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Bonuses for Cost-Cutters Act of 2023

Source: Congress.gov  ·  1,885 words in original text
This bill strengthens the federal employee cost savings suggestion program. It allows employees to identify unneeded money (called surplus salaries and expenses funds) in their agency budgets and receive cash rewards for doing so. Money saved goes to reduce the federal deficit or debt.
Federal employees who work for government agencies and can suggest cost savings. Agency heads, Chief Financial Officers, Inspectors General and other agency officials who review and approve these suggestions. The Treasury Department, which receives the saved money.
• Employees can identify unneeded money in their agency's salaries and expenses accounts, and agencies must create a process to review these suggestions (Sec. 2(a)(2)). • When an agency confirms money is truly unneeded, it must transfer that money to the U.S. Treasury for deficit reduction or debt reduction (Sec. 2(a)(2)). • Agencies can keep up to 10 percent of saved money to pay cash awards to employees who identified the surplus funds, and can use leftover amounts for agency operations (Sec. 2(a)(2)). • Each agency must report yearly to the Treasury Department on total savings achieved and cash awards paid to employees (Sec. 2(a)(2)). • The program ends 6 years after this law is enacted, unless Congress extends it (Sec. 2(a)(4)).
Federal law will now officially recognize and define "surplus salaries and expenses funds" as money an agency identifies as unnecessary. Employees gain a formal process to suggest these savings and receive rewards. High-ranking officials including agency heads and level I executives cannot receive cash awards under this program.
"Surplus salaries and expenses funds" means money in an agency's budget account that an employee identifies as unnecessary, that agency leadership confirms is not needed, and that returning to the Treasury would not harm the agency's work.
Not specified in bill text
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.