As part of an ongoing effort to reduce costs, the Postal Service will offer early-outs and buyouts to more than 3,000 postmasters.

The selected employees have until Aug. 18 to decide whether they want to take an early retirement option. Those who accept will leave the agency Sept. 30 — the last day of fiscal 2014.

Federal Times’ Andy Medici first reported the story.

According to a statement from USPS, retiring postmasters will receive a buyout of $10,000, to be paid out on Dec. 5.

Employees who choose not to retire will face a reduction in force (RIF) scheduled for Jan. 9, 2015.

Over the past three years, USPS recorded financial losses of $26 billion, the agency wrote in a letter.

In light of its financial situation, the Postal Service launched Post Plan, a two-year, multi-phased process to consolidate and adjust operating hours at post offices.

The Post Plan is “a way to keep post offices across the country open by realigning retail window hours based on customer use,” the agency wrote in a statement.

Since announcing the plan in May 2012, more than 9,000 post offices have adjusted their retail hours. About 1,200 offices are now open for only two hours, and nearly 5,000 are 4-hour offices.

USPS is just one of several agencies offering early retirement to employees.

Employees who accepted an early-out offer from the Social Security Administration must be off the payroll by the end of the month.

The U.S. Geological Survey confirmed in February that it would offer early retirement through the end of fiscal 2014.

The Government Printing Office announced this week that it would offer buyouts in the first quarter of fiscal 2015.

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