Members of Congress Pension Opt Out Clarification Act

Bill 118 HR 4926, also known as the Members of Congress Pension Opt Out Clarification Act, aims to clarify the rules and procedures for members of Congress who wish to opt out of the federal pension system. The bill seeks to ensure that members of Congress have a clear understanding of their options when it comes to participating in the pension system.

The bill specifies that members of Congress who wish to opt out of the pension system must do so within 60 days of taking office. It also outlines the process for opting out, including the required paperwork and notifications that must be submitted to the appropriate authorities.

Additionally, the bill addresses the issue of retroactive opt-outs, stating that members of Congress who wish to opt out after the initial 60-day period must repay any contributions made to the pension system during their time in office. Overall, the Members of Congress Pension Opt Out Clarification Act seeks to provide transparency and clarity for members of Congress who are considering opting out of the federal pension system. By outlining the rules and procedures for opting out, the bill aims to ensure that members of Congress are fully informed about their options and responsibilities when it comes to their retirement benefits.