European Stars and Stripes (Newspaper) - October 16, 1991, Darmstadt, Hesse Page 18 a the stars and stripes tuesday october 16, 1991 Mousy matters few Federal workers taking Early outs by Mike Causey the Washington Post Washington a More than 225,000 Federal workers a 18 percent of the non postal work Force a could retire Early if Uncle Sam would make them an offer. Given the interest in Early outs Many people assume there would be a mass exodus if the government offered people immediate pensions at age 50 with 20 years of service or at any age after 25 years of service. In fact however Only about 5 percent of the people who got Early out offers this year took them. The typical Retiree was 53 years old with a final salary of $28,400 who got a $12,600 annual pension. Many who declined Early retirement cited the tight Job Market in the private sector. Congress is considering two Early out plans. The Bill by sen. William v. Roth or. R-del., would open the Early retirement window for a three month period for most government workers. It would relax current requirements that employees be age 55 with 30 years 60 with 20 years or 62 with five years. A Bill by rep. Barbara Boxer d-calif., would allow employees in an Agency undergoing layoffs or major budget cuts to add an additional four years of age or service time for retirement purposes. Workers already eligible to retire could use the extra time and service credit to boost their pensions. Neither Bill is going anywhere. So when Federal workers look for Early outs their Only Hope is that their Agency will ask permission to Grant Early outs a because of a major Layoff or reorganization a and the office of personnel management will approve it. Those special Early out authorities Are often limited to geographic areas sometimes to specific jobs or grades and they nearly always exclude employees such As engineers and scientists who Are paid special rates. This is what Early outs really look like a this year the pm has approved 73 Early retirement authorities. One was not used. Forty seven were for army Navy air Force or civilian employees in other defense units. Only 26 went to non defense agencies. A in 1990, pm approved a record 86 Early outs. A Between 1973 and 1990, pm approved an average of�?~32 Early out authorities each year. About 58,000 people retired Early. Under the Early outs approved so far for this year with Many still ongoing 15,545 employees were or Are eligible to retire Early. So far this year Only about one person out of every 13 eligible is taking Early out retirement. Pm expects final figures will show one in 20 taking Early offers Consumers free credit histories by the new York times bowing to critics who say computerized credit records Are littered with inaccuracies try inc., a leading compiler of personal financial data said monday that it would allow Consumers to obtain free copies of their credit histories. The move appeared to be a significant turnabout for try one of three Large companies that compile financial information on More than 170 million americans or most adults. Until now All the companies have refused to go along with such a policy a big demand of consumer groups and have charged As much As $20 to Supply a record. But More important than the savings for Consumers Industry experts said is that the new policy indicates an increasingly conciliatory attitude on the part of try As it faces rising criticism in Congress from slate attorneys general and from consumer and privacy advocates. The other giants of the billion Dollar Industry a trans Union corp. Of Chicago and Equi fax inc. Of Atlanta a said monday that they would not provide free credit reports. Quot providing so called free reports is not without eventual higher costs to the consumer a trans Union said. A it is an extremely expensive critics have charged that the three companies maintain credit histories riddled with mistakes sell private data to companies that Send out a junk mail and make it easy for practically anyone to pull up confidential reports. Until this year the Industry had generally denied that severe problems existed. In its announcement monday try said its main goal now was to provide a Salve for Consumers fears. Quot this move is an important step in the evolution of the credit reporting business a said d. Van Skilling an executive and general manager for try information systems and services. A in the past we believed that if we met the letter and spirit of the Laws governing the credit reporting Industry As Well As our customers needs we were fulfilling our obligations. But we need to do More and we will do Dwight Cabot Camp of Woodstock vt., says a bad credit rating from try inc. Prevented him from getting a loan to finance an addition to the family run Iki neral Home. In its announcement monday try said it would provide the credit reports to Consumers free once a year upon request. To pay for that service along with other consumer programs this year Van Skilling said try expects to spend $26 million. The announcement came two Days before Public hearings in the Senate on problems Consumers face with the credit information Industry and on possible revisions to the 1970 fair credit reporting act which regulates the Industry. Rep. Esteban e. Torres d-calif., who has held hearings on these issues said he plans to introduce a Bill this week that would require the Industry to provide free credit still working on slim lean Chrysler Auburn Hills Mich. Apr Chrysler corp. Does no to plan any More Plant closings or other major efforts to lower costs but lop executives say the company is still looking for expenses that can be dropped. The company has been on a Cost cutting and Cash raising Binge for the past three years shucking non automotive subsidiaries eliminating White Collar jobs and Selling 35 million shares of Stock. The financial moves chairman Lee Iacocca said monday were part of a process needed by any automaker studying the intense Competition Likely in the coming years. A in the interest of world competitiveness you had to go through this getting slim and lean and restructuring a Iacocca said. Quot any company who did no to do it is going to be in deep trouble. We be taken our lumps. We re about done with our Iacocca a a comments came on the eve of the dedication of the Chrysler technology Center on tuesday. La Coccas 67th birthday. And the company will be looking hard at the Center to see if the process put in motion by Chrysler can yield some results. Chrysler lost $810 million in the first half of this year and Isnit expected to report a profit before the fourth Quarter. It is Likely to turn in its worst financial year since 1980, when it lost $1.7 billion and needed Federal loan guarantees to slay in business. Quot the role i had to play in �?T79 to 80 was certainly different than the role i play today because we could no a meet payroll a Iacocca said. Quot today we re in an entirely different Chrysler has assets up for Sale. It is talking about Selling out its half interest in the Diamond Star motors corp. Assembly Plant in Illinois to its japanese partner Mitsubishi motors corp., and it has an untapped $1.7 billion line of credit with a Bunch of Banks. But it also has big problems. There have been no apparent serious offers on the parts and financial operations it has for Sale. The talk about the Diamond Star Sale has been around for months. And if Chrysler draws on its Bank credit line it could be seen As a desperate move. In the meantime Chrysler has just about met a $3 billion Cost cutting target Cut its White Collar work Force by about 3,000 jobs and restructured its vehicle development process All to save time and Money. Chrysler president Robert Lutz also said monday that the cutting May continue but it wont be As severe As reductions in the past. A i think we re closer to the Bone than we were a he said. Quot unless you can look yourself in the Mirror and say that you Are the leanest and most efficient automotive manufacturer in the world you can to say you be Cut As far As you Are going to get. Quot there Are no plans at this Point to close any Assembly plants a Lutz said
