Friday, November 13, 2009
Tweet[IWS] CRS: FEDERAL EMPLOYEES' RETIREMENT SYSTEM: LEGISLATION ENACTED IN THE 111TH CONGRESS [12 November 2009]
IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
Congressional Research Service (CRS)
Federal Employees' Retirement System: Legislation Enacted in the 111th Congress
Patrick Purcell, Specialist in Income Security
November 12, 2009
http://opencrs.com/document/RS22933/2009-11-12/download/1013/
[full-text, 10 pages]
Summary
On June 22, 2009, President Barack Obama signed into law H.R. 1256, the Family Smoking
Prevention and Tobacco Control Act of 2009 (P.L. 111-31). Title I of Division B of H.R. 1256 is
the "Thrift Savings Plan Enhancement Act of 2009". Among other provisions, P.L. 111-31:
provides for newly hired federal employees to be enrolled automatically in the
Thrift Savings Plan (TSP) at a default contribution rate of 3% of pay;
requires the Federal Retirement Thrift Investment Board to establish within the
TSP a qualified Roth contribution program that provides for after-tax
contributions and tax-free distributions;
gives the Federal Retirement Thrift Investment Board authority to include
mutual fund investment options in the TSP;
requires the Thrift Board to submit to Congress an annual report that includes
demographic information about TSP participants and fund managers;
allows the surviving spouse of a deceased TSP participant to leave the decedent's
TSP account balance on deposit with the Thrift Savings Plan, and;
increases the monthly indemnity allowance for surviving spouses of deceased
members of the armed forces who are affected by certain benefit offsets.
On October 28, 2009, President Obama signed into law H.R. 2647, the National Defense
Authorization Act for Fiscal Year 2010 (P.L. 111-84). Title XI and Title XIX of P.L. 111-
84 contain provisions that affect the Civil Service Retirement System (CSRS) and the
Federal Employees' Retirement System (FERS). P.L. 111-84:
allows federal agencies to appoint individuals receiving annuities under CSRS or
FERS to temporary, part-time positions within the federal government without
reducing the individual's salary by the amount of the annuity, as is usually
required under title 5 of the United States Code.
requires the computation of an annuity under the Federal Employees' Retirement
System to include an employee's unused sick leave in his or her length of service;
allows certain redeposits to the Civil Service Retirement System for periods of
service between October 1990 and February 1991 to exclude interest payments;
requires CSRS annuities for employees whose careers include part-time service
to be computed under the same rules that apply to part-time annuities under
FERS;
allows former employees who withdrew contributions to the FERS at the time of
separation from federal service to redeposit those contributions, plus interest, to
the FERS in the event that they are re-employed by the federal government; and
allows certain service performed as an employee of the District of Columbia to
be credited as federal service for purposes of determining retirement benefits.
Contents
Thrift Savings Plan Enhancement Act of 2009.............................................................................1
Automatic Enrollment in the Thrift Savings Plan...................................................................1
Qualified Roth Contribution Option ......................................................................................1
Authority to Establish a Mutual Fund Window......................................................................2
Reporting Requirements........................................................................................................2
Acknowledgment of Risk......................................................................................................2
Subpoena Authority ..............................................................................................................2
Amounts in Thrift Savings Funds Subject to Legal Proceedings ............................................2
Accounts for Surviving Spouses............................................................................................3
Treatment of Members of the Uniformed Services under the Thrift Savings Plan...................3
Survivor Indemnity for Surviving Spouses of Members of the Armed Forces ........................3
Provisions of the National Defense Authorization Act for Fiscal Year 2010 Affecting
CSRS and FERS ......................................................................................................................3
Part-time Reemployment.......................................................................................................3
Credit for Unused Sick Leave Under FERS...........................................................................4
Forgiveness of Interest Due on Certain Deposits under the Civil Service Retirement
System..............................................................................................................................5
Computation of CSRS Annuities for Individuals with Part-Time Service ...............................5
Redeposits Under the Federal Employees' Retirement System...............................................6
Retirement Credit for Employees of the District of Columbia Government ............................7
Contacts
Author Contact Information ........................................................................................................7
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
Congressional Research Service (CRS)
Federal Employees' Retirement System: Legislation Enacted in the 111th Congress
Patrick Purcell, Specialist in Income Security
November 12, 2009
http://opencrs.com/document/RS22933/2009-11-12/download/1013/
[full-text, 10 pages]
Summary
On June 22, 2009, President Barack Obama signed into law H.R. 1256, the Family Smoking
Prevention and Tobacco Control Act of 2009 (P.L. 111-31). Title I of Division B of H.R. 1256 is
the "Thrift Savings Plan Enhancement Act of 2009". Among other provisions, P.L. 111-31:
provides for newly hired federal employees to be enrolled automatically in the
Thrift Savings Plan (TSP) at a default contribution rate of 3% of pay;
requires the Federal Retirement Thrift Investment Board to establish within the
TSP a qualified Roth contribution program that provides for after-tax
contributions and tax-free distributions;
gives the Federal Retirement Thrift Investment Board authority to include
mutual fund investment options in the TSP;
requires the Thrift Board to submit to Congress an annual report that includes
demographic information about TSP participants and fund managers;
allows the surviving spouse of a deceased TSP participant to leave the decedent's
TSP account balance on deposit with the Thrift Savings Plan, and;
increases the monthly indemnity allowance for surviving spouses of deceased
members of the armed forces who are affected by certain benefit offsets.
On October 28, 2009, President Obama signed into law H.R. 2647, the National Defense
Authorization Act for Fiscal Year 2010 (P.L. 111-84). Title XI and Title XIX of P.L. 111-
84 contain provisions that affect the Civil Service Retirement System (CSRS) and the
Federal Employees' Retirement System (FERS). P.L. 111-84:
allows federal agencies to appoint individuals receiving annuities under CSRS or
FERS to temporary, part-time positions within the federal government without
reducing the individual's salary by the amount of the annuity, as is usually
required under title 5 of the United States Code.
requires the computation of an annuity under the Federal Employees' Retirement
System to include an employee's unused sick leave in his or her length of service;
allows certain redeposits to the Civil Service Retirement System for periods of
service between October 1990 and February 1991 to exclude interest payments;
requires CSRS annuities for employees whose careers include part-time service
to be computed under the same rules that apply to part-time annuities under
FERS;
allows former employees who withdrew contributions to the FERS at the time of
separation from federal service to redeposit those contributions, plus interest, to
the FERS in the event that they are re-employed by the federal government; and
allows certain service performed as an employee of the District of Columbia to
be credited as federal service for purposes of determining retirement benefits.
Contents
Thrift Savings Plan Enhancement Act of 2009.............................................................................1
Automatic Enrollment in the Thrift Savings Plan...................................................................1
Qualified Roth Contribution Option ......................................................................................1
Authority to Establish a Mutual Fund Window......................................................................2
Reporting Requirements........................................................................................................2
Acknowledgment of Risk......................................................................................................2
Subpoena Authority ..............................................................................................................2
Amounts in Thrift Savings Funds Subject to Legal Proceedings ............................................2
Accounts for Surviving Spouses............................................................................................3
Treatment of Members of the Uniformed Services under the Thrift Savings Plan...................3
Survivor Indemnity for Surviving Spouses of Members of the Armed Forces ........................3
Provisions of the National Defense Authorization Act for Fiscal Year 2010 Affecting
CSRS and FERS ......................................................................................................................3
Part-time Reemployment.......................................................................................................3
Credit for Unused Sick Leave Under FERS...........................................................................4
Forgiveness of Interest Due on Certain Deposits under the Civil Service Retirement
System..............................................................................................................................5
Computation of CSRS Annuities for Individuals with Part-Time Service ...............................5
Redeposits Under the Federal Employees' Retirement System...............................................6
Retirement Credit for Employees of the District of Columbia Government ............................7
Contacts
Author Contact Information ........................................................................................................7
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
# posted by SBasefsky : 2:37 PM
