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FPCD-80-41 1 (1980-02-14)

handle is hein.gao/gaobabafw0001 and id is 1 raw text is: COMPTRtOL.LER GENERAL OF THE UNITED 11TATI21 WASHIP4I'O, D.C. FEBRUARY 14,1980 B- 197657 The Honorable Gladys Noon Spellman Chair, Subcommittee on Compensation and Employee Benefits Committee on Post Office and Civil Service 111553 House of Representatives Dear Madam Chair: Subject: rRetirement Benefits for Panama Canal 'Employeesl(FPCD-80-41) Your letter of November 15, 1979, asked us to evaluate the Office of Personnel Management's4,OPM's determination of the cost of the increased retirement benefits granted to Panama Canal employees by the legislation implementing the Panama Canal Treaty. As indicated in your letter, an ac- curate determination of the increased retirement cost is essential because the legislation required that the costs be paid by Canal revenues rather than by the Nation's tax- fpayers. OPM has not yet determined the cost of the increased retirement benefits. The purpose of this interim report is to advise you of the status of OPM's progress in imple- menting the legislation. The legislation granted major retirement benefits to Canal employees that are not provided to other Federal per- sonnel under the civil service retirement $ystem. Canal personnel who were employed at any time during March 31 to September 30, 1979, are allowed to retire as early as age 48 with 18 years of service, or at any age with 23 years of service. Those employees who remain after September 30, 1979, will have their benefits calculated at the rate of 2.5 percent of their high-3 average salary for each year of service after that date. In comparison, other employees under the system are generally allowed to retire no earlier than age 55 with 30 years of service, and their benefit formula provides a maximum of 2 percent of their high-3 salary for each year of service. (963128)

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