Members of Congress Pension Opt Out Clarification Act
Bill: S.471 | Sponsor: Sen. Braun, Mike (R-IN)
Policy area: Congress

Summary:
Members of Congress Pension Opt Out Clarification Act
This bill allows future Members of the House of Representatives to opt out of the Federal Employees Retirement System, an option currently available to Members of the House who began serving before September 30, 2003, and all Senators. In addition, it permits Members of Congress who opt out to continue to participate in the Thrift Savings Plan.

To allow Members of Congress to opt out of the Federal Employees 
    Retirement System, and allow Members who opt out of the Federal 
 Employees Retirement System to continue to participate in the Thrift 
                             Savings Plan.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Members of Congress Pension Opt Out 
Clarification Act''.

SEC. 2. MAKING FERS OPTIONAL FOR MEMBERS.

    (a) In General.--
            (1) Amendment.--Section 8401(20) of title 5, United States 
        Code, is amended by striking ``, and who (in the case'' and all 
        that follows through ``2004''.
            (2) Applicability.--The amendment made by paragraph (1) 
        shall apply with respect to an individual who first serves as a 
        Member of the House of Representatives, including a Delegate or 
        Resident Commissioner to the Congress, on or after the date of 
        enactment of this Act.
    (b) Continued Participation in TSP.--
            (1) Amendment.--Section 8401(20) of title 5, United States 
        Code, as amended by subsection (a), is further amended--
                    (A) by striking ``term `Member' has the same 
                meaning as provided in'' and inserting the following: 
                ``term `Member'--
            ``(A) has the meaning given the term `Member of Congress' 
        under'';
                    (B) by inserting ``, subject to subparagraph (B),'' 
                after ``except that'';
                    (C) by adding ``and'' after the semicolon at the 
                end; and
                    (D) by adding at the end the following:
            ``(B) for purposes of subchapter III, has the same meaning 
        as provided in the meaning given the term `Member of Congress' 
        under section 2106, without regard to whether the individual 
        elects not to participate in the Federal Employees' Retirement 
        System;''.
            (2) Conforming amendment to tsp.--Section 8431(a) of title 
        5, United States Code, is amended by inserting ``except as 
        provided in section 8401(20)(B),'' after ``subchapter,''.
            (3) Applicability.--The amendments made by this subsection 
        shall apply with respect to an individual who makes an election 
        described in section 8401(20) of title 5, United States Code, 
        not to participate in the Federal Employees' Retirement System 
        before, on, or after the date of enactment of this Act.
                                                       Calendar No. 481

117th CONGRESS

  2d Session

                                 S. 471

                          [Report No. 117-143]

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