The U.S. Securities and Exchange Commission (SEC) is offering up to $50,000 to employees who choose to resign or take early retirement, according to a memo obtained by Reuters. The offer is part of the agency’s efforts to reduce staff and costs in response to the Trump administration’s push for a leaner federal workforce.
The SEC’s chief operating officer, Ken Johnson, informed employees in a February 28 memo that they have until March 21 to decide whether to take advantage of the voluntary incentive separation and early retirement programs. These programs give permanent SEC employees the option to resign, transfer to another agency, or retire immediately.
The SEC declined to comment on the matter. Bloomberg News was the first to report the memo.
This move is part of a broader strategy by the Trump administration, alongside senior adviser Elon Musk, to overhaul the federal workforce, which they claim is bloated and inefficient. The Department of Government Efficiency has already cut more than 100,000 employees from the federal workforce through a combination of layoffs and buyouts, as part of the administration’s efforts to trim government spending.
In a separate memo sent to SEC staff on Monday, Johnson also announced that the General Services Administration (GSA), which manages government leases, has decided to terminate the SEC’s leases for offices in Los Angeles and Philadelphia. The GSA has also informed the SEC of plans to cancel the Chicago office lease, although the SEC said it cannot make this move without incurring significant financial penalties, according to a memo dated March 3.
Despite these office lease changes, Johnson emphasized that the terminations were not linked to any planned reorganization or workforce reduction at the SEC. However, the agency has already begun informing its regional office directors about potential job cuts. Additionally, the SEC recently told unionized employees that they must return to the office by mid-April, a decision the union has argued is illegal.
As part of the ongoing restructuring, the SEC’s voluntary separation and early retirement programs offer an opportunity for employees to leave with financial incentives, further accelerating the agency’s efforts to reduce its workforce in alignment with the Trump administration’s broader cost-cutting goals.
The memo and the agency’s actions underscore the government’s ongoing efforts to downsize federal agencies while also navigating potential backlash from employees and unions.