[Code of Federal Regulations]
[Title 5, Volume 1, Parts 1 to 699]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR550.714]

[Page 525-526]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
                CHAPTER I--OFFICE OF PERSONNEL MANAGEMENT
 
PART 550--PAY ADMINISTRATION (GENERAL)--Table of Contents
 
                        Subpart G--Severance Pay
 
Sec. 550.714  Panama Canal Commission employees.

    (a) Notwithstanding any other provisions of this subpart, an 
employee separated from employment with the Panama Canal Commission as a 
result of the implementation of any provision of the Panama Canal Treaty 
of 1977 and related agreements shall not be entitled to severance pay if 
he or she--
    (1) Receives a written offer of reasonably comparable employment 
when such offer is made before separation from Commission employment;
    (2) Accepts reasonably comparable employment within 30 days after 
separation from Commission employment; or

[[Page 526]]

    (3) Was hired by the Commission on or after December 18, 1997.
    (b) The term reasonably comparable employment means a position that 
meets all the following conditions:
    (1) The position is with the Panamanian public entity that assumes 
the functions of managing, operating, and maintaining the Panama Canal 
as a result of the Panama Canal Treaty of 1977;
    (2) The rate of basic pay of the position is not more than 10 
percent below the employee's rate of basic pay as a Panama Canal 
Commission employee;
    (3) The position is within the employee's commuting area;
    (4) The position carries no fixed time limitation as to length of 
appointment; and
    (5) The work schedule (that is, part-time or full-time) of the 
position is the same as that of the position held by the employee at the 
Panama Canal Commission.
    (c) A Panama Canal Commission employee who resigns prior to 
receiving an official written notice that he or she will not be offered 
reasonably comparable employment shall be considered to be voluntarily 
separated. Section 550.706(a) shall be applied, as appropriate, to any 
employee who resigns after receiving such notice.
    (d) Except as otherwise provided by paragraphs (a) through (c) of 
this section, the provisions of this subpart remain applicable to Panama 
Canal Commission employees.

[62 FR 49127, Sept. 19, 1997]