Efficiency in Government Act

Efficiency in Government Act - Requires Federal executive agencies to: (1) review the functions and activities presently performed by their employees or contracted to the private sector to determine if they are being carried out in the most efficient and cost-effective manner possible; and (2) identify and implement the most efficient organization of employees to perform those functions and activities. Authorizes agencies to enter into contracts for conversion of a function or activity from performance by Federal employees to performance by employees of a Government contractor three years after such organization is implemented if: (1) the cost to the Government over five years under a such contract is determined by a risk-benefit study to be at least 15 percent lower than if performed by Federal employees; (2) the quantity or quality of service under such a contract is maintained or enhanced; and (3) the function or activity does not constitute a governmental function. Requires agencies entering into such a contract to maintain continuing oversight to determine the extent to which: (1) the actual costs substantially exceed those anticipated under the contract; or (2) the function could be carried out more efficiently or cost-effectively by Federal employees. Requires a reassessment to be made to determine whether that function or activity should continue to be performed under such a contract or be restored to performance by Federal employees if it is determined that actual costs exceed those anticipated or that the function could be carried out more efficiently or cost-effectively by Federal employees.

Requires Federal agency heads to: (1) notify specified congressional committees and all Federal employees involved of the decision to study the possibility of making such a conversion prior to conducting a risk benefit study; (2) report to such committees on decisions to implement such a conversion, and where more than 25 positions are affected, to provide information showing the potential economic impact of contracting with the private sector to perform such activity; and (3) report annually to such committees on the extent to which agency functions or activities were performed by contractors and the actual cost savings or losses resulting from each such contract.

Prohibits the involuntary separation or reassignment of any Federal employee as a result of any such contract unless the procedures set forth by this Act are followed.

Makes Federal employees who lose their jobs as a result of such a conversion eligible for early retirement under either the Civil Service or Federal Employees' Retirement Systems. Directs the Office of Personnel Management to develop a priority placement program and provide retraining for all such Federal employees.

Directs the Office of Management and Budget to prescribe regulations to: (1) establish uniform accounting procedures for making cost comparisons under risk-benefit studies and minimum qualifications and standards for Federal personnel conducting such studies; and (2) require such studies to be completed within two years after their commencement.