Congress Members Can Now Opt Out of Federal Retirement System.
This law changes the retirement rules for newly elected Members of Congress. It allows them to voluntarily opt out of the Federal Employees Retirement System (FERS), which is the standard pension plan for federal workers. Importantly, those who opt out of FERS can still participate in the Thrift Savings Plan (TSP), which is the federal equivalent of a 401(k) savings plan.
Key points
New Members of Congress gain the option to decline participation in the mandatory FERS pension system.
Opting out of the FERS pension does not affect their ability to contribute to the TSP savings plan.
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