IB
Union Calendar No. 33
106TH CONGRESS
1ST SESSION
H. R. 807
[Report No. 106–53]
To amend title 5, United States Code, to provide portability of service credit
for persons who leave employment with the Federal Reserve Board to
take positions with other Government agencies.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY 23, 1999
Mr. SCARBOROUGH
(for himself, Ms. NORTON, Mr. CUMMINGS, Mrs.
MORELLA, Mr. HOYER, Mr. DAVIS of Virginia, Mr. MORAN of Virginia,
Mr. WAXMAN, and Mr. MICA) introduced the following bill; which was re-
ferred to the Committee on Government Reform
MARCH 16, 1999
Reported with amendments, committed to the Committee of the Whole House
on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed in italic]
[For text of introduced bill, see copy of bill as introduced on February 23, 1999]
A BILL
To amend title 5, United States Code, to provide portability
of service credit for persons who leave employment with
the Federal Reserve Board to take positions with other
Government agencies.
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 ‘‘Federal Reserve Board
Retirement Portability Act’’.
SEC. 2. PORTABILITY OF SERVICE CREDIT.
(a) CREDITABLE SERVICE.—
(1) IN
GENERAL.—Section 8411(b) of title 5,
United States Code, is amended—
(A) by striking ‘‘and’’ at the end of para-
graph (3);
(B) in paragraph (4)—
(i) by striking ‘‘of the preceding provi-
sions’’ and inserting ‘‘other paragraph’’;
and
(ii) by striking the period at the end
and inserting ‘‘; and’’; and
(C) by adding at the end the following:
‘‘(5) a period of service (other than any service
under any other paragraph of this subsection, any
military service, and any service performed in the
employ of a Federal Reserve Bank) that was cred-
itable under the Bank Plan (as defined in subsection
(i)), if the employee waives credit for such service
under the Bank Plan and makes a payment to the
Fund equal to the amount that would have been de-
ducted from pay under section 8422(a) had the em-
ployee been subject to this chapter during such period
of service (together with interest on such amount com-
puted under paragraphs (2) and (3) of section
8334(e)).
Paragraph (5) shall not apply in the case of any employee
as to whom subsection (g) (or, to the extent subchapter III
of chapter 83 is involved, section 8332(n)) otherwise ap-
plies.’’.
(2) BANK PLAN DEFINED.—Section 8411 of title
5, United States Code, is amended by adding at the
end the following:
‘‘(i) For purposes of subsection (b)(5), the term ‘Bank
Plan’ means the benefit structure in which employees of the
Board of Governors of the Federal Reserve System ap-
pointed on or after January 1, 1984, participate, which
benefit structure is a component of the Retirement Plan for
Employees of the Federal Reserve System, established under
section 10 of the Federal Reserve Act (and any redesignated
or successor version of such benefit structure, if so identified
in writing by the Board of Governors of the Federal Reserve
System for purposes of this chapter).’’.
(b) EXCLUSION FROM CHAPTER 84.—
(1) IN
GENERAL.—Paragraph (2) of section
8402(b) of title 5, United States Code, is amended by
striking the matter before subparagraph (B) and in-
serting the following:
‘‘(2)(A) any employee or Member who has sepa-
rated from the service after—
‘‘(i) having been subject to—
‘‘(I) subchapter III of chapter 83
of this title;
‘‘(II) subchapter I of chapter 8 of
title I of the Foreign Service Act of
1980; or
‘‘(III) the benefit structure for em-
ployees of the Board of Governors of
the Federal Reserve System appointed
before January 1, 1984, that is a com-
ponent of the Retirement Plan for Em-
ployees of the Federal Reserve System,
established under section 10 of the Fed-
eral Reserve Act; and
‘‘(ii) having completed—
‘‘(I) at least 5 years of civilian
service creditable under subchapter III
of chapter 83 of this title;
‘‘(II) at least 5 years of civilian
service creditable under subchapter I of
chapter 8 of title I of the Foreign Serv-
ice Act of 1980; or