Washington – Senate Governmental Affairs Committee Chairman Fred Thompson (R-TN) today announced Senate passage of S. 2420, the Long-Term Care Security Act, legislation to assist federal employees plan to meet potential long-term care needs.
The legislation, similar to H.R. 4040 which was passed in the House of Representatives, 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.
“By establishing a program that offers affordable, quality long-term care insurance, the federal government can serve as a model to other employers across the country whose employees face similar long-term care needs,” Thompson said.
According to Thompson, S. 2420 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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