Political Quotes

“Mr. Speaker, I commend the gentleman from Florida (Mr. Scarborough) for moving swiftly to bring this bipartisan bill to the floor. Under current law, if an employee of the Federal Reserve Board leaves to work for another Federal agency, the employee is required to join FERS, the Federal Employees Retirement System. Under the current FERS statute, time spent working at the Board after 1988 does not count as credible service towards a FERS annuity. This is simply not fair. As a result, these employees will receive smaller pensions upon retirement. This outcome resulted from an oversight that occurred when the FERS statute was written in late 1980s. It affects Federal Reserve Board employees hired after 1983 who continued working at the Board after 1988. In human terms, the problem affects approximately 50 employees who have already left the Board for other agencies. But if not addressed, it will potentially affect approximately 1,000 people, translating into 60 percent of the Board's current workforce should they move to other agencies and then retire under FERS.”