AUTHORITY TO DEPOSIT REFUNDS UNDER FERS.

SEC. 1904. AUTHORITY TO DEPOSIT REFUNDS UNDER FERS.(a) Deposit Authority.—Section 8422 of title 5, United States Code, is amended by adding at the end the following:“(i)(1) Each employee or Member who has received a refund of retirement deductions under this or any other retirement system established for employees of the Government covering service for which such employee or Member may be allowed credit under this chapter may deposit the amount received, with interest. Credit may not be allowed for the service covered by the refund until the deposit is made.“(2) Interest under this subsection shall be computed in accordance with paragraphs (2) and (3) of section 8334(e) and regulations prescribed by the Office. The option under the third sentence of section 8334(e)(2) to make a deposit in one or more installments shall apply to deposits under this subsection.“(3) For the purpose of survivor annuities, deposits authorized by this subsection may also be made by a survivor of an employee or Member.”.(b) Technical and Conforming Amendments.—(1) Definitional amendment.—Section 8401(19)(C) of title 5, United States Code, is amended by striking “8411(f);” and inserting “8411(f) or 8422(i);”.(2) Crediting of deposits.—Section 8422(c) of title 5, United States Code, is amended by adding at the end the following: “Deposits made by an employee, Member, or survivor also shall be credited to the Fund.”.(3) Section heading.—(A) The heading for section 8422 of title 5, United States Code, is amended to read as follows:123 STAT. 2617 “§ 8422. Deductions from pay; contributions for other service; deposits” .(B) The analysis for chapter 84 of title 5, United States Code, is amended by striking the item relating to section 8422 and inserting the following: “8422. Deductions from pay; contributions for other service; deposits.”. (4) Restoration of annuity rights.—The last sentence of section 8424(a) of title 5, United States Code, is amended by striking “based.” and inserting “based, until the employee or Member is reemployed in the service subject to this chapter.”.