As seen on SHRM.org by Stephen Miller, CEBS
Quotes included by BAN Directors Bobbi Kloss and Peter Marathas
When Attorney General Jeff Sessions fired FBI Deputy Director Andrew McCabe on March 16, just two days before his 50th birthday, it kept McCabe from qualifying for early payout of his pension and other retiree benefits. The firing also raised issues about what is legal and fair regarding benefit vesting when an employee is discharged.
McCabe was set to retire and receive an annual pension payout calculated at a special enhanced rate and available at the early age of 50, CNN reported. Formulas published by the U.S. Office of Personnel Management show that his payout would have been around $60,000 annually if he had retired after his birthday.
Now, McCabe may not be able to draw an annuity until sometime between age 57 and age 62, resulting in a loss of hundreds of thousands of dollars, and he could also lose out on retiree health care benefits because he was fired before he turned 50. Sessions said in a statement he fired McCabe because… [read the full article]