Members of Congress Pension Opt Out Clarification Act

Bill: 118-s-86
Sponsor: full_name: Sen. Braun, Mike [R-IN]
Introduced: 2023-01-25
Policy area: Congress
Latest action: action_date: 2023-01-25
text: Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

Summaries:
action_date: 2023-01-25
action_desc: Introduced in Senate
text: <p><b>Members of Congress Pension Opt Out Clarification Act</b></p> <p>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.</p>

tv_txt: II 118th CONGRESS 1st Session S. 86 IN THE SENATE OF THE UNITED STATES January 25, 2023 Mr. Braun (for himself and Mr. Scott of Florida ) introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs A BILL 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.

1. Short title This Act may be cited as the Members of Congress Pension Opt Out Clarification Act . 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 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.