When my company closed down, everyone in management received furlough pay which meant they had an extended year on their accumulated service. At the end of that extended year, if they were not yet 55, they did not qualify for retirement and the benefits that went along with it. However, they were VESTED in the company pension plan which entitled them to a reduced pension benefit at the age of 60........;
I suspect these released officers are entitled to Vested pension benefits at a certain age due to their years of service so they are not being left with nothing.......
They have no reduced pension to be given at a later date.
I think they get a severence pay of something like 20K, and are out the door.
If they want to get a federal job, their years of service will count, but that's it.