Sec. 307. Retirement and annuity program
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Part I of subchapter C of chapter 76 of the Internal Revenue Code of 1986 is amended by inserting after section 7443A the following new section: Each magistrate judge of the Tax Court who makes an election under this section shall receive an annuity at the same rate and in the same manner as magistrate judges of the district courts of the United States pursuant to section 377 of title 28, United States Code. For purposes of subsection (a), section 377 of title 28, United States Code, shall be applied with the following modifications:
By substituting— magistrate judge of the Tax Court for judicial official , judicial officer , and magistrate judge each place such terms appear, magistrate judge of the Tax Court’s for magistrate judge's each place it appears, chief judge of the Tax Court for Administrative Office of the United States Courts , Director of the Administrative Office of the United States Courts , Director , and chief judge of the district court each place such terms appear, Tax Court Judicial Officers’ Retirement Fund for Judicial Officers’ Retirement Fund each place it appears, under for section 7443A of the Internal Revenue Code of 1986 under section 631 of this title in subsection (h)(2), under for section 7443C of the Internal Revenue Code of 1986 under section 155(b), 375, or 636(h) of this title each place it appears in paragraphs
(2)and
(3)of subsection (m), and from the date of appointment, for those individuals appointed pursuant to for section 7443A of the Internal Revenue Code of 1986 prior to, and in active service on, the date of enactment of the Retirement Enhancement and Savings Act of 2019 on or after October 1, 1979 in subsection (h). By disregarding subsection (m)(2) and subsection (o). Subject to subparagraph
(B)of section 377(m)(1) of title 28, United States Code, any magistrate judge of the Tax Court who retires under this section and who fails to perform judicial duties required of such individual by section 7443C shall forfeit all rights to an annuity under this section for a 1-year period which begins on the first day on which such individual fails to perform such duties. There is established in the Treasury of the United States a fund which shall be known as the Tax Court Judicial Officers' Retirement Fund . The Fund is appropriated for the payment of annuities, refunds, and other payments under this section. The Secretary shall invest, in interest-bearing securities of the United States, such currently available portions of the Tax Court Judicial Officers’ Retirement Fund as are not immediately required for payments from the Fund. The income derived from these investments constitutes a part of the Fund. Not later than the close of each fiscal year, there shall be deposited in the Tax Court Judicial Officers’ Retirement Fund amounts required to reduce to zero the unfunded liability, if any, of such Fund. For purposes of subparagraph (A), the term unfunded liability means the amount estimated by the Secretary to be equal to the excess (as of the close of the fiscal year involved) of— the present value of all benefits payable from the Tax Court Judicial Officers’ Retirement Fund, over the sum of— the present value of future deductions to be withheld under this section from the basic pay of magistrate judges of the Tax Court, plus the balance in such Fund as of the close of such fiscal year. A magistrate judge of the Tax Court may elect to contribute out of such individual’s basic pay to the Thrift Savings Fund established by section 8437 of title 5, United States Code. Except as otherwise provided in this subsection, the provisions of subchapters III and VII of chapter 84 of such title 5 shall apply with respect to a magistrate judge of the Tax Court who makes an election under paragraph (1). The amount contributed by a magistrate judge of the Tax Court to the Thrift Savings Plan in any pay period shall not exceed the maximum percentage of such magistrate judge’s basic pay for such period as allowable under section 8440f of such title 5. No contributions under section 8432(c) of such title 5 shall be made for the benefit of a magistrate judge of the Tax Court who has filed an election to receive an annuity under this section. Section 8433(b) of such title 5 applies with respect to a magistrate judge of the Tax Court who makes an election under paragraph
(1)and who— retires entitled to an immediate annuity under this section (including a disability annuity under this section), retires before attaining age 65 but is entitled, upon attaining age 65, to an annuity under this section, or retires before becoming entitled to an immediate annuity, or an annuity upon attaining age 65, under this section. With respect to a magistrate judge of the Tax Court to whom this subsection applies, retirement under this section is a separation from service for purposes of subchapters III and VII of chapter 84 of such title 5. For purposes of this subsection, the terms retirement and retire include removal from office under section 7443A(a)(2) on the sole ground of mental or physical disability. In the case of a magistrate judge of the Tax Court who receives a distribution from the Thrift Savings Plan and who later receives an annuity under this section, the annuity shall be offset by an amount equal to the amount which represents the Government’s contribution to the individual’s Thrift Savings Account during years of service as a full-time judicial officer under the Federal Employees Retirement System, without regard to earnings attributable to such amount. Where such an offset would exceed 50 percent of the annuity to be received in the first year, the offset may be divided equally over the first 2 years in which the individual receives the annuity. Notwithstanding clauses
(i)and
(ii)of paragraph (3)(C), if any magistrate judge of the Tax Court retires under circumstances making such magistrate judge of the Tax Court eligible to make an election under subsection
(b)of section 8433 of such title 5, and the nonforfeitable account balance of such magistrate judge of the Tax Court is less than an amount which the Executive Director of the Office of Personnel Management prescribes by regulation, the Executive Director shall pay the nonforfeitable account balance to the participant in a single payment. A magistrate judge of the Tax Court who elects to receive an annuity under this section— shall not be subject to deductions and contributions otherwise required by section 8334(a) of title 5 United States Code, shall be excluded from the application of chapter 84 (other than subchapters III and VII) of such title 5, and is entitled to a lump-sum credit under section 8342(a) or 8424 of such title 5, as the case may be. . Section 3121(b)(5)(E) of the Internal Revenue Code of 1986 is amended by inserting or magistrate judge before of the United States Tax Court . Section 210(a)(5)(E) of the Social Security Act ( 42 U.S.C. 410(a)(5)(E) ) is amended by inserting or a magistrate judge of the Tax Court who files an election under after section 7443B(a) of the Internal Revenue Code of 1986 of the United States Tax Court . Section 7448(b)(2) of the Internal Revenue Code of 1986 is amended to read as follows: Any magistrate judge of the Tax Court may by written election filed with the chief judge bring himself or herself within the purview of this section. Such election shall be filed while such individual is a magistrate judge of the Tax Court. . The table of sections for part I of subchapter C of chapter 76 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 7443A the following new item: Sec. 7443B. Retirement for magistrate judges of the Tax Court. . The amendments made by this section shall take effect on the date of the enactment of this Act.
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Sec. 307
Retirement and annuity program
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