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1 S. 439, End Plush Retirements Act, as Ordered Reported by the Senate Committee on Homeland Security and Governmental Affairs on July 24, 2019 1 (October 16, 2019)

handle is hein.congrec/cbondplr0001 and id is 1 raw text is: October 16, 2019 Congressional Budget Office Cost Estimate By Fiscal Year, Millions of Dollars 2020 2020-2024 2020-2029 Direct Spending (Outlays) Revenues Increase or Decrease (-) in the Deficit * 0 * * * -1 -3 1 3 S. 439 would allow Members of the House of Representatives who are elected after enactment and all Senators, including those elected before enactment, to opt out of the Federal Employee Retirement System (FERS) and still participate in the Thrift Savings Plan (TSP). Under current law: Members of the House of Representatives who entered office in fiscal year 2004 or later may not opt out of FERS. Members who entered office before that date can opt out, but if they do so, they also lose their ability to participate in the TSP. Senators can opt out of FERS, regardless of when they entered office, but are then unable to participate in the TSP. CBO estimates that enacting S. 439 would reduce revenues by $3 million over the 2020- 2029 period, because retirement contributions paid by some Members of Congress while in office would decline. (Retirement contributions by federal employees are recorded as revenues in the federal budget.) CBO estimates that enacting the bill also would reduce direct spending by an insignificant amount over the same period, mainly related to eliminating retirement annuities. In addition, CBO estimates that implementing the bill would reduce spending subject to appropriation by $3 million over the 2020-2024 period, assuming appropriations are reduced by the estimated amounts. See also CBO's Cost Estimates Explained, www.cbo.gov/publication/54437; How CBO Prepares Cost Estimates, www.cbo.gov/publication/53519; and Glossary, www.cbo.gov/publication/42904.

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