Sec. 107. Golden parachutes ban
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/bill/117/s/5315/is/section-107·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 209 of title 18, United States Code, is amended— in subsection (a)— by striking any salary and inserting any bonus or salary ; and by striking his services and inserting services rendered or to be rendered ; and in subsection (b)— by inserting
(1)after
(b); and by adding at the end the following: In this paragraph, the term compensation includes a retention award or bonus, severance pay, and any other payment— linked to future service in the Federal Government in any way; or from a current or former employer unless the recipient demonstrates that the payment would have been received if the recipient had not entered government service. For purposes of paragraph (1), a pension, retirement, group life, health or accident insurance, profit-sharing, stock bonus, or other employee welfare or benefit plan that makes payment of compensation contingent on accepting a position in the Federal Government shall not be considered bona fide. . Section 1.409A–3(j)(4)(iii) of title 26, Code of Federal Regulations, shall have no force or effect.