I
106TH CONGRESS
1ST SESSION
H. R. 807
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. WAX-
MAN, and Mr. MICA) introduced the following bill; which was referred to
the Committee on Government Reform
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 pe-
riod of service (together with interest on such
amount computed 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
applies.’’.
(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 employ-
ees of the Board of Governors of the Federal Reserve Sys-
tem appointed on or after January 1, 1984, participate,
which benefit structure is a component of the Retirement
Plan for Employees of the Federal Reserve System, estab-
lished 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 Gov-
ernors 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
inserting 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
employees of the Board of Governors
of the Federal Reserve System ap-
pointed before January 1, 1984, that
is a component of the Retirement
Plan for Employees of the Federal
Reserve System, established under
section 10 of the Federal 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
Service Act of 1980; or
‘‘(III) at least 5 years of civilian
service (other than any service per-
formed in the employ of a Federal Re-
serve Bank) creditable under the ben-
efit structure for employees of the
Board of Governors of the Federal
Reserve System appointed before Jan-
uary 1, 1984, that is a component of
the Retirement Plan for Employees of
the Federal Reserve System, estab-
lished under section 10 of the Federal
Reserve Act,
determined without regard to any deposit
or redeposit requirement under either such
subchapter or benefit structure, or any re-
quirement that the individual become sub-
ject to either such subchapter or benefit
structure after performing the service in-
volved; or’’.
(2) EXCEPTION.—Subsection (d) of section
8402 of title 5, United States Code, is amended to
read as follows:
‘‘(d) Paragraph (2) of subchapter (b) shall not apply
to an individual who—
‘‘(1) becomes subject to—
‘‘(A) subchapter II of chapter 8 of title I
of the Foreign Service Act of 1980 (relating to
the Foreign Service Pension System) pursuant
to an election; or
‘‘(B) the benefit structure in which em-
ployees of the Board of Governors of the Fed-
eral Reserve system appointed on or after Jan-
uary 1, 1984, participate, which benefit struc-
ture is a component of the Retirement Plan for
Employees of the Federal Reserve System, es-
tablished under section 10 of the Federal Re-
serve 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); and
‘‘(2) subsequently enters a position in which,
but for paragraph (2) of subsection (b), such indi-
vidual would be subject to this chapter.’’.
(c) PROVISIONS RELATING
TO CERTAIN FORMER
EMPLOYEES.—A former employee of the Board of Gov-
ernors of the Federal Reserve System who—
(1) has at least 5 years of civilian service (other
than any service performed in the employ of a Fed-
eral Reserve Bank) creditable under the benefit
structure for employees of the Board of Governors
of the Federal Reserve System appointed before
January 1, 1984, that is a component of the Retire-
ment Plan for Employees of the Federal Reserve
System, established under section 10 of the Federal
Reserve Act;
(2) was subsequently employed subject to the
benefit structure in which employees of the Board of
Governors of the Federal Reserve System appointed
on or after January 1, 1984, participate, which ben-
efit structure is a component of the Retirement Plan
for Employees of the Federal Reserve System, estab-
lished 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 chapter 84 of title 5, United States
Code); and
(3) after service described in paragraph (2), be-
comes subject to and thereafter entitled to benefits
under chapter 84 of title 5, United States Code,
shall, for purposes of section 302 of the Federal Employ-
ees’ Retirement System Act of 1986 (100 Stat. 601; 5
U.S.C. 8331 note) be considered to have become subject
to chapter 84 of title 5, United States Code, pursuant to
an election under section 301 of such Act.
(d) EFFECTIVE DATE.—
(1) IN GENERAL.—Subject to succeeding provi-
sions of this subsection, this section and the amend-
ments made by this section shall take effect on the
date of enactment of this Act.
(2) PROVISIONS RELATING TO CREDITABILITY
AND
CERTAIN
FORMER
EMPLOYEES.—The amend-
ments made by subsection (a) and the provisions of
subsection (c) shall apply only to individuals who
separate from service subject to chapter 84 of title
5, United States Code, on or after the date of enact-
ment of this Act.
(3) PROVISIONS
RELATING
TO
EXCLUSION
FROM CHAPTER.—The amendments made by sub-
section (b) shall not apply to any former employee
of the Board of Governors of the Federal Reserve
System who, subsequent to his or her last period of
service as an employee of the Board of Governors of
the Federal Reserve System and prior to the date of
enactment of this Act, became subject to subchapter
III of chapter 83 or chapter 84 of title 5, United
States Code, under the law in effect at the time of
the individual’s appointment.
Æ