The Department of Corrections distributed an e-mail to staff last week inviting employees to attend meetings to learn about a voluntary-out benefit offer (VOBO). OPEA attended the first meeting to discuss the offer at the Wildlife Department in Oklahoma City on June 2. It was standing room only as agency human resources and retirement specialists outlined the program and answered questions.
The VOBO consists of the two mandatory severance benefits of a one-time payment equal to 18 months of the employee’s (not dependents) current health insurance premium and the full amount of an employee’s next longevity payment. The offer also includes the optional benefit of $5,000.
To qualify for the VOBO, employees must be eligible to retire by September 1, 2009. According to Associate Director J’me Overstreet, as many as 200 employees could be approved for the VOBO.
When asked how VOBO recipients would be approved, Overstreet replied that the main criteria would be the position an employee held and if the agency could function without filling that position for one year.
“Obviously, we can’t approve a lot of CO’s and PO’s,” she said. However, she urged all who were interested to apply. Turning in an application does not commit the employee or the agency.
The deadline for completing the application is June 15. At that time, the agency will determine who will be eligible for the buyout. The VOBO plan will be submitted to the Office of State Finance on July 16 and employees will be notified of their approval. July 1, those accepting the buyout must have a retirement application in to the agency and sign a letter of acceptance by August 7. Employees accepting the offer will have until August 14 to recant, with a last day of employment on August. 31.
“VOBOS can be a good deal for employees who are planning to retire,” said OPEA Policy and Research Director Trish Frazier. “One important thing to remember is that the benefits will be taxed so the check will not be as large as anticipated. Depending on your final tax situation for the year, you may receive some back in your refund next year.”
Below are scheduled presentations on the DOC VOBO
June 9, 10:00 a.m. and 1:00 p.m.; Northwest Technology Center, 901 Vo-Tech Dr., Fairview
June 11, 10:00 a.m. and 1:00 p.m.; Great Plains Technology Center, Bldg. 300, 4500 W. Lee, Lawton
Posted on
Wednesday, June 3, 2009
by Trish Frazier