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HR 1586 107th Congress House

FERS Federal Deposit Insurance Corporation Buyback Act of 2001

Official title: To amend chapter 84 of title 5, United States Code, to make certain temporary Federal service performed for the Federal Deposit Insurance Corporation creditable for retirement purposes.

Introduced: December 4, 2001 See on congress.gov
Government Operations and Politics Administrative procedureAnnuitiesCivil Service pensionsCommerce
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CongressFederal Deposit Insurance CorporationFederal employeesGovernment corporationsGovernment paperworkGovernment publicityLabor and EmploymentLawMembers of CongressOffice of Personnel ManagementSurvivors' benefits
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 30, 2001
Referred to the Subcommittee on the Civil Service and Agency Organization.
Apr 25, 2001
Referred to the House Committee on Government Reform.
Apr 25, 2001
Introduced in House
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 Latest action April 30, 2001

Referred to the Subcommittee on the Civil Service and Agency Organization.

 Plain-English summary Congressional Research Service
FERS Federal Deposit Insurance Corporation Buyback Act of 2001 - Includes service as a temporary or intermittent Federal Deposit Insurance Corporation employee of at least one year's duration, performed after December 31, 1988 and before January 1, 2001, whether performed over a continuous period or otherwise, as creditable service under the Federal Employees' Retirement System (FERS), but only if such employee later becomes subject to FERS and such service is not credited for purposes of any benefit under any other retirement system established by U.S. law (disregarding the Social Security Act and provisions of the Civil Service Retirement System (CSRS)).

Requires such employee to deposit to the credit of the Civil Service Retirement and Disability Fund an amount equal to 1.3 percent of basic pay for such service. Requires any deposit made more than five years after the later of October 1, 2001, or the date on which the employee first becomes a Federal employee following the period of temporary or intermittent FDIC service to include interest.

Directs the Office of Personnel Management to prescribe regulations for crediting such service to an individual who has separated from the Government. Requires recomputation of an annuity or a survivor annuity to take into account such service.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 6
All 6 Democratic 2 Republican 1
Faleomavaega, Eni
· Dec 4, 2001
HOUGHTON, AMO
· Dec 4, 2001
FROST, MARTIN
· Oct 4, 2001
 D
Neal, Richard E.
Massachusetts · May 15, 2001
 D
McGovern, James P.
Massachusetts · Apr 25, 2001
 R
Sessions, Pete
Texas · Apr 25, 2001
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1586: FERS Federal Deposit Insurance Corporation Buyback Act of 2001. 107th Congress. Open America. https://openamerica.io/bill/107-HR-1586/
MLA
"H.R. 1586: FERS Federal Deposit Insurance Corporation Buyback Act of 2001." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-HR-1586/.
Bluebook (legal)
H.R. 1586, 107th Cong. (2026), https://openamerica.io/bill/107-HR-1586/.
Markdown link
[H.R. 1586: FERS Federal Deposit Insurance Corporation Buyback Act of 2001](https://openamerica.io/bill/107-HR-1586/)
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