HomeMost PopularNew Bill: Representative Brian K. Fitzpatrick introduces H.R. 159: Citizen Legislature Anti-Corruption...

New Bill: Representative Brian K. Fitzpatrick introduces H.R. 159: Citizen Legislature Anti-Corruption Reform of Public Service Act

Daily Market Recaps (no fluff)

always free

We have received text from H.R. 159: Citizen Legislature Anti-Corruption Reform of Public Service Act. This bill was received on 2025-01-03, and currently has no cosponsors.

Here is a short summary of the bill:

This bill, titled the “Citizen Legislature Anti-Corruption Reform of Public Service Act,” proposes significant changes to the retirement benefits of Members of Congress. Below are the main points of the bill:

Termination of Retirement Benefits

The bill seeks to eliminate retirement benefits for Members of Congress by making the following changes:


  • Civil Service Retirement System (CSRS):
    • No further government contributions or deductions from their pay for this retirement system will occur.
    • Previous rights or entitlements related to this system remain unaffected.
    • Members will still be eligible to participate in the Thrift Savings Plan, which is a retirement savings plan.

  • Federal Employees Retirement System (FERS):
    • Similar provisions apply, meaning all Members who were part of FERS prior to enactment will not be covered under it after the 90-day period.
    • Like CSRS, no further contributions to this retirement system will be made on their behalf.
    • As with CSRS, prior rights or entitlements remain unaffected.
    • Members maintain the right to participate in the Thrift Savings Plan.

  • Regulatory Authority

    The bill gives authority to establish necessary regulations to implement these changes:

    • The Director of the Office of Personnel Management can prescribe regulations necessary for CSRS.
    • For FERS related regulations, the Executive Director of the Thrift Savings Plan will be responsible.

    Exclusions

    The bill specifies that the Vice President of the United States is not included in the term “Member” regarding these retirement coverage changes.

    Impact on Existing Benefits

    The bill clarifies that it does not affect the existing benefits of Members of Congress accrued before the enactment of this legislation, ensuring that any retirement benefits earned up to that point will remain intact.

    Summary of Changes

    In essence, the bill will:

    • Stop future retirement benefits for elected Members of Congress, affecting both the CSRS and FERS plans.
    • Ensure that previous benefits do not get modified or nullified.
    • Allow participation in the Thrift Savings Plan to continue.

    Relevant Companies

    None found

    This article is not financial advice. See Quiver Quantitative’s disclaimers for more information.

    This article was originally published on Quiver News, read the full story.

    The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

    Do you want a daily market summary with no fluff?

    Simple Straightforward Daily Stock Market Recaps Sent for free,every single trading day: Read Now

    Explore More

    Simple Straightforward Daily Stock Market Recaps

    Get institutional-level analysis to take your trading to the next level, sign up for free and become apart of the community.