I
107TH CONGRESS
1ST SESSION
H. R. 1586
To amend chapter 84 of title 5, United States Code, to make certain tem-
porary Federal service performed for the Federal Deposit Insurance
Corporation creditable for retirement purposes.
IN THE HOUSE OF REPRESENTATIVES
APRIL 25, 2001
Mr. KANJORSKI (for himself, Mr. SHAYS, Mr. SESSIONS, Mr. EVANS, Mrs.
MALONEY of New York, Mrs. MINK of Hawaii, Mr. TIERNEY, Mr.
MCGOVERN, Mr. FRANK, and Mr. DELAHUNT) introduced the following
bill; which was referred to the Committee on Government Reform
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.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
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 para-
graph (5) and inserting ‘‘; and’’; and
(3) by inserting after paragraph (5) the fol-
lowing:
‘‘(6) subject to subsection (k), service as a tem-
porary or intermittent employee for the Federal De-
posit Insurance Corporation not otherwise creditable
for purposes of this chapter, performed after Decem-
ber 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 indi-
vidual 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:
SEC. 3. PROVISIONS RELATING TO PERSONS WHO HAVE
SEPARATED.
(a) IN GENERAL.—The Office of Personnel Manage-
ment 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 per-
formed by an individual who has separated from Govern-
ment 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 re-
quire.
(c) RECOMPUTATION OF ANNUITY.—
(1) IN GENERAL.—Any annuity or survivor an-
nuity 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 de-
posit required under section 8411(k) of such title 5
is not timely made (before such deadline as the Of-
fice shall by regulation prescribe) with respect to
any service as to which the application under para-
graph (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 appro-
priate 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 In-
surance Corporation any information in the possession of
such corporation which may be necessary to verify the en-
titlement 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.
Æ