A bill to amend title 5, United States Code, to provide a supplemental retirement income program for Federal employees.

Summary

Establishes a supplemental retirement program for Federal employees. Permits any such employee to elect to have his employing agency withhold from his pay an amount not to exceed 15 percent of such pay, up to $1500 per year. Directs the Civil Service Commission to establish a Supplemental Employee Retirement Account for each employee who elects to have amounts withheld from his pay. Permits an employee to receive a refund on all or any portion of the amount credited to his Supplemental Employee Retirement Account, plus interest accrued, upon application to the Commission. Requires unrefunded amounts credited to a Supplemental Employee Retirement Account, plus accrued interest thereon, to be distributed to the employee or former employee not later than the close of the taxable year in which he attains age 70 1/2. Sets forth regulations for the income tax treatment of such accounts. Establishes a Supplemental Employee Retirement Fund for the payment of refunds and benefits as provided by this Act. Directs the Secretary of the Treasury to invest such portions of the Fund as are not required for payments from the Fund in interest-bearing securities of the United States. Stipulates that income derived from these investments shall constitute a part of the Fund.

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Documents

1 official file

• Introduced in House

  summary · EN · 13 March 1975

  Open at official source

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