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.
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“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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