Federal Retirement Reform Act of 1985

Summary

Civil Service Pension Reform Act of 1985 - Title I: Civil Service Pension System - Establishes the Civil Service Pension System for Federal employees, postal employees, and Members of Congress who began service after December 31, 1983. Sets forth provisions for the basic plan, including: (1) entitlements to retirement based on age and years of service; (2) the formulas for computing an annuity; and (3) funding. Establishes a Thrift Savings Plan under which a participant may contribute up to ten percent of his or her annual basic pay or disability benefits. Requires the employing agency of such participant to match such contribution up to five percent. Excludes amounts contributed to such plan from an employee's gross income for income tax purposes. Provides a vesting schedule for the plan. Describes the optional ways an employee may elect to receive entitlements upon separation from Government. Establishes in the Treasury the Thrift Savings Fund for deposit of amounts contributed under the plan. Prescribes how money in such Fund shall be invested. Describes the survivor benefits of the basic plan and the thrift plan. Describes the disability benefits available to a participant with at least 18 months of service. Establishes in the Treasury the Federal Employee's Disability Insurance Fund to which agencies must make payments from salary appropriations. Sets forth general and administrative provisions. Directs the Office of Personnel Management to pay all benefits payable under the basic plan of the pension system and administer provisions not specifically assigned to another entity. Authorizes the Office to enter into contracts for the performance of such administrative services. Provides for annual cost-of-living adjustments in basic pensions based upon an increase in the Consumer Price Index. Sets forth transition provisions for certain individuals subject to the Civil Service Retirement and Disability System who elect to participate in the Civil Service Pension System. Establishes in the executive branch the Civil Service 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 (headed by an Executive Director) to establish a Civil Service Thrift Advisory Committee to advise the Board on matters relating to investment policies for the Fund. Title II: Amendments Relating to Social Security - Amends the Social Security Act and the Internal Revenue Code of 1954 to cover service by an individual who participates in the pension system. Title III: Miscellaneous and Conforming Amendments - Makes miscellaneous, technical, and conforming amendments as a result of provisions of this Act. Title IV: Authorization and Effective Dates - Authorizes appropriations to the Civil Service Thrift Investment Board for FY 1986 and 1987. Declares the effective date of this Act to be January 1, 1987, except certain other specified provisions.

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Documents

3 official files

• Indefinitely postponed in Senate

  summary · EN · 7 November 1985

  Open at official source

• Reported to Senate with amendment(s)

  summary · EN · 30 October 1985

  Open at official source

• Introduced in Senate

  summary · EN · 30 July 1985

  Open at official source

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