A bill to provide another opportunity for Federal employees to elect coverage under the Federal Employees' Retirement System; to provide that the recently enacted government pension offset provisions of the Social Security Act shall not apply to Federal employees who take advantage of the new election period; and for other purposes.

Amends the Federal Employees' Retirement System Act of 1986 to allow employees under the Civil Service Retirement System to transfer to coverage under the Federal Employees' Retirement System from June 30, 1988, until January 1, 1989. (The current deadline for such election expired December 31, 1987.) Provides that certain employees subject to the Central Intelligence Agency Retirement System and Foreign Service Retirement System may also make such election during such period.

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to extend from December 31, 1987, until December 31, 1988, the period for exemption from the Government pension offset applicable to employees receiving Federal retirement benefits and OASDI survivor benefits.