IN THE SENATE OF THE UNITED STATES
February 25, 2021
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
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.
This Act may be cited as the
Members of Congress Pension Opt Out Clarification Act .
Making FERS optional for Members
Section 8401(20) of title 5, United States Code, is amended by striking
, and who (in the case and all that follows through
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.
Continued participation in TSP
Section 8401(20) of title 5, United States Code, as amended by subsection (a), is further amended—
term Member has and inserting the following: “term ‘Member’—
, subject to subparagraph (B), after
and after the semicolon at the end; and
by adding at the end the following:
for purposes of subchapter III, has the same meaning as provided in section 2106, without regard to whether the individual elects not to participate in the Federal Employees' Retirement System;
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
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.