Congressional Pension Reform Act

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

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

“(1) subject to subsection (f), in the case of an individual who first becomes a Member before such date of enactment—

“(A) such Member shall not be subject to this chapter for any further period of time after such date of enactment; 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; and

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

“(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 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 date of enactment of this section.

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

“(d) Regulations

“(1) In general—Any regulations necessary to carry out this section may—

“(A) except with respect to matters under subparagraph (B), be prescribed by the Director of the Office of Personnel Management; and

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

“(2) Refunds—Notwithstanding subsection (b), the regulations under paragraph (1)(A) shall, in the case of a Member who has not completed at least 5 years of civilian service as of the date of enactment of this section, provide that the lump-sum credit shall be payable to such Member to the same extent and in the same manner as if such Member satisfied paragraphs (1) through (4) of section 8424(a) as of such date of enactment.

“(e) Exclusions—For purposes of this section, the term Member does not include the Vice President.

“(f) Opt-In for Members—Not later than 90 days after the date of enactment of this section, a Member covered by this chapter as of such date may elect, by giving notice in writing to the official by whom such Member is paid, to remain subject to this chapter.”