What This Bill Does
This bill allows Members of Congress to choose not to participate in the Federal Employees Retirement System (a retirement plan for federal workers). Members who opt out can still participate in the Thrift Savings Plan (a retirement savings account available to federal employees).
Who It Affects
Members of the House of Representatives, including Delegates and Resident Commissioners to Congress who first serve on or after this bill becomes law.
Key Provisions
• Members of Congress can choose to opt out of the Federal Employees Retirement System (Sec. 2(a)(1))
• Members who opt out can continue to participate in the Thrift Savings Plan (Sec. 2(b)(1))
• The option to opt out applies to individuals who first serve in the House of Representatives on or after the bill becomes law (Sec. 2(a)(2))
What Changes
If this bill becomes law, Members of Congress will have the choice to decline participation in the Federal Employees Retirement System while keeping the ability to use the Thrift Savings Plan for their retirement savings.
Important Definitions
The bill does not explicitly define "Federal Employees Retirement System" or "Thrift Savings Plan" in the provided text.
Effective Date
The bill states amendments apply to individuals who first serve as Members of Congress on or after the date of enactment, but does not specify an exact effective date.
II
118TH CONGRESS
1ST SESSION
S. 86
To allow Members of Congress to opt out of the Federal Employees Retire-
ment System, and allow Members who opt out of the Federal Employees
Retirement System to continue to participate in the Thrift Savings Plan.
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.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Members of Congress
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Pension Opt Out Clarification Act’’.
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SEC. 2. MAKING FERS OPTIONAL FOR MEMBERS.
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(a) IN GENERAL.—
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•S 86 IS
(1) AMENDMENT.—Section 8401(20) of title 5,
1
United States Code, is amended by striking ‘‘, and
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who (in the case’’ and all that follows through
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‘‘2004’’.
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(2) APPLICABILITY.—The amendment made by
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paragraph (1) shall apply with respect to an indi-
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vidual who first serves as a Member of the House
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of Representatives, including a Delegate or Resident
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Commissioner to the Congress, on or after the date
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of enactment of this Act.
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(b) CONTINUED PARTICIPATION IN TSP.—
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(1) AMENDMENT.—Section 8401(20) of title 5,
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United States Code, as amended by subsection (a),
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is further amended—
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(A) by striking ‘‘term ‘Member’ has the
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same meaning as provided in’’ and inserting the
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following: ‘‘term ‘Member’—
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‘‘(A) has the meaning given the term ‘Member
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of Congress’ under’’;
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(B) by inserting ‘‘, subject to subpara-
20
graph (B),’’ after ‘‘except that’’;
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(C) by adding ‘‘and’’ after the semicolon at
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the end; and
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(D) by adding at the end the following:
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•S 86 IS
‘‘(B) for purposes of subchapter III, has the
1
meaning given the term ‘Member of Congress’ under
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section 2106, without regard to whether the indi-
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vidual elects not to participate in the Federal Em-
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ployees’ Retirement System;’’.
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(2) CONFORMING AMENDMENT TO TSP.—Sec-
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tion 8431(a) of title 5, United States Code, is
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amended by inserting ‘‘except as provided in section
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8401(20)(B),’’ after ‘‘subchapter,’’.
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(3) APPLICABILITY.—The amendments made
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by this subsection shall apply with respect to an in-
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dividual who makes an election described in section
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8401(20) of title 5, United States Code, not to par-
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ticipate in the Federal Employees’ Retirement Sys-
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tem before, on, or after the date of enactment of this
15
Act.
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Æ
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