Home > 106th Congressional Bills > H.R. 807 (ih) 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. [Introduced in House] ...H.R. 807 (ih) 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. [Introduced in House] ...
106th CONGRESS
1st Session
H. R. 807
_______________________________________________________________________
AN ACT
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, and for other
purposes.
106th CONGRESS
1st Session
H. R. 807
_______________________________________________________________________
AN ACT
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, and for other
purposes.
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 ``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 paragraph
(3);
(B) in paragraph (4)--
(i) by striking ``of the preceding
provisions'' 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 creditable 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 deducted from pay under section
8422(a) had the employee been subject to this chapter during
such period 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 employees of the Board of Governors of
the Federal Reserve System 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, 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 inserting the following:
``(2)(A) any employee or Member who has separated 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 appointed
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 performed in the employ of a
Federal 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
Retirement Plan for Employees of the
Federal Reserve System, established
under section 10 of the Federal Reserve
Act,
determined without regard to any deposit or
redeposit requirement under either such
subchapter or under such benefit structure, or
any requirement that the individual become
subject to either such subchapter or to such
benefit structure after performing the service
involved; or''.
(2) Exception.--Subsection (d) of section 8402 of title 5,
United States Code, is amended to read as follows:
``(d) Paragraph (2) of subsection (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 employees of
the Board of Governors of the Federal Reserve System
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, 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); and
``(2) subsequently enters a position in which, but for
paragraph (2) of subsection (b), such individual would be
subject to this chapter.''.
(c) Provisions Relating to Certain Former Employees.--A former
employee of the Board of Governors 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 Federal 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 Retirement
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 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 chapter
84 of title 5, United States Code); and
(3) after service described in paragraph (2), becomes
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 Employees' 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 provisions of this
subsection, this section and the amendments 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 amendments 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 enactment of this
Act.
(3) Provisions relating to exclusion from chapter.--The
amendments made by subsection (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.
SEC. 3. CERTAIN TRANSFERS TO BE TREATED AS A SEPARATION FROM SERVICE
FOR PURPOSES OF THE THRIFT SAVINGS PLAN.
(a) Amendments to Chapter 84 of Title 5, United States Code.--
(1) In general.--Subchapter III of chapter 84 of title 5,
United States Code, is amended by inserting before section 8432
the following:
``Sec. 8431. Certain transfers to be treated as a separation
``(a) For purposes of this subchapter, separation from Government
employment includes a transfer from a position that is subject to one
of the retirement systems described in subsection (b) to a position
that is not subject to any of them.
``(b) The retirement systems described in this subsection are--
``(1) the retirement system under this chapter;
``(2) the retirement system under subchapter III of chapter
83; and
``(3) any other retirement system under which individuals
may contribute to the Thrift Savings Fund through withholdings
from pay.''.
(2) Clerical amendment.--The table of sections for chapter
84 of title 5, United States Code, is amended by inserting
before the item relating to section 8432 the following:
``8431. Certain transfers to be treated as a separation.''.
(b) Conforming Amendments.--Subsection (b) of section 8351 of title
5, United States Code, is amended by redesignating paragraph (11) as
paragraph (8), and by adding at the end the following:
``(9) For the purpose of this section, separation from
Government employment includes a transfer described in section
8431.''.
(c) Effective Date.--The amendments made by this section shall
apply with respect to transfers occurring before, on, or after the date
of enactment of this Act, except that, for purposes of applying such
amendments with respect to any transfer occurring before such date of
enactment, the date of such transfer shall be considered to be the date
of enactment of this Act. The Executive Director (within the meaning of
section 8401(13) of title 5, United States Code) may prescribe any
regulations necessary to carry out this subsection.
SEC. 4. CLARIFYING AMENDMENTS.
(a) In General.--Subsection (f) of section 3304 of title 5, United
States Code, as added by section 2 of Public Law 105-339, is amended--
(1) by striking paragraph (4);
(2) by redesignating paragraphs (2) and (3) as paragraphs
(3) and (4), respectively; and
(3) by inserting after paragraph (1) the following:
``(2) If selected, a preference eligible or veteran described in
paragraph (1) shall acquire competitive status and shall receive a
career or career-conditional appointment, as appropriate.''.
(b) Effective Date.--The amendments made by subsection (a) shall
take effect as if enacted on October 31, 1998.
Passed the House of Representatives March 16, 1999.
Attest:
Clerk.
Pages: 1 Other Popular 106th Congressional Bills Documents:
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