118 STAT. 3947 PUBLIC LAW 108–487—DEC. 23, 2004 employees). A designated employee may not participate in the retirement system established under this paragraph and another Federal retirement system at the same time. ‘‘(2) CONVERSION TO OTHER FEDERAL RETIREMENT SYSTEM.— ‘‘(A) IN GENERAL.—A designated employee participating in the retirement system established under paragraph (1) may convert to coverage under the Federal retirement system which would otherwise apply to that employee at any appropriate time determined by the Director of the Central Intelligence Agency (including at the time of sepa- ration of service by reason of retirement), if the Director of the Central Intelligence Agency determines that the employee’s participation in the retirement system estab- lished under this subsection is no longer necessary to pro- tect from unauthorized disclosure— ‘‘(i) intelligence operations; ‘‘(ii) the identities of undercover intelligence offi- cers; ‘‘(iii) intelligence sources and methods; or ‘‘(iv) intelligence cover mechanisms. ‘‘(B) CONVERSION TREATMENT.—Upon a conversion under this paragraph— ‘‘(i) all periods of service under the retirement system established under this subsection shall be deemed periods of creditable service under the applicable Federal retirement system; ‘‘(ii) the Director of the Central Intelligence Agency shall transmit an amount for deposit in any applicable fund of that Federal retirement system that— ‘‘(I) is necessary to cover all employee and agency contributions including— ‘‘(aa) interest as determined by the head of the agency administering the Federal retire- ment system into which the employee is con- verting; or ‘‘(bb) in the case of an employee converting into the Federal Employees’ Retirement System, interest as determined under section 8334(e) of title 5, United States Code; and ‘‘(II) ensures that such conversion does not result in any unfunded liability to that fund; and ‘‘(iii) in the case of a designated employee who participated in an employee investment retirement system established under paragraph (1) and is con- verted to coverage under subchapter III of chapter 84 of title 5, United States Code, the Director of the Central Intelligence Agency may transmit any or all amounts of that designated employee in that employee investment retirement system (or similar part of that retirement system) to the Thrift Savings Fund. ‘‘(C) TRANSMITTED AMOUNTS.— ‘‘(i) IN GENERAL.—Amounts described under subparagraph (B)(ii) shall be paid from the fund or appropriation used to pay the designated employee. ‘‘(ii) OFFSET.—The Director of the Central Intel- ligence Agency may use amounts contributed by the VerDate 11-MAY-2000 13:54 Nov 10, 2005 Jkt 029194 PO 00000 Frm 00481 Fmt 6580 Sfmt 6581 C:\STATUTES\2004\29194PT4.001 APPS10 PsN: 29194PT4
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