[Congressional Record (Bound Edition), Volume 153 (2007), Part 10]
[Extensions of Remarks]
[Page 14415]
[From the U.S. Government Publishing Office, www.gpo.gov]




                 RE-INTRODUCTION OF FERS REDEPOSIT ACT

                                 ______
                                 

                          HON. JAMES P. MORAN

                              of virginia

                    in the house of representatives

                         Thursday, May 24, 2007

  Mr. MORAN of Virginia. Madam Speaker, there is no debate over whether 
the Federal Government is facing a workforce shortage crisis--it is. In 
10 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.
  I am writing to ask for your support for a bill I will re-introduce 
that takes a step in the right direction. 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 for 
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 reentering 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 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 to 
government service.
  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 cosponsoring this important 
legislation.

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