Bill summaries are authored by CRS.

Shown Here:
Passed House amended (03/16/1999)

Federal Reserve Board Retirement Portability Act - Includes as creditable service of a Federal employee or Member of Congress for purposes of Federal Employees Retirement System (FERS) provisions a period of service (other than any service already creditable under FERS, any military service, and any service performed in the employ of a Federal Reserve Bank) that was creditable under the Bank Plan (the benefit structure in which employees of the Board of Governors of the Federal Reserve System appointed on or after January 1, 1984, participate), if the employee waives credit for such service under the Bank Plan and makes a payment to the Thrift Savings Fund equal to the amount that would have been deducted from pay had the employee been subject to FERS during such period of service (together with interest on such amount computed).

Excludes from participation in FERS any employee or Member who has separated from civilian service after having been subject to the benefit structure for employees of the Board appointed before January 1, 1984, and having at least five years of civilian service (other than any service performed in the employ of a Federal Reserve Bank) creditable under such benefit structure, except for such persons who subsequently enter a position subject to FERS provisions.

Makes the amendments regarding creditability and certain former Board employees applicable only to individuals who separate from service subject to FERS on or after the date of enactment of this Act.

(Sec. 3) Treats as a separation from Government employment, for purposes of the Thrift Savings Plan, any transfer from a position that is subject to FERS, CSRS, or any other retirement system under which individuals may contribute to the Thrift Savings Fund through withholdings from pay, to a position that is not subject to any of them.

(Sec. 4) Amends competitive service examination provisions to: (1) repeal the requirement that the Office of Personnel Management establish an appointing authority to appoint preference eligibles and veterans who have been separated from the armed forces under honorable conditions after three or more years of active service; and (2) require such a preference eligible or veteran, if selected, to acquire competitive status and receive a career or career-conditional appointment.