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LEO Fair Retirement Act of 2023

Source: Congress.gov  ·  2,256 words in original text
This bill allows federal law enforcement officers to count overtime hours they worked but were never paid for when calculating their retirement benefits. Currently, federal law caps how much overtime pay officers can receive, which means officers sometimes work extra hours without getting paid for them. This bill lets those unpaid hours count toward their retirement annuity (a fixed payment received after retirement) if the officers pay a lump sum to make up the cost. ##
- Federal law enforcement officers employed by federal agencies - Postal Inspectors - Criminal investigators in the GS-1811 job series - Federal air marshals - Special agents in the Diplomatic Security Service - Probation officers - Pretrial services officers - The Office of Personnel Management ##
- Law enforcement officers can request an estimate from the Office of Personnel Management showing the cost to add unpaid overtime hours to their retirement calculation, at least 180 days before their annuity begins (Sec. 2(a)(1) and (2)(B)) - Officers must make a lump-sum payment (a one-time payment of a specific amount) to the Office of Personnel Management within 90 days of receiving their estimate if they want unpaid overtime hours counted toward retirement (Sec. 2(a)(2)) - The lump-sum payment equals the difference between retirement contributions that should have been made if overtime was included versus contributions actually made (Sec. 2(a)(2)(C)) - Officers may choose an actuarial annuity reduction (a permanent decrease in monthly retirement payments) instead of making a lump-sum payment (Sec. 2(a)(2)(D)) - The Office of Personnel Management must create regulations within one year that include procedures for lump-sum payments from officers' Thrift Savings Fund accounts (a retirement savings account for federal employees) (Sec. 2(d)) - Certain federal law enforcement positions now qualify for availability pay (extra compensation for being available to work at any time) (Sec. 3(a)) - Officers can claim a tax credit against federal income taxes for lump-sum payments they make under this bill (Sec. 4(a)) ##
If this bill becomes law, federal law enforcement officers will have the opportunity to receive higher retirement benefits by paying back the cost of overtime hours they worked but were not compensated for under current premium pay caps. Agencies will need to keep better records of the difference between what officers actually earned and what they would have earned without the overtime caps. Five additional job positions will become eligible for availability pay. ##
- **Law enforcement officer**: Defined as a "qualified public safety employee" under Section 72(t)(10) of the Internal Revenue Code of 1986 (Sec. 2(a)(1) and (b)(3)) - **Premium pay**: Additional compensation beyond base salary, specifically described in Section 5547(a) of title 5, United States Code (Sec. 2(a)(1) and (b)(1)) - **Average pay**: The calculation used to determine retirement benefits, normally based on the highest 3 consecutive years of earnings (Sec. 2(a)(2)(C)) - **Availability pay**: Compensation an employee receives for being available to work outside normal duty hours (Sec. 3(a)) ##
The changes apply to any retirement annuity calculated one year after the date this Act becomes law (Sec. 2(c)).
Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.