Members of Congress Pension Opt Out Clarification Act

Hozzl · 2023-12-15T16:01:14Z

Explore the details of House Bill 4926 Members of Congress Pension Opt Out Clarification Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Labor and Employment. Stay informed on legislative developments.

12/15/2023, 4:01 PM

Summary of Bill HR 4926

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.

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Current Status of Bill HR 4926

Bill HR 4926 is currently in the status of Bill Introduced since July 26, 2023. Bill HR 4926 was introduced during Congress 118 and was introduced to the House on July 26, 2023. Bill HR 4926's most recent activity was Referred to the Committee on House Administration, and in addition to the Committee on Oversight and Accountability, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of July 26, 2023

Bipartisan Support of Bill HR 4926

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 4926

Primary Policy Focus

Labor and Employment

Alternate Title(s) of Bill HR 4926

Members of Congress Pension Opt Out Clarification ActMembers of Congress Pension Opt Out Clarification ActTo allow Members of Congress to opt out of the Federal Employees Retirement System, and allow Members who opt out of the Federal Employees Retirement System to continue to participate in the Thrift Savings Plan.

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