To amend chapter 84 of title 5, United States Code, to make certain temporary Federal service performed for the Federal Deposit Insurance Corporation creditable for retirement purposes.

Summary: FERS Federal Deposit Insurance Corporation Buyback Act of 2001 - Includes service as a temporary or intermittent Federal Deposit Insurance Corporation employee of at least one year's duration, performed after December 31, 1988 and before January 1, 2001, whether performed over a continuous period or otherwise, as creditable service under the Federal Employees' Retirement System (FERS), but only if such employee later becomes subject to FERS and such service is not credited for purposes of any benefit under any other retirement system established by U.S. law (disregarding the Social Security Act and provisions of the Civil Service Retirement System (CSRS)).Requires such employee to deposit to the credit of the Civil Service Retirement and Disability Fund an amount equal to 1.3 percent of basic pay for such service. Requires any deposit made more than five years after the later of October 1, 2001, or the date on which the employee first becomes a Federal employee following the period of temporary or intermittent FDIC service to include interest.Directs the Office of Personnel Management to prescribe regulations for crediting such service to an individual who has separated from the Government. Requires recomputation of an annuity or a survivor annuity to take into account such service.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``FERS Federal Deposit Insurance 
Corporation Buyback Act of 2001''.

SEC. 2. CREDITABILITY OF SERVICE.

    (a) In General.--Section 8411(b) of title 5, United States Code, is 
amended--
            (1) by striking ``and'' at the end of paragraph (4);
            (2) by striking the period at the end of paragraph (5) and 
        inserting ``; and''; and
            (3) by inserting after paragraph (5) the following:
            ``(6) subject to subsection (k), service as a temporary or 
        intermittent employee for the Federal Deposit Insurance 
        Corporation not otherwise creditable for purposes of this 
        chapter, performed after December 31, 1988, and before January 
        1, 2001, of at least 1 year's duration (whether performed over 
        a continuous period or otherwise), but only if the individual 
        performing such service later becomes subject to this chapter, 
        and such service is not credited for purposes of any benefit 
        under any other retirement system established by a law of the 
        United States (disregarding the Social Security Act and chapter 
        83 of this title).''.
    (b) Deposit Requirement.--Section 8411 of title 5, United States 
Code, is amended by adding at the end the following:
    ``(k)(1) An employee or Member shall, with respect to any service 
described in subsection (b)(6) performed by such employee or Member, be 
required to deposit to the credit of the Fund an amount equal to 1.3 
percent of basic pay for such service.
    ``(2) Any deposit under paragraph (1) made more than 5 years after 
the later of--
            ``(A) October 1, 2001, or
            ``(B) the date on which the employee or Member making the 
        deposit first becomes an employee or Member following the 
        period of temporary or intermittent service for which such 
        deposit is due,
shall include interest on such amount, computed in the manner described 
in subsection (f)(3) and compounded annually beginning on the date of 
the expiration of the 5-year period.
    ``(3) If the deposit under paragraph (1) is not made or if less 
than the entire amount of such deposit is made--
            ``(A) service of the employee or Member described in 
        subsection (b)(6) shall be fully creditable; but
            ``(B) any annuity under this chapter based on the service 
        of such employee or Member shall be reduced in a manner similar 
        to that described in section 8418(b).''.

SEC. 3. PROVISIONS RELATING TO PERSONS WHO HAVE SEPARATED.

    (a) In General.--The Office of Personnel Management shall prescribe 
regulations under which credit for service, as described in section 
8411(b)(6) of title 5, United States Code, as added by this Act, which 
was performed by an individual who has separated from Government 
service may be obtained.
    (b) Requirements.--Under the regulations, credit shall not be given 
under this section unless appropriate written application is submitted, 
not later than December 31, 2001, in such form and manner as the 
regulations require.
    (c) Recomputation of Annuity.--
            (1) In general.--Any annuity or survivor annuity payable as 
        of when an application under this subsection is submitted shall 
        be recomputed to take into account any service described in 
        section 8411(b)(6) of title 5, United States Code (performed by 
        the individual on whose service the annuity is based), 
        effective with respect to amounts accruing for months beginning 
        more than 30 days after the date on which such application is 
        submitted.
            (2) Condition.--If the full amount of the deposit required 
        under section 8411(k) of such title 5 is not timely made 
        (before such deadline as the Office shall by regulation 
        prescribe) with respect to any service as to which the 
        application under paragraph (1) relates, an appropriate 
        reduction shall be made in the recomputed annuity in accordance 
        with paragraph (3) of such section 8411(k). Interest shall not 
        be included as part of any deposit under this subsection.

SEC. 4. NOTIFICATION AND OTHER DUTIES OF THE OFFICE OF PERSONNEL 
              MANAGEMENT.

    (a) Notice.--The Office of Personnel Management shall take such 
action as may be necessary and appropriate to inform individuals of any 
rights they might have as a result of the enactment of this Act.
    (b) Assistance.--The Office shall, on request, assist any 
individual in obtaining from the Federal Deposit Insurance Corporation 
any information in the possession of such corporation which may be 
necessary to verify the entitlement of such individual to have any 
service credited under section 8411(b)(6) of title 5, United States 
Code, as added by this Act, or to have an annuity recomputed under 
section 3(c).
    (c) Information.--At the request of the Office, the Federal Deposit 
Insurance Corporation shall provide any information with respect to an 
individual's performance of any service described in such section 
8411(b)(6) to the Office.