Securing Annuities for Federal Employees Act of 2012
About This Bill
Floor Vote
Latest Action · February 14, 2012
Rules Committee Resolution H. Res. 547 Reported to House. The resolution provides for one hour of debate on H.R. 3408. All points of order against consideration of the bill are waived. Specified amendments printed in part A of the report accompanying this resolution are in order. The resolution provides for one hour of debate on H.R. 3813. All points of order against consideration of the bill are waived. Specified amendments printed in part B of the report accompanying this resolution are in ord
Securing Annuities for Federal Employees Act of 2012 - Increases the employee contribution to the Civil Service Retirement System (CSRS) and to the Federal Employees Retirement System (FERS) by .5% of salary in each of calendar years 2013, 2014, and 2015. Reduces the employer contribution to CSRS and FERS by the amount of the increased employee contribution.
Establishes new annuity computation rules for federal employees and Members of Congress who begin service after December 31, 2012, and who have less than five years of civilian service creditable under CSRS or any other retirement system for federal employees (secure annuity employees). Increases the employee contribution for secure annuity employees and calculates annuities for such employees based upon the average of their highest five years of salary (for current federal employees, the calculation is based on the highest three years of salary).
Eliminates the FERS annuity supplement for employees not subject to mandatory retirement who separate from service after December 31, 2012.
Allows federal employees, including employees of the U.S. Postal Service (USPS) and the Postal Regulatory Commission (PRC), and Members of Congress, to contribute payments received for accumulated and accrued annual or vacation leave to the Thrift Savings Fund.
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