H.R. 1961, PENSION PORTABILITY ACT OF 1988

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP90M00005R000200020017-5
• Release Decision: RIPPUB
• Original Classification: K
• Document Page Count: 4
• Document Creation Date: December 22, 2016
• Document Release Date: November 2, 2012
• Sequence Number: 17
• Publication Date: July 12, 1988
• Content Type: MEMO

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COMMENT SHEET
?KA .57.11/88
{Rec'd 8Aug88}
Office of Congressional Affairs
Compensation, Automation, and Planning/CP
SUBJECT: H.R. 1961, Pension Portability Act of 1988
Subject bill has been reviewed by the Office of Personnel and our
position is as follows:
X No objection.
Continue monitoring/OP interest.
X No CIA equities.
Seek CIA exemption.
Advise CP when enacted.
X Comments.
This bill amends the Employee Retirement Income Security Act of 1974
WRIW and the Internal Revenue Code of 1986 (IRC) to improve the current
retirement income system by simplifying and clarifying requirements relating
to simplified employee pensions and by providing for portable pension plans.
Thus, the bill would allow for the portability and transfer of both employer
and employee contributions from tax qualified plans and arrangements to other
portable plan arrangements (e.g., individual retirement accounts and
annuities).
The only provision that impacts upon federal retirement systems, proposed
section 417A of the IRC, would allow governmental and church plans to
voluntarily elect to provide direct trustee-to-trustee portability transfers
under their plans. The benefit derived from including such a provision in
federal retirement systems would be practically nonexistent. Since employee
contributions to the retirement fund already have been taxed, any
contributions refunded to an employee who separates from service prior to
being eligible to retire are not taxed again. Further, in such cases, the
federal government does not provide the employee with employer contributions,
which would be taxable. The only amount that would be taxable would be the
interest on employee contributions that is paid when the employee resigns
prior to vesting in the Civil Service Retirement System (before the completion
of 5 years) or when the employee resigns under FERS.
)17AL,1 /9i2
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Name/Signed
STAT
STAT
STAT
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OCA FIE
1 August 1988
OCA 2544-88
MEMORANDUM FOR: Chief, Logistics & Procurement Law Division/OGC
FROM:
SUBJECT:
Legislation Division
Office of Congressional Affairs
Federal Employees Liability Reform and Tort
Compensation Act of 1988, H.R. 4612
1. has informed me that your division will be
handling all matters concerning torts. Accordingly, I am
attaching the above-captioned bill for your information.
STAT
STAT
2. The house has passed the bill, now being considered by
the Senate, which provides that the Federal Government shall be
the sole defendant in suits concerning common law torts
committed by Federal employees within the scope of their
employment. We expect the Senate to pass the bill in the near STAT
future.
3. Should you have any questions, please telephone me on
Attachment
STAT
OCA/LEG/
(1
August 1988) STAT
Distribution:
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Addressee
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DDL/OCA
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OCA Registry
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OCA/Leg/Subject
File: Misc. Personnel
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OCA/Leg/Subject
File: Legislation General
1 -
Signer
STAT
1 -
OCA Read
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100TH CONGRESS H. R. 4612
2D SESSION
IN THE SENATE OF THE UNITED STATES
JULY 6, 1988
Received; read twice and referred to the Committee on the Judiciary
AN ACT
To amend title 28, United States Code, to provide for an
exclusive remedy against the United States for suits based
upon certain negligent or wrongful acts or omissions of
United States employees committed within the scope of
their employment, and for other purposes.
1 Be it enacted by the Senate and House of Representa-
2 tives of the United States of America in Congress assembled,
3 SECTION I. SHORT TITLE.
4 This Act may be cited as the "Federal Employees Li-
5 ability Reform and Tort Compensation Act of 1988".
6 SEC. 2. FINDINGS AND PURPOSES.
7 (a) FINDINGS.?The Congress finds and declares the
8 following:
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