Retirement Security:

Lump-Sum Retirements

GGD-93-2R: Published: Oct 20, 1992. Publicly Released: Oct 20, 1992.

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Pursuant to a congressional request, GAO evaluated the impact of increased federal employee retirement at the end of 1990 due to the suspension of the lump-sum retirement benefit. GAO found that: (1) the pattern of retirements for 1989 and 1990 were similar, except that the largest number of monthly retirements occurred in November of 1990, compared to December of 1989, because many employees retired earlier in the fiscal year than they originally had planned to; (2) the difference between the December 1989 rate of retirement and the November 1990 rate was 0.25 percent, but both were less than 1 percent of the full-time work force; (3) although on a calendar year basis an increase in retirements occurred, no increase showed on a fiscal year basis; and (4) agencies appeared to have no significant reductions in staffing, because new hires outpaced retirements.

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