II

106TH CONGRESS

2D SESSION S. 2821

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.

IN THE SENATE OF THE UNITED STATES

JUNE 29, 2000

Mr. DODD introduced the following bill; which was read twice and referred to

the Committee on Governmental Affairs

A BILL

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.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘FERS Federal Deposit

5 Insurance Corporation Buyback Act of 2000’’.

6 SEC. 2. CREDITABILITY OF SERVICE.

7 (a) IN GENERAL.—Section 8411(b) of title 5, United

8 States Code, is amended—
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1 (1) by striking ‘‘and’’ at the end of paragraph

2 (4);

3 (2) by striking the period at the end of para4 graph (5) and inserting ‘‘; and’’; and

5 (3) by inserting after paragraph (5) the fol6 lowing:

7 ‘‘(6) subject to subsection (j), service as a tem8 porary or intermittent employee for the Federal De9 posit Insurance Corporation not otherwise creditable

10 for purposes of this chapter, performed after Decem11 ber 31, 1988, and before June 30, 2000, of at least

12 1 year’s duration (whether performed over a contin13 uous period or otherwise), but only if the individual

14 performing such service later becomes subject to this

15 chapter, and such service is not credited for pur16 poses of any benefit under any other retirement sys17 tem established by a law of the United States (dis18 regarding the Social Security Act and chapter 83 of

19 this title).’’.

20 (b) DEPOSIT REQUIREMENT.—Section 8411 of title

21 5, United States Code, is amended by adding at the end

22 the following:

23 ‘‘(j)(1) An employee or Member shall, with respect

24 to any service described in subsection (b)(6) performed by

25 such employee or Member, be required to deposit to the
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1 credit of the Fund an amount equal to 1.3 percent of basic

2 pay for such service.

3 ‘‘(2) Any deposit under paragraph (1) made more

4 than 5 years after the later of—

5 ‘‘(A) October 1, 2000, or

6 ‘‘(B) the date on which the employee or Mem7 ber making the deposit first becomes an employee or

8 Member following the period of temporary or inter9 mittent service for which such deposit is due,

10 shall include interest on such amount, computed in the

11 manner described in subsection (f)(3) and compounded

12 annually beginning on the date of the expiration of the

13 5-year period.

14 ‘‘(3) If the deposit under paragraph (1) is not made

15 or if less than the entire amount of such deposit is made—

16 ‘‘(A) service of the employee or Member de17 scribed in subsection (b)(6) shall be fully creditable;

18 but

19 ‘‘(B) any annuity under this chapter based on

20 the service of such employee or Member shall be re21 duced in a manner similar to that described in sec22 tion 8418(b).’’.
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1 SEC. 3. PROVISIONS RELATING TO PERSONS WHO HAVE

2 SEPARATED.

3 (a) IN GENERAL.—The Office of Personnel Manage4 ment shall prescribe regulations under which credit for

5 service, as described in section 8411(b)(6) of title 5,

6 United States Code, as added by this Act, which was per7 formed by an individual who has separated from Govern8 ment service may be obtained.

9 (b) REQUIREMENTS.—Under the regulations, credit

10 shall not be given under this section unless appropriate

11 written application is submitted, not later than December

12 31, 2001, in such form and manner as the regulations re13 quire.

14 (c) RECOMPUTATION OF ANNUITY.—

15 (1) IN GENERAL.—Any annuity or survivor an16 nuity payable as of when an application under this

17 subsection is submitted shall be recomputed to take

18 into account any service described in section

19 8411(b)(6) of title 5, United States Code (performed

20 by the individual on whose service the annuity is

21 based), effective with respect to amounts accruing

22 for months beginning more than 30 days after the

23 date on which such application is submitted.

24 (2) CONDITION.—If the full amount of the de25 posit required under section 8411(j) of such title 5

26 is not timely made (before such deadline as the Of-
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1 fice shall by regulation prescribe) with respect to

2 any service as to which the application under para3 graph (1) relates, an appropriate reduction shall be

4 made in the recomputed annuity in accordance with

5 paragraph (3) of such section 8411(j). Interest shall

6 not be included as part of any deposit under this

7 subsection.

8 SEC. 4. NOTIFICATION AND OTHER DUTIES OF THE OFFICE

9 OF PERSONNEL MANAGEMENT.

10 (a) NOTICE.—The Office of Personnel Management

11 shall take such action as may be necessary and appro12 priate to inform individuals of any rights they might have

13 as a result of the enactment of this Act.

14 (b) ASSISTANCE.—The Office shall, on request, assist

15 any individual in obtaining from the Federal Deposit In16 surance Corporation any information in the possession of

17 such corporation which may be necessary to verify the en18 titlement of such individual to have any service credited

19 under section 8411(b)(6) of title 5, United States Code,

20 as added by this Act, or to have an annuity recomputed

21 under section 3(c).

22 (c) INFORMATION.—At the request of the Office, the

23 Federal Deposit Insurance Corporation shall provide any

24 information with respect to an individual’s performance of
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1 any service described in such section 8411(b)(6) to the

2 Office.

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