President Biden Signed Special Retirement and Disaster Planning Bill

A bill requiring federal agencies to consider catastrophe resilience when investing in and managing real estate and other assets has been signed into law by President Biden. It mandates that the Office of Management and Budget (OMB) issue guidance on how to incorporate natural disaster resilience into those decisions and collaborate with the Government Accountability Office (GAO) and the Federal Emergency Management Agency (FEMA) to assist agencies in identifying potential gaps in disaster resilience prevention efforts and report to Congress on implementation.

Biden also signed a bill allowing federal employees who are first responders or otherwise eligible for special retirement provisions to continue receiving those benefits even if they are transferred to a different federal position outside the system after returning to work following a work-related injury or illness. That way, individuals can keep the advantages of earlier retirement age, more retirement benefits, and the higher contributions they’ve made to their retirement plan.

The Senate has now joined the House in passing HR-7535, which mandates an assessment of agency IT systems’ susceptibility to quantum computing technology with the potential to overcome current encryption protections, the establishment of standards for making such systems resistant, and the monitoring of agencies’ compliance with those standards.

The Senate also approved and forwarded to the House Bill S-4337, which would permit federal agencies to hire the spouses of active-duty military personnel, handicapped military personnel, and deceased military personnel without subjecting them to a competitive hiring procedure.

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M. Dutton and Associates is a full-service financial firm. We have been in business for over 30 years serving our community. Through comprehensive objective driven planning, we provide you with the research, analysis, and available options needed to guide you in implementing a sound plan for your retirement. We are committed to helping you achieve your goals. Visit us at MarvinDutton.com . Tel. 212-951-7376: email: [email protected].

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