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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house Passed April 1st, 2009
    Passed by Voice Vote
      house Committees
      House Committee on Oversight and Government Reform
      House Committee on Armed Services
      Military Personnel
    IntroducedMarch 31st, 2009

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Bill Details

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Title

Federal Retirement Reform Act of 2009

Official Title

To amend title 5, United States Code, to make certain modifications in the Thrift Savings Plan, the Civil Service Retirement System, and the Federal Employees' Retirement System, and for other purposes.

Summary

Federal Retirement Reform Act of 2009 - Title I: Provisions Relating to Federal Employees Retirement - Subtitle A: Thrift Savings Plan Enhancement - Thrift Savings Plan Enhancement Act of 2009 - (Sec. 102) Requires the Federal Retirement Thrift Investment Board to provide for: (1) automatic enrollment in the Thrift Savings Plan (TSP) at a specified default percentage (between 2% and 5%) of basic pay of anyone appointed, transferred, or reappointed to a position in which that individual is eligible to contribute to TSP; (2) the inclusion in TSP of a qualified Roth contribution program; and (3) the addition of a self-directed investment window under TSP, if it would be in the best interests of participants, limited to low-cost, passively-managed index funds that offer diversification. Authorizes the Secretary concerned, for members of the Armed Forces, to: (1) provide for delayed automatic enrollment; or (2) preclude or suspend the application of automatic enrollment. (Sec. 105) Directs the Board, by June 30 of each year, to submit to Congress an annual report on TSP operations and make a copy available to the public through an Internet website. Requires the Board to include in periodic statements provided to participants the amount of fees or expenses paid with respect to each TSP investment fund and option. (Sec. 106) Requires acknowledgement of risk by investors in investment funds or options, other than the Government Securities Investment Fund. Subtitle B: Other Retirement-Related Provisions - (Sec. 111) Requires the total service of an employee who retires eligible for an annuity under the Federal Employees' Retirement System (FERS) or who dies leaving a survivor entitled to benefits to include the employee's days of unused sick leave for annuity computation purposes (as is currently the case for employees covered by the Civil Service Retirement System [CSRS]). (Sec. 112) Exempts: (1) repayments of CSRS refunds made between October 1, 1990, and February 28, 1991, from the requirement that they include interest in order to receive retirement credit for the service covered; and (2) a federal employee's part-time service performed before April 7, 1986, from proration requirements for purposes of annuity computation under CSRS. (Sec. 114) Directs the Secretary of Defense to report to Congress on the cost, and the effect on recruitment and retention, of providing a matching payment for TSP contributions by members of the Armed Forces. (Sec. 115) Authorizes the repayment of refunds of retirement deductions under FERS in order to receive retirement credit for the service covered. (Sec. 116) Entitles any individual who is treated as a federal employee under CSRS or FERS to have certain qualifying District of Columbia service included in calculating that individual's creditable federal service for specified purposes, including annuity eligibility. Title II: Special Survivor Indemnity Allowance for Surviving Spouses of Armed Forces Members - (Sec. 201) Increases the monthly indemnity allowance for surviving spouses of deceased members of the Armed Forces affected by the required survivor benefit plan annuity offset for dependency and indemnity compensation.

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