To amend title 5, United States Code, to provide for the termination of further retirement coverage of Members of Congress, except for the right to participate in the Thrift Savings Plan, and for other purposes.

“8335a. Termination of further retirement coverage of Members of Congress

“(a) In general—Notwithstanding any other provision of this subchapter, effective as of the first day of the first Congress beginning after the date of the enactment of this section—

“(1) a Member shall not be subject to this subchapter for any further period of time; and

“(2) no further Government contributions or deductions from basic pay may be made with respect to such Member for deposit in the Treasury of the United States to the credit of the Fund.

“(b) Prior rights not affected—Nothing in subsection (a) shall be considered to nullify, modify, or otherwise affect any right, entitlement, or benefit under this subchapter with respect to any Member covering any period prior to the first day referred to in subsection (a).

“(c) Right to participate in Thrift Savings Plan not affected—Nothing in subsection (a) shall affect the eligibility of a Member to participate in the Thrift Savings Plan in accordance with otherwise applicable provisions of law.

“(d) Regulations—Any regulations necessary to carry out this section may—

“(1) be prescribed by the Director of the Office of Personnel Management, except with respect to matters under paragraph (2); and

“(2) with respect to matters relating to the Thrift Savings Plan, be prescribed by the Executive Director (as defined by section 8401(13)).”

“8425a. Termination of further retirement coverage of Members of Congress

“(a) In general—Notwithstanding any other provision of this chapter, effective as of the first day of the first Congress beginning after the date of the enactment of this section—

“(1) in the case of an individual who first becomes a Member before such first day—

“(A) such Member shall not be subject to this chapter for any further period of time after such first day or, if later, the date on which such Member completes at least 5 years of Member service; and

“(B) no further Government contributions or deductions from basic pay may be made with respect to such Member, for deposit in the Treasury of the United States to the credit of the Fund, after such Member ceases to be subject to this chapter; and

“(2) in the case of an individual who first becomes a Member on or after such first day—

“(A) such Member shall not be subject to this chapter; and

“(B) no Government contributions or deductions from basic pay may be made with respect to such Member for deposit in the Treasury of the United States to the credit of the Civil Service Retirement and Disability Fund.

“(b) Prior rights not affected—Nothing in subsection (a) shall be considered to nullify, modify, or otherwise affect any right, entitlement, or benefit under this chapter with respect to any Member covering any period prior to the first day referred to in subsection (a).

“(c) Right to participate in Thrift Savings Plan not affected—Nothing in subsection (a) shall affect the eligibility of a Member to participate in the Thrift Savings Plan in accordance with otherwise applicable provisions of law.

“(d) Regulations—Any regulations necessary to carry out this section may—

“(1) be prescribed by the Director of the Office of Personnel Management, except with respect to matters under paragraph (2); and

“(2) with respect to matters relating to the Thrift Savings Plan, be prescribed by the Executive Director (as defined by section 8401(13)).”