Ask The Experts: Retirement

By Reg Jones

Retirement Portability Act and fed workers prior service

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Q. Public Law No: 106-168 permits former Federal Reserve Bank employees to receive credit in FERS if a former bank worker becomes a federal employee.  This law was included in S. 335 and signed by President Clinton on 12/12/1999. Does this law also apply to federal employees who worked for two years for the U.S. Postal Service before leaving federal service to become an employee of the Federal Reserve Bank System?   The federal employment took place before this law took effect. As a retiree of the Federal Reserve System having retired in 1995, am I entitled to have my Federal Reserve pension recalculated based on the spirit and intent of this public law?

A. No.

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  1. Richard Fischer Says:
    February 20th, 2013 at 6:23 pm

    This is incorrect. The only Federal Reserve employees eligible to transfer their service to the FERS system when later employed by the federal government are Federal Reserve Board employees, not Federal Reserve Bank employees. This is a significant difference, as Board employees work for the Reserve Board in Washington, DC, and not for the regional Reserve Banks.