July 28, 2000
THOMPSON LAUDS FINAL PASSAGE OF BILL ASSISTING TVA EMPLOYEES
& RETIREES IN ADDRESSING LONG-TERM CARE
Washington - Senate Governmental Affairs Committee Chairman Fred Thompson
(R-TN) today lauded final House and Senate passage of H.R. 4040, the Long-Term
Care Security Act, legislation to assist federal employees plan to meet
potential long-term care needs. Senator Thompson had worked to ensure that the
final bill included Tennessee Valley Authority (TVA) employees and retirees,
who were left out of the original legislation.
.
"This is great news for TVA employees," Thompson said. "This
is an important new benefit for federal employees and they will be able to take
advantage of it. The long-term care insurance be provided at an affordable cost
to federal employees, but at no cost to the taxpayer, because of the combined
buying power of the federal workforce. "It can also serve as a model to
other employers across the country whose employees face similar long-term care
needs."
The legislation directs the Office of Personnel Management to establish a
long-term care program whereby enrollees will be required to pay 100 percent of
the premiums. The Congressional Budget Office estimates that net federal
outlays over the long run will be zero. Long-term care insurance can help
federal workers plan for the future and protect themselves from the financial
risks associated with the challenges of caring for oneself and family in the
latter years of life.
The original legislation did include participation for TVA employees because
?????, but Senator Thompson worked with his House and Senate colleagues to
ensure they were included in the final bill. The bill now goes to the President
for his signature.
According to Thompson, H.R. 4040 also includes the provisions of S. 1232,
the Federal Erroneous Retirement Coverage Corrections Act. This bill provides
long-awaited relief for those federal employees who, through no fault of their
own, find themselves enrolled in the wrong federal retirement system. This bill
provides a comprehensive solution to the problems faced by federal employees
who are confronted with retirement coverage errors and it does so at a
reasonable cost.
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