[Congressional Record Volume 155, Number 21 (Tuesday, February 3, 2009)]
[Extensions of Remarks]
[Page E185]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         ON THE INTRODUCTION OF THE FERS RE-DEPOSIT ACT OF 2009

                                 ______
                                 

                          HON. JAMES P. MORAN

                              of virginia

                    in the house of representatives

                       Tuesday, February 3, 2009

  Mr. MORAN of Virginia. Madam Speaker, I rise today to reintroduce the 
FERS Re-Deposit Act, which will help incentivize former federal 
employees to return to the civil service by allowing them to buy back 
into the Federal Employee Retirement System.
  In no short time, the federal government will face a serious 
workforce shortage crisis. In ten years, 90 percent of our nation's 
civil service federal executives will be over the age of 50 and many 
will be nearing retirement. This coming brain drain threatens the 
stability and functioning of essential government functions. At a time 
when the American people are demanding efficient and effective 
government--from the implementation of public programs to the oversight 
of the Iraq war--we are about to lose many of our dedicated and most 
knowledgeable professionals.
  The FERS Re-Deposit Act will begin to help with the coming workforce 
shortage. The FERS Redeposit Act would allow individuals who left the 
federal government, and received a refund of their Federal Employees 
Retirement System (FERS) contributions, to re-enter government service 
without losing their accrued annuity. Instead of forfeiting credit 
earned during their prior service, returning employees would be able to 
redeposit their cashed out annuity upon re-employment. This benefit is 
already available to federal employees who are registered under the 
older Civil Service Retirement System (CSRS).
  I have received many letters of former federal employees who work in 
the private sector, but would like to return to civil service. Many of 
these well-qualified men and women are choosing to remain in the 
private workforce because the costs to re-entering the federal 
workforce are too high. In an economy where people will change jobs 
many times over the course of their careers, a reinvestment option 
under FERS will make government service more competitive, incorporating 
the flexibility and mobility that are so common in the private sector 
and in businesses of the new economy.
  As more and more FERS employees leave the federal government and 
later wish to re-enter federal service, a redeposit option would 
provide the incentive needed to bring these individuals back into 
government service.
  Madam Speaker, now is the time to act before the workforce shortage 
hits our civil service the hardest. I urge my colleagues to join me in 
this effort to make federal service more attractive by supporting the 
FERS Re-Deposit Act.

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