Separation Pay:

FSLIC Managing Office Did Not Receive Unwarranted Payments

GGD-90-23: Published: Nov 14, 1989. Publicly Released: Nov 17, 1989.

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Pursuant to a congressional request, GAO reviewed the Federal Savings and Loan Corporation's (FSLIC) termination of a managing officer's employment in Little Rock, Arkansas, focusing on an allegation that the former manager would receive a large amount of severance pay or other benefits.

GAO found that: (1) the only payment FSLIC made to the former employee was for accrued unpaid salary, which complied with FSLIC employment policies; and (2) although the former employee requested payment of $5,608.75 in accrued unused vacation leave, FSLIC did not plan to pay her because Arkansas state law did not require payment of accrued unused vacation leave.

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