To provide another opportunity for Federal employees to elect coverage under the Federal Empolyees' 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.

Provides an opportunity for Federal employees subject to the Civil Service Retirement System (CSRS) and certain Federal employees subject to other retirement systems under the Central Intelligence Agency Act of 1964 for Certain Employees and the Foreign Service Act to elect coverage under the Federal Employees' Retirement System (FERS) between July 1 and December 31, 1989.

Delays implementation of certain Government pension offset provisions under the Social Security Act.

Makes this Act's amendments effective as of January 1, 1988.