Federal Employee Phased Retirement Act

[AI summary unavailable — showing source text] Federal Employee Phased Retirement Act - Allows a retirement-eligible federal employee, with the concurrence of the head of the employing agency, to make a one-time election to enter phased retirement status under which such employee shall be appointed to a position for which the working percentage (the number of hours worked by such employee per pay period divided by the number of hours worked by a full-time employee in a comparable position) is 50%. Authorizes the Director of the Office of Personnel Management (OPM) to provide for a different working percentage which shall not be less than 20% or more than 80%. Imposes certain requirements for and limitations on the employment of such a phased retiree, including that such retiree: (1) must have been employed on a full-time basis for not less than the three-year period ending on the date of an election under this Act; (2) may not be employed in more than one position at any time, but may transfer to another position in the same or different agency; and (3) must devote not less than 20% of working hours to mentoring other employees. Sets forth rules for the computation of: (1) a phased retirement annuity, which shall be paid i…