Termination of Lifelong Pensions for Members of Congress Act

To amend title 5, United States Code, to provide for the termination of further retirement benefits for Members of Congress, except the right to continue participating in the Thrift Savings Plan. 1. Short title This Act may be cited as the Termination of Lifelong Pensions for Members of Congress Act 2. Termination of further retirement benefits for members of congress (a) Amendments relating to the Civil Service Retirement System (1) In general Subchapter III of chapter 83 8335a. Termination of further retirement coverage of Members of Congress (a) In general Notwithstanding any other provision of this subchapter and subject to subsection (f), effective on the date that is 90 days after the date of enactment of this section— (1) a Member shall not be subject to this subchapter for any further period of time; and (2) no further Government contributions or deductions from basic pay may be made with respect to such Member for deposit in the Treasury of the United States to the credit of the Fund. (b) Prior rights not affected Nothing in subsection (a) shall be considered to nullify, modify, or otherwise affect any right, entitlement, or benefit under this subchapter with respect to any Member covering any period prior to the date of enactment of this section. (c) Right To participate in thrift savings plan not affected Nothing in subsection (a) shall affect the eligibility of a Member to participate in the Thrift Savings Plan in accordance with otherwise applicable provisions of law. (d) Regulations Any regulations necessary to carry out this section may— (1) except with respect to matters relating to the Thrift Savings Plan, be prescribed by the Director of the Office of Personnel Management; and (2) with respect to matters relating to the Thrift Savings Plan, be prescribed by the Executive Director (as defined by section 8401(13)). (e) Exclusion For purposes of this section, the term Member (f) Opt-In Not later than 90 days after the date of enactment of this section, a Member covered by this subchapter as of such date of enactment may elect, by giving notice in writing to the official by whom such Member is paid, to remain subject to this subchapter. . (2) Clerical amendment The table of sections at the beginning of chapter 83 of title 5, United States Code, is amended by inserting after the item relating to section 8335 the following: 8335a. Termination of further retirement coverage of Members of Congress. . (b) Amendments relating to the Federal Employees’ Retirement System (1) In general Subchapter II of chapter 84 8425a. Termination of further retirement coverage of Members of Congress (a) In general Notwithstanding any other provision of this chapter, effective on the date that is 90 days after the date of enactment of this section— (1) subject to subsection (f), in the case of an individual who first becomes a Member before such date of enactment— (A) such Member shall not be subject to this chapter for any further period of time after such date of enactment; and (B) no further Government contributions or deductions from basic pay may be made with respect to such Member for deposit in the Treasury of the United States to the credit of the Fund; and (2) in the case of an individual who first becomes a Member on or after such date of enactment— (A) such Member shall not be subject to this chapter; and (B) no Government contributions or deductions from basic pay may be made with respect to such Member for deposit in the Treasury of the United States to the credit of the Civil Service Retirement and Disability Fund. (b) Prior rights not affected Nothing in subsection (a) shall be considered to nullify, modify, or otherwise affect any right, entitlement, or benefit under this chapter with respect to any Member covering any period prior to the date of enactment of this section. (c) Right To participate in thrift savings plan not affected Nothing in subsection (a) shall affect the eligibility of a Member to participate in the Thrift Savings Plan in accordance with otherwise applicable provisions of law. (d) Regulations (1) In general Any regulations necessary to carry out this section may— (A) except with respect to matters relating to the Thrift Savings Plan, be prescribed by the Director of the Office of Personnel Management; and (B) with respect to matters relating to the Thrift Savings Plan, be prescribed by the Executive Director (as defined by section 8401(13)). (2) Refunds Notwithstanding subsection (b), the regulations under paragraph (1)(A) shall, in the case of a Member who has not completed at least 5 years of civilian service as of the date of enactment of this section, provide that the lump-sum credit shall be payable to such Member to the same extent and in the same manner as if such Member satisfied paragraphs (1) through (4) of section 8424(a) as of such date of enactment. (e) Exclusions For purposes of this section, the term Member (f) Opt-In Not later than 90 days after the date of enactment of this section, a Member covered by this chapter as of such date may elect, by giving notice in writing to the official by whom such Member is paid, to remain subject to this chapter. . (2) Clerical amendment The table of sections at the beginning of chapter 84 of title 5, United States Code, is amended by inserting after the item relating to section 8425 the following: 8425a. Termination of further retirement coverage of Members of Congress. .

Summary: Termination of Lifelong Pensions for Members of Congress Act - Amends the Civil Service Retirement System (CSRS) and the Federal Employees' Retirement System (FERS) to exclude Members of Congress, except the Vice President, from further CSRS and FERS retirement coverage. Prohibits further government contributions or deductions from such Member's basic pay for deposit in the Treasury to the credit of the Civil Service Retirement and Disability Fund. States that nothing in this Act shall: (1) be considered to nullify, modify, or otherwise affect any right, entitlement, or benefit under CSRS or FERS for any Member covering any period before the enactment of this Act; or (2) affect the eligibility of a Member to participate in the Thrift Savings Plan (TSP) in accordance with otherwise applicable law. Allows Members covered by such exclusion, within 90 days after enactment of this Act, to elect to remain subject to CSRS or FERS, as the case may be.