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.
About This Bill
Committee
Latest Action · July 26, 2023
Referred to the Committee on House Administration, and in addition to the Committee on Oversight and Accountability, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
This bill allows Members of Congress to opt out of the Federal Employees Retirement System (FERS), which is the pension program that currently covers all members of the House and Senate. Under current law, members cannot refuse participation in FERS, but this legislation would make the program optional for new members starting with those elected after the bill's enactment. The bill also ensures that members who choose to opt out of the pension system can still participate in the Thrift Savings Plan, a retirement savings account similar to a 401(k) that federal employees use. The legislation applies only to members who are newly elected and would allow current members to make opt-out elections at any point. This change would give individual Congress members greater control over whether they participate in the traditional pension program.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.