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S. 471, Members of Congress Pension Opt Out Clarification Act (CBO Report for Congress)

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Congress 117th
Date Requested May 25, 2022
Requested By Senate Committee on Homeland Security and Governmental Affairs
Date Sent July 21, 2022
Description:
S. 471 would allow Members of the House of Representatives who are elected after enactment and all Senators, including those elected before enactment, to opt out of the Federal Employee Retirement System (FERS) but allow them to participate in the Thrift Savings Plan (TSP). Under current law: Members of the House of Representatives who entered office in fiscal year 2004 or later may not opt out of FERS. Members who entered office before that date can opt out, but if they do so, they also lose their ability to participate in the TSP. Senators can opt out of FERS, regardless of when they entered office, but are then unable to participate in the TSP.

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