the agency is still looking to try to encourage people to leave service through a VERA or an early out and it doesn’t prevent them from offering that to regular employees that qualify for a regular retirement, just as that incentive to get out and push them along in the process. I’ll show you another tool that will likely help Nancy make a decision to leave here in just a second.
Discontinued Service Retirements (DSR)
Next up is Discontinued Service Retirements or a DSR. These retirements are involuntary separations, very different than an early out. All of the other rules are going to be the same as far as how old you need to be, how many years of service, you’re going to see that here in a second. But the big difference between an early out and a Discontinued Service Retirement is that an early out is a voluntary decision by the employee and a Discontinued Service Retirement is an involuntary separation that the agency is deciding.
There are some rules, you can’t be removed for misconduct or delinquency. And if the agency says, “Hey, listen, this particular job’s going to go away, but we have this other job for you.” If it’s a reasonable offer of another position, and I’m not going to go into all the details of what that is, but if the agency’s able to create something else for you or put you in a different spot, you can’t have declined that and then be eligible for a DSR.
If a DSR is Offered
If a Discontinued Service Retirement is offered, this is typically done when an agency is trying to eliminate positions that it determines are no longer necessary. What that will look like in our near future, I’m not exactly sure, but chances are it’s going to be pretty vast as far as the federal workforce goes. The eligibility requirements for the DSR is the same as for the early out that we talked about before.
If we looked to the far right-hand side for FERS discontinued service, you are going to see that same chart, age 50 with 20 years or any age with 25 years of service. And again, there are no penalties for someone’s age. The pension itself would start right away, just like it would have had it been under an early out. Very, very similar.
They basically mirrored these two programs. One is a voluntary action, one is an involuntary action to make the tools work based on the environment that the agency is in as far as how quickly they need people to move. An extra little note here with the Discontinued Service Retirements is that the special retirement supplement would begin when an employee reaches their minimum retirement age.
I think you’re probably seeing some redundancy here in some of these rules and let that be a good thing for you today because there’s a lot of new stuff I’m sure that I’m going to be throwing at you, so having a little bit of redundancy is good, but I think it’s important that you are able to look at these six different people through the lens of the tool that is being used by the agency to encourage them to leave and seeing who qualifies for what and if there are any special exceptions that happen.
Who May be Offered a Discontinued Service (DSR)?
Let’s talk about these discontinued service retirements. As far as who is eligible, Jackie, Shawn, and Nancy are still the only ones eligible for this because again, the rules are the exact same for the early outs, so I’m not going to go through all of those slides again, they are the exact same for Discontinued Service and the VERAs or the early outs, but circle back there.
If a discontinued services in your future, you can go back to those VERA sections as well and be able to see how Jackie, Shawn, and Nancy were affected.
Voluntary Separation Incentive Payment
Next up, the next tool is a Voluntary Separation Incentive Payment. The slang for this is the VSIP. This is one version of a buyout from the government and it is important to know that the first word is voluntary. This is a voluntary separation. Most agencies currently are allowed to offer up to $25,000 in this cash incentive to be able to leave.
The Department of Defense happens to be at a little higher threshold of 40,000, and I think it’s important for you to know that not every VSIP offer is going to be that full amount. Depending on how incentivized the employees need to be based on how many people they need to go, they can adjust those numbers up and down.
These just happen to be the limits. I also want to make sure that everybody here recognizes that a VSIP can be offered as a standalone option. It doesn’t have to be coupled with an early out or a VERA. It most often is, as just another layered tool on top of the early out to be able to give a little nudge, a little push for people to be able to go. But it is a standalone offer as well.
If a VSIP is Offered
If an agency has the authority to offer a VSIP and they offer that to an employee, for that employee to be able to take it, it has to be offered to them.
Just like under the early outs, you can’t just decide to do this on your own, the agency has to be under special authority to be able to do this. The letter that you are going to get when you get this offer is going to have a very specific retirement date or a window, like, “You can retire between this date and this date or by no later than this date,” so that you know exactly when you need to, one, make a decision and two, be gone to be able to get this incentive.
And just like we have with the early outs, the VSIPs are used in preparation for a reduction in force. We’re going to see more about the RIFs and the funny nature of RIFs with respect to how it makes people feel. Early outs make people feel energized, like they’re being let out of jail early.
A RIF maybe doesn’t quite feel that way because it’s involuntary and you’re going to see that here in just a bit. For employees who choose to take a VSIP offer, they may also qualify for a pension, it’s just a matter of, were they already fully eligible?Were they also taking an early out that gave them special rules? There’s lots of different variables there and so be sure to go back and look at those pieces.
Who May be Offered a Separation Incentive (VSIP)?
Let’s take a look at our six people and how they qualify for this separation incentive, this cash. You’ll notice all six of them are eligible for the VSIP. Not all of them will get the same dollar amount. It’s not necessarily tied to the number of years of service that someone has or how much they make. It can go by a wide variety of factors, but all six of them are eligible to be able to get a cash buyout. This is different than what you have just been offered two days ago. This is a completely separate program with very, very different rules.
In the upper right-hand corner, you’ll see, “See examples in VERA and resignation sections.” I share this with you because if someone is offered a VSIP and they’re also offered in early out, I want you to be able to go to the early out or the VERA section and look at what is happening to all six of these people. If they’re looking simply to resign, you’re going to look to the resignation section that we’re going to cover here in just a moment.
Reduction in Force (RIF)
Next up, let’s talk about a RIF or a reduction in force. So this is really a mass layoff, which is why nobody likes to hear the word RIF because it is that involuntary separation or termination of your job. I never ever want you to confuse this with an early out. They have very different rules and qualifications to be able to do this. With a RIF, this typically comes with a severance package for the majority of employees, but it is important that we recognize this is a very different program than the Voluntary Separation Incentive Payment.
If a RIF is Offered
If a RIF is offered, agencies are going to follow a very specific protocol to conduct those RIF actions and determine what order employees are supposed to be laid off. There’s a whole order to it, and I’m not going to bore you with what that order is or how to even know what you’re looking at, but the agencies know what they’re supposed to do if the RIF wheels go in motion and they need to start with those layoffs.
If you are already eligible to retire when you are notified of a RIF, you are simply allowed to submit your retirement application. They just want you to go. They can do that by laying you off or you can just submit your retirement, and that will be a better option for you, of course. This third bullet here, we get this question a lot. “Am I allowed to take an early out and get a severance package?”
The answer is no. If you take a VERA, you’re getting your pension. If you take a RIF, if you don’t qualify for an immediate pension, like one you’re going to get right away, not many years down the road, but right now, then you’re going to get a severance package.
We’ll talk about what that looks like, we’ll give some numbers here in just a second. It’s also worthwhile to know that you can file for unemployment based on the state in which you live. Everyone’s going to have a little bit different rules, but be sure that you’re reporting your severance amount to your state unemployment office if you’re going to file there and see what you can qualify for.
Payout of Severance Pay
With the payment of a severance pay, I want to walk through a couple of things. The first is, severance pay does not happen in lump sum. It will be paid out just like your paycheck is right now. Most of you are paid on a bi-weekly basis, that money will continue to be deposited into your account bi-weekly until you’ve reached the end of the severance package, the dollar amount that they’re supposed to pay you.
All those payments that you receive are subject to income tax and social security tax, so be prepared for some of that to come out. And if you were to return back to a federal position before you’ve completed that severance payout, all those future payments that you are set to receive will be terminated at that point. You’re not paying back what you have received in severance pay, but any future payments will be cut off. It’s also worthwhile to know that an employee, throughout their whole lifetime, they can only get 52 weeks of severance pay.
If you’ve had a RIF before and you got the full 52, guess what? Another RIF isn’t going to help you because there’s going to be no severance pay for you to be able to take.
Who May be Selected for a RIF (with Severance)?
Let’s take a look at our six people. Who may be selected for a RIF? Well, the first four people can be selected because Brett and Nancy on the right-hand side already qualify for an immediate pension. We’ve talked about Nancy, of course she qualifies 62 with 37 years of service, but we haven’t really talked much about Brett yet.
Brett is 57 with 10 years of service. He doesn’t actually meet normal eligibility requirements, he actually meets an MRA plus 10 requirement. Many of you have heard that phrase thrown around. It essentially says that Brett has met his minimum retirement age of 57 and he has at least 10 years of service, but he doesn’t have the 30 that are required for him to retire and draw a full pension.
Ironically, the government says even though Brett is not fully eligible, he is eligible to draw his pension right away, even though it will be penalized. And it’s pretty substantial, he would actually suffer a 25% penalty to his pension because it’s 5% for every year you’re under 62.
And I’m not going to go into all of those details today, we have a whole webinar on MRA plus 10, so if you’re curious about that, go check that out. But Brett and Nancy, because they could both leave service now and start drawing a pension, whether it’s a full or a penalized one, they do not qualify for severance pay.
Aaron, Carolyn, Jackie, and Shawn all do because they are not allowed to draw a pension right now on their own free will. They would be allowed to have a severance pay in the event that the government goes through a RIF action. Let’s talk deeper about Aaron.
If Aaron is required to take the RIF he’ll be paid a severance package of four weeks of pay. There’s a whole calculation. Under 10 years of service, it’s one week of pay for every year of full service that you’ve had. And so he only had four years of service, so he’s only getting four weeks of severance pay.
And since he’s not vested in FERS with at least five years of service, there is no pension payable to Aaron. At that point, once he goes out on that RIF, he will lose his FEHB, he will lose his life insurance, and he will not ever be entitled to the supplement.
And once he’s separated, because he’s 28-years-old, technically he can access the TSP, we’d really encourage him not to, but technically he can access it, but he’s going to have a 10% penalty for all money that he receives from the TSP before he turns 59 and a half, which is a long, long way away.
That gives you an idea of what Aaron’s scenario looks like. Carolyn is going to look a little bit different. She’s the same age as Aaron, but she has five years of service. That’s the magic number. She’s going to be paid five weeks of severance pay and since she is vested with at least five years of service, she will have a pension that is payable to her.
Those five years of service, she will have a deferred pension and that will begin at age 62. This pension isn’t going to be helping her a lot right now, not going to help her at all. But is it there for later? Yes.
It’s not like the time is just gone. If she had at least five years of service, she’s vested and can draw that pension later as long as she doesn’t take a refund. For deferred retirements, those folks are never able to keep their health insurance or life insurance and they will never qualify for the first special retirement supplement.
And just like Aaron, because Carolyn is 28, once she separates from federal service, she can access the TSP, but will have that 10% early withdrawal penalty for everything she takes prior to the age of 59 and a half.
Next up is Jackie. If she’s required to take the RIF, she’s going to be paid a severance package of 40 weeks of pay. And of course, she’s vested in the FERS program, she’s got at least five years of service, she’s got 25. And based on those 25 years of service, her deferred pension will become available to her to start at age 60.
I am jumping right to the punchline on all of these and not going into a lot of great detail on all of the requirements, but I want you to have a general sense of the types of things that we’re looking at when we’re thinking of these tools that the government would be using and that you’re going to frankly be using as you’re thinking about what your next step is.
Jackie, when she separates at 48, she will lose health and life and she will not be entitled to the supplement. And again, because she’s under that 55 mark that we talked about before, she can access TSP, but will have that 10% early withdrawal penalty for everything she takes from TSP prior to 59 and a half.
Let’s talk about Shawn. If he is required to take this RIF option, he will be paid a severance package of 52 weeks of pay. And since he is vested with at least five years of service, he will have a pension payable to him. His is going to look a little different. He’s got 32 years of service. He’s just too young to be able to be fully eligible.
He still has a deferred pension, but it’s going to be payable to him at age 57. Because he’s going out under a deferred pension, he’s still going to lose his health insurance and life insurance and he will not qualify for the first special retirement supplement. And because he’s 55, once he separates, he can access TSP without penalty.
Delayed Resignation
Here we are to the part that I know so many of you are interested in and need to get your head wrapped around. Let’s jump into this. On January 28th, OPM emailed the vast majority of the federal workforce and offered a voluntary delayed resignation. They basically called out to all these employees and said, “Listen, lots of things are changing over here. If you want to stick around, great. These are the rules.
If you don’t, reply and we’re going to start the resignation process.” It’ll be delayed. Normally a resignation is pretty quick, but in this case, there’s a delayed resignation. And the rule for this particular offer is that you will need to leave federal service by no later than September 30th. You can leave earlier if you wish. It will probably not be in your financial best interest to do so. You’ll see that here in a second.
But if you decide that you want to take this offer, you are going to make that decision by February 6th. Very, very important that you are paying attention to what is available to you and starting to dial in some of these numbers for yourself. This call for delayed resignations has been announced.
A Call for “Delayed Resignations” Has Been Announced
There are certain groups that are excluded from this offer. There’s still a little bit of ambiguity on some of these, not the ones listed, but the ones that are hidden behind what’s listed. Of course the military is not going to count. Postal workers have been in a separate little class here that they’re protected from this particular resignation. Or not even protected, they’re just not allowed to participate in this.
Same thing with immigration enforcement and national security. A big group that we work with are federal law enforcement officers, and there’s all this hype about, are law enforcement officers going to be able to participate in this? The overwhelming response is no, that they’re falling under that national security piece.
And certainly the immigration enforcement law enforcement officers, that’s an obvious one because it’s so clearly listed here. But the national security piece is typically where they wrap up the rest of the law enforcement types and not allow them to all bail because of the importance of that security for our nation.
Employees who are eligible for and accept this delayed resignation, what the rule says or what the announcement says is that you’re going to be placed on administrative leave and paid until September 30th. This is 33 weeks of pay where you are not required to be at work.
When I originally read the letter, that was not what I gathered from it, but then they issued some frequently asked questions and the very first question that’s listed, because I’m sure it’s the one they got a million questions on, was, “Do I still have to work during this time?”
And they make it very clear that you do not, except by rare exception from your agency, and I have a feeling that the majority of you would not fall into those types of exceptions. You can certainly ask your agency what those would be, but OPM even is going so far as to say that it’s okay if you go get a non-federal job while you’re on admin leave.
In a way, this whole offer probably feels like a punishment to a lot of people, but I hope that you’ll look at this as an opportunity. If you really do want to go ahead and leave federal service or you are getting close, this is an opportunity for the next 33 weeks for you to continue to receive pay. You can go out and get another job if you wish. You want to coordinate with your agency and all of that, especially if you have any special type of job that you have, just double check that you’re good to go with that.
But this is part of what is attempting to soften the blow of all of this and give you a little bit of time to get things in order for yourself and go ahead and leave federal service. You’ve got your 33 weeks of pay, looking for another job, vacationing, whatever that might look like for you during those 33 weeks.
But this is quite a generous offer. It’s not called severance pay here, but it’s acting just like severance pay in the way that it’s structured because it will continue to be paid out every pay period, just like severance pay would have. And if you remember Aaron and Carolyn, they had four and five weeks of severance pay. It wasn’t until we had people who had lots of service that they ended up broaching that 33 week mark.
So important to realize what this might look like for you as an opportunity versus the negative feeling that I know is rolling around out there. But a great opportunity, especially for younger people who are like, “You know what? I’m not even really sure if federal service is for me. But now that I’m going to have eight months of pay and I can go get another job, this may just be the push,” that you needed.
Trying to look at the silver lining of all of this and every one of you’re in a little bit different of a scenario, but definitely worth thinking about what’s in it for you during this time. Keep in mind that for anyone who takes this delayed resignation, the time that you are technically on the payroll between January and September, you are still accruing service time. When you go to retire, you will have an extra eight months in your pension calculation that you otherwise didn’t have.
Again, trying to look at the silver lining in an otherwise cloudy situation.
Who May Accept a Delayed Resignation (NLT 9/30)?
Who can accept a delayed resignation? Aside from the excluded groups that I mentioned before, all of our case study group could accept a delayed resignation. It doesn’t matter how many years of service, how old they are, this was an across-the-board offer for anyone who was ready to go and perhaps wasn’t really excited about returning back to the office and some of the other requirements that they outlined in the letter. It’s making this open to everybody. Most everybody with the exception of that special list that I mentioned before.
What Happens After the Delayed Resignation?
But here’s the question that gets fuzzy for everybody. What happens after the delayed resignation? Come September 30th, you’re finally done, what happens then? I’m going to assume for purposes of this explanation that no additional programs have been opened up at that time. We’re not under an early out, we don’t have a cash incentive with the VCIP, there’s no discontinued service retirements, there’s not a RIF yet, all of that.
We’re going to pretend that we just have this delayed resignation piece that’s been offered. An employee will only qualify for a retirement pension if they meet certain age and service year requirements or criteria. You’re going to see that here in just a second with our case study. But if they qualify for a pension, it might start right away or maybe later, it might be penalized, and you might not be allowed to carry certain benefits in retirement.
Aaron
Let’s start with Aaron. As a reminder, he’s 28-years-old, he has four years of service. If he takes that delayed resignation, he’ll be paid out 33 weeks all the way through September 30th, plus the quote normal resignation rules. For him, because he’s not vested with at least five years of service, there’s no pension that’s payable.
Just like we mentioned before, he’s going to lose his health insurance, his life insurance, and he will not qualify for the supplement, and he’s going to suffer a 10% early withdrawal for all the money he takes out of TSP prior to 59 and a half.
If Aaron were just to walk out the door and do a regular resignation, just quit, he would’ve had four weeks of severance pay. In this case, he has 33 weeks of severance pay. This ends up being a net positive for Aaron in his situation. Again, assuming that he wanted to leave federal service.
Carolyn
Carolyn, if she takes the delayed resignation, things work a little differently for her. She’s going to get her 33 weeks of pay all the way through September 30th, just like Aaron, and then the quote normal resignation rules apply to her. But because she’s vested and has at least five years of service, there is a pension waiting for her. Based on those five years of service, that deferred pension will begin at 62. If this is looking familiar, it’s because we’ve already reviewed this very thing.
She’s going to lose her health and life, she will not have the special retirement supplement, and she’s going to be penalized on anything she takes from TSP prior to 59 and a half, just like Aaron was. The difference is that one year of extra service that Carolyn had is what unlocked that deferred pension to be available to her much later in life at 62, but at least it’s there. Let’s talk about Jackie.
Jackie
Jackie is 48, she’s got 25 years of service. If she decides to take this delayed resignation, just like everybody else, she’s going to be paid all the way through September 30th, so that’s the 33 weeks that we’ve been talking about. Plus she is vested with her five years and based on the 25 years that she has, she’s going to have a deferred pension that will start at 60.
Hers is going to start just a little bit sooner and unfortunately she still loses health insurance, life insurance, and the supplement, and anything that she takes from TSP will also have that 10% early withdrawal penalty.
Shawn
Shawn, if you remember, he was a little bit older, 55 with 32 years of service. He’ll be paid all the way through September 30th like everybody else on this list. And because he is vested, he is going to have a deferred pension. But because he has 32 years of service, his pension’s going to be paid to him starting at 57. He’s only going to have to wait two years to be able to get his pension.
But here’s the deal, he’s so close to being able to keep his health insurance and life insurance and qualify for the supplement that if he could just find a way to either stick around for two years until he’s fully eligible or stick around until an early out or a discontinued service is offered, he will then unlock the ability to keep that health insurance, life insurance, and have the supplement. He’s so close.
Aaron and Carolyn, they are way far away, they’re just not really qualifying for a whole lot. But Shawn is really darn close, so I would hate to see someone like this put in their resignation on a whim without realizing what they’re giving up, especially if we have health issues on both the health insurance and the life insurance side, meaning you can’t get life insurance anywhere because of your health. And then that supplement.
If Shawn were able to stick around until he’s fully eligible or simply get that early out or discontinued service retirement at 57. From 57 to 62, he would receive that supplement, which is likely a pretty good amount of money, like it is for most people. And then like we’ve seen for Shawn before, because he’s already 55, he can access the TSP without penalty all the way to 59 and a half and of course beyond that because penalties don’t exist beyond that 59 and a half mark.
Brett
Let’s talk about Brett. Brett is this interesting character. He’s older, he’s obviously had a different career. He came into federal service late because he’s 57 and he’s only got 10 years of service. If he were to take this delayed resignation, he’s going to be paid all the way through September 30th and then those normal resignation rules apply. He is vested, right? I think we’ve established that vesting schedule is five years.
And based on those 10 years of service that he has, he would have what we referred to earlier as an MRA plus 10 pension and that would be payable now with a penalty or he can choose to postpone receiving that pension until later, in this case, 62, and he could avoid the penalty. If you remember rewinding back a few minutes, we talked about the MRA plus 10 penalty being 5% for every year he’s under 62.
He can avoid that if he waits to draw his pension until 62 and then he won’t have any penalties from that point forward. He would be able to keep the health insurance and life insurance as long as it meets the requirement to do so. And he does lose the supplement because those going out on MRA plus 10 do not qualify for the special retirement supplement.
But definitely the rest of it would be a great perk for him. And because he’s already 55 or older, once he separates, he can access the TSP without penalty.
Nancy
Last step is Nancy. Remember, Nancy was our only fully eligible employee. She could go on her own accord right now if she wishes and start drawing her right away. But if she were to take this delayed resignation, she’s going to be paid all the way through September 30th.
And then she is vested, so she’s going to have those 37 years of service create that immediate pension for her that she’s going to get right away. She’s going to be able to keep health insurance and life insurance as long as she meets the regular requirements, but she still is not eligible for the supplement because she’s already 62, and that benefit stops at that point.
And then again, she’s able to access the TSP without penalty. And so a great opportunity for Nancy, I would say many of you have caught onto this, but let’s say Nancy was planning to retire in March and all of this comes out.
If I were Nancy, I’d probably pull my retirement papers and put in my resignation because now Nancy gets to go home, not show up to work, not be obligated to do any of those things because she’s on that administrative leave, and she now gets the benefit of having all those extra months up until September, including her pension calculation, which will only make it better. There’s no inherent benefit to speeding up this September 30th date.
I originally thought, “Well gosh, maybe if someone has another job in the wings and they’re not allowed to have both things at one time,” but that’s not actually true. You’re able to go out and get another job. OPM is saying it right on their site. I was shocked when I read that, but definitely a lot to think about.
I find that for the people who are already eligible who have lots of control over this, they have some strategic planning that they can do as far as when they’re planning their actual exit based on this delayed resignation of September 30th to extend the retirement application window that they have.
And then those younger people on the other end of the spectrum, in this case, Aaron and Carolyn, they are able to get a much larger severance-like payment. It’s not being called that, but it’s operating like that. They’re able to get that for 33 weeks instead of four or five.
A pretty great opportunity for them to be able to go if it’s their wish to not stay in federal service or they don’t think they can survive the downsize. Right? Because eventually, there’s going to be another round of another tool being used, it may not be the delayed resignation, maybe we’re moving to early outs, which of course the younger people won’t qualify for. Maybe we are looking at a RIF, which is those involuntary layoffs, and then they’re subject to regular severance.
They’re not looking at this enhanced severance that’s part of the delayed resignation package. Boy, is there a lot to think about on this webinar. I’ll be honest, this was a very hard webinar to put together because there are so many moving parts with all of these employees. And here’s something that I want to share with you, I’m just going to pop over to a slide that has all the pictures on it.
Here’s what my real hope is for you as you’ve seen us go through all these slides. I hope that you are able to be closely related to the scenario that one of these people are in based on your age and your service years, and you can get a pretty good sense as you look through each of the tools, fully eligible, RIFs, VERAs, VCIPs, DSRs, all of those pieces, and be able to see.
If you most closely relate to Jackie based on your age and your number of years of service, go through and look at all of Jackie’s decisions through each of those tools and you’ll get a pretty good picture, “If this happens, this is what Jackie can do.” Same thing with all of these people, but most of you don’t care about the other people that don’t have any connection to you, that you don’t share any similarities with age and service years with.
It might be interesting to know about those things, but you care about your situation. And because I can’t, of course, put everybody’s situation in here, I wanted to give these little pieces so that you could connect with one of these six people hopefully and be able to see your situation playing out in the examples that we’re giving so that you have a better sense of what to expect moving forward.
Benefits Changes Under Review
Like I mentioned at the very beginning of this webinar, I promised that I would talk about some of those benefits changes that are under review in potential legislation. A couple of highlights that I want to mention before I jump into the details here, I want everybody to keep in mind that there’s a lot of legislation that never ever goes anywhere, and until it does, there’s nothing we can do about it. The only thing that we can do is plan, “If it were to happen, what does it mean to us?” So that we have a better reaction or a better response to when it happens.
We don’t need to freak out about it. There are plenty of things to freak out about these days. Pending legislation that hasn’t gone anywhere yet, it’s not the hill to die on today. We have plenty of things that we need to be focusing on, and so I want you just to look at it through that lens as I go through those pieces that are under review.
And perhaps even consider looking at best-case, worst-case scenario, if you think you’re going to be affected by something, one of these pieces of legislation or something new that pops up, asking yourself, “If this really does change, if this passes, what does it mean to me?”
And most of the time, you’re going to find that it doesn’t make that big of a difference for you. There are exceptions to that of course, but when we’re talking about changes that seem so significant, until we really see what the number is, we don’t know what real effect it’s going to have on us. Definitely important, best case, worst case, and see what those numbers look like.
Benefits Changes Under Review
Here are some of the benefits and those changes that are under review. The first is making all regular FERS employees contribute 4.4% into your retirement account. And I’m not talking about TSP, I’m talking about your FERS pension. Right now, the vast majority of FERS employees contribute 0.8% into the FERS account. So this is a marked increase. This is what those hired in 2014 and later are already paying.
And the call is, from a legislative standpoint, is that we bring everybody else up to that level. Tied to that is an idea of creating an at-will and a merit-based workforce, and that those two groups contribute different amounts into the FERS program. Of course, at-will employees are able to be fired much more readily without as many protections as merit-based employees.
Will this go anywhere? I have no idea, but it’s an interesting concept. I’m curious to see what it’s going to look like when it really gets fleshed out, but it’s definitely on the table. Next is the elimination of the FERS Special Retirement Supplement. This has been the talk of the town since before I even started working with federal employees, and I’ve been at this over two decades.
So will it go away? I doubt it. Will it change in some ways? Probably. I suppose anything’s possible these days, and so we should all keep our eyes open, but it has definitely been swirling around the house in the Senate for many, many decades, and we’ll see what ends up coming of that. Next is something that has been revived and that is changing the High-3 average calculation to the High-5. And originally employees were like, “Oh, High-5, that must be better.”
Well, no, it’s not better because it’s taking your highest five years of pay instead of your highest three and averaging them out, which means that we’re grabbing two lower paid years, a while back, the year four and five behind us, and it’s bringing down that average.
Again, how much it’s bringing down that average, you’re going to need to look at based on the pay raises that you experienced, the step increases that you experienced, the locality pay that you had during that time, that’s all included in that High-3 or High-5 number.
This is a good example of best case, worst case, like, “Okay, if it does go to High-5, what does it really mean to me? Is this something I need to really be upset about?” And it might be, it just depends what your numbers look like, but it’s worth asking the question.
The next piece of legislation is to exclude locality pay from the High-3 calculation. This was a shock to me just based on the wide variety of locality pay areas that we have all over the place. And the High-3 has always been comprised of the basic pay, which included locality pay, and so we’ll see what comes of this.
This is a way more significant change for most people than the High-3 to the High-5 because locality pay in some places are 25% or 30% of an increase to your pay that you are now going to take out of the actual High-3 calculation.
Next is a very interesting recommendation, which is the FEHB and the Postal service Health Benefits Program changing to a voucher system. They just started the Postal service health benefits program, so I’m not sure that they’re going to be really excited about dismantling that program, but we’ll see what comes of this voucher system idea.
Next is a proposal to increase the Voluntary Separation Incentive Payment to 40,000 for all agencies. If you remember, earlier in today’s webinar, I talked about this 40,000 being reserved for the Department of Defense employees and everybody else was at 25,000, so this levels the playing field between those agencies.
And then lastly, talking about what we have reviewed today is changing the early out criteria from 20 years of service to 15. There weren’t a lot of details on this particular piece of legislation that was out there, it hadn’t really been fleshed out. So we’ll see what comes of this, but this is certainly relaxing even further the criteria to be able to retire earlier from federal service.
Some Final Thoughts
I’ve got some final thoughts for you today. Please don’t wait to prepare until you’re told you’re on your way out the door. Things are changing so quickly and I think it’s super, super important that you get clear on your numbers. We’ll talk a little bit more about that here in a second.
Next, I would encourage you to go download a copy of your electronic official personnel file for safekeeping. You can always go back and do it again later if you decide to stick around or if the government decides to keep you around. But once you leave federal service, you lose electronic access to these types of systems, and so I’d hate for something big to happen that’s sweeping that keeps you from being able to access this later. Always good, just go and snag a copy of it, and you can always go back and do another one with a fresh copy later.
Next, this is something we haven’t talked about at all today, but if you have military deposits that you are hoping to be able to make to add to your pension time, I would encourage you to do that now, especially if that military deposit makes you eligible for an early out, if it makes you eligible for an MRA plus-ten, or a regular retirement, or if it just increases your pension.
But if you get an opportunity to be able to leave federal service quickly and maybe all the numbers line up for you and it seems like a really great idea, but you hadn’t quite gotten around to making your military deposits, you will naturally not have the benefit of that time in your pension or in the eligibility requirements that you had.
Again, if you wish to do military deposits, I would really encourage you to do that sooner rather than later. Next thought is to get retirement training and get your numbers. So many of you are brand new to us today, and I’m so grateful that you’re here. There is a lot. I almost regret that this is the first webinar of ours that you’re watching because there’s so much in this webinar because there’s so many little facets of all these tools that the government uses to reduce the workforce.
But the idea of getting the full scope of the retirement training on all of the pieces of your benefits, the pension, the supplement, social security, all the insurance programs, the Thrift Savings Plan, all of the pieces of those things, super, super important because when you know your numbers, your financial decisions become obvious. It may become very obvious to you that you have no business retiring if you actually know your numbers.
And on the other hand, you might be pleasantly surprised like, “Oh my gosh, I can actually retire and I’m going to be just fine.” But until you know your numbers, you’re not going to be able to do that. And so we’ll give you an opportunity here in just a second to be able to get that retirement training and start to get your numbers in order.
And my last thought here before we wrap up today’s session is to get some help from a professional before you make irreversible decisions or ones that have big, unintended consequences.
I share this with you because once you make these decisions to leave service, to move things like your TSP, if you make a mistake, you are the one responsible for it, and the government doesn’t make it super easy. In fact, the easiest thing I’ve ever seen the government do is tell you to respond to that email you got from OPM and just write the word resign.
I couldn’t believe that that was the guidance, right? There was not some crazy form you had to fill out or jump through hoops and get it notarized or anything crazy. But most of the decisions that you’re going to be making as you exit federal service have an irreversible, it is a one-way door that you don’t come back through, and I want to make sure that you get that right.
Retire With Confidence
The very best way that we can help federal employees feel good about stepping into retirement and feel confident about that decision is to attend one of our workshops.
These are full day sessions. They’re in person. There is no cost for you to attend as the employee, this cost has already been picked up. And these workshops cover all the federal benefits topics and those decisions to be made. The best part, and one that I think is going to be even more important these days because of these decisions that are being short ticketed to you as far as how quickly you need to get a response, is getting some one-on-one help.
We can’t help two, three, 4 million people all at one time be able to get all of their numbers. But coming through a workshop, getting familiarity with all of these benefits and being able to sit down and look at your numbers with respect to your pension, your health insurance, your life insurance, TSP, all the pieces together will help you paint a better picture so you know where you’re at.
And I suspect many of you have looked back over the last couple of days and said, “Man, I sure wish I had gone to that retirement class a long time ago and had my ducks in a row because then I’d feel better about making these decisions.” Don’t beat yourself up too much, but also don’t delay any further.
You can see all of the in-person retirement training that we do if you go to FedImpact.com/Attend, you’ll see all of the locations, the dates, find something that works for you. If you’re having trouble getting into a workshop, many of them fill up very quickly. So do me favor. If you go and register for a workshop, and let’s say the current one is closed for, say, a February class, and the next one is in May, and you’d really prefer to go to the February one, please write that in the comment section.
And so when we have people who perhaps can’t make it and they’re letting us know, we can fill you into that spot and make that available to you much more quickly if we know that that’s ultimately your intention. So again, go to FedImpact.com/Attend, you’ll see a list of all the locations and the dates. This has been one heck of a webinar. It certainly got extended a little bit longer than we expected with respect to the new offer that was made two days ago. But I thank you for joining us. I hope that you’ll stay tuned.
Wrap-Up & Next Steps
To find a workshop, go to FedImpact.com/Attend, and to sign up for the next webinar or be able to watch any of the replays from our past webinars, you can go to FedImpact.com/Webinar. Thank you all so much. Good luck to you. I am thinking about each of you as you’re making such important decisions. If there’s something that we can do to help, I certainly am open to doing that. I know there are a whole lot of you, but I appreciate the big decisions that you are making and I hope today’s webinar was helpful in that effort. Thank you all so much. We’ll see you next month.
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