H.R.3660 - Civil Service Supplemental Retirement System Act of 198599th Congress (1985-1986)
|Sponsor:||Rep. Ford, William D. [D-MI-15] (Introduced 10/31/1985)|
|Committees:||House - Post Office and Civil Service|
|Latest Action:||House - 11/14/1985 See H.R.2672. (All Actions)|
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Summary: H.R.3660 — 99th Congress (1985-1986)All Information (Except Text)
Introduced in House (10/31/1985)
Civil Service Supplemental Retirement System Act of 1985 - Title I: Civil Service Supplemental Retirement System - Establishes a Civil Service Supplemental Retirement Plan for Federal employees, postal employees, and Members of Congress who began service after December 31, 1983. Sets forth provisions for the benefit plan including: (1) eligibility for an annuity after five years of creditable service; (2) entitlements to retirement based on age and years of service; (3) the formulas for computing an annuity; (4) survivor election reductions; and (5) funding. Sets forth provisions for mandatory retirement for air traffic controllers, law enforcement officers, and firefighters.
Establishes a Thrift Savings Plan under which participants may contribute up to 10 percent of their annual basic pay. Requires employing agencies to contribute the lesser of: (1) 50 percent of amounts contributed by the employee; or (2) three percent of such employee's basic pay. Provides for the payment of benefits, lump sum or annuity, at the employee's separation from service.
Establishes in the Treasury the Thrift Savings Fund for the deposit and accounting of amounts under the Plan. Prescribes how money in such Fund shall be invested.
Describes survivor annuities under the supplemental retirement plan. Describes disability benefits for employees who have completed five years of creditable service.
Sets forth general and administrative provisions. Directs the Office of Personnel Management to pay all benefits payable under the benefit plan and administer provisions not specifically assigned to another entity. Directs the Office to adjudicate all claims under provisions it administers.
Provides for annual cost-of-living adjustments in basic pensions based upon an increase in the Consumer Price Index.
Provides for withholding of State income taxes from retirement annuities.
Declares that basic annuities, survivor annuities, and disability benefits are exempt from legal process (i.e. levy, attachment, garnishment) unless otherwise provided by Federal law.
Establishes in the executive branch the Federal Retirement Thrift Investment Board to be responsible for policies and regulations for, and review of, the investment and management of the Thrift Savings Fund. Directs the Board to establish an Employee Thrift Advisory Council to advise the Board on matters relating to investment policies for the Fund. Directs the Board to appoint an Executive Director to carry out its policies, invest and manage the fund, and administer provisions of the Thrift Savings Plan.
Title II: Amendments to Chapter 83 of Title 5, United States Code - Provides for civil service retirement for certain employees excluded from the supplemental retirement plan.
Title III: Miscellaneous Provisions - Amends the Federal Employees' Retirement Contribution Temporary Adjustment Act of 1983 to extend its provisions until January 1, 1987. Allows employees covered under such Act to elect participation in the supplemental retirement plan.
Title IV: Effective Dates - Declares this Act in effect on January 1, 1987, with specified exceptions.