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, and for other purposes.

SECTION 1. AMENDMENTS RELATING TO THE CIVIL SERVICE RETIREMENT SYSTEM.

    (a) In General.--Subchapter III of chapter 83 of title 5, United 
States Code, is amended by inserting after section 8335 the following:
``Sec. 8335a. Termination of further retirement coverage of Members of 
              Congress
    ``(a) In General.--Notwithstanding any other provision of this 
subchapter, effective as of 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.--
            ``(1) In general.--Any regulations necessary to carry out 
        this section may--
                    ``(A) except with respect to matters under 
                subparagraph (B), 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.--The regulations under paragraph (1)(A) 
        shall, in the case of any Member described in subsection (a), 
        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), (3), and (4) of section 
        8342(a) as of the date of enactment of this section.
    ``(e) Exclusion.--For purposes of this section, the term `Member' 
does not include the Vice President.''.
    (b) 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.''.

SEC. 2. AMENDMENTS RELATING TO THE FEDERAL EMPLOYEES' RETIREMENT 
              SYSTEM.

    (a) In General.--Subchapter II of chapter 84 of title 5, United 
States Code, is amended by inserting after section 8425 the following:
``Sec. 8425a. Termination of further retirement coverage of Members of 
              Congress
    ``(a) In General.--Notwithstanding any other provision of this 
chapter, effective as of the date of enactment of this section--
            ``(1) 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 under 
                subparagraph (B), 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.--The regulations under paragraph (1)(A) 
        shall, in the case of a Member described in subsection (a)(1), 
        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), (3), and (4) of section 
        8424(a) as of the date of enactment of this section.
    ``(e) Exclusion.--For purposes of this section, the term `Member' 
does not include the Vice President.''.
    (b) 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: 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.