Federal Workforce Restructuring Act of 1994

Federal Workforce Restructuring Act of 1994 - Amends Federal civil service law to eliminate various restrictions on employee training.

(Sec. 3) Authorizes temporary "buy-out" programs for encouraging selected groups of employees in the executive and judicial branches (except employees of the Department of Defense, Central Intelligence Agency, or the General Accounting Office) to separate from Government service, generally by April 1, 1995, by offering them lump-sum payments in order to avoid or minimize reductions in force (RIFs).

Requires: (1) such payments (the lesser of $25,000 or the amount of the employee's severance pay) to be paid from amounts available for the employee's pay, and, generally, to be fully repaid if the employee rejoins the Federal Government within five years of separation; (2) the elimination of one full-time equivalent position for each one vacated by reason of a lump-sum payment; (3) that there be no increase in service contract procurement by reason of this Act except where it is financially advantageous to the Federal Government; and (4) participating Federal agencies to make specified contributions to the Civil Service Retirement and Disability Fund based on the final rate of basic pay of each employee who retires early and receives the lump-sum payment for FY 1994 and 1995, as well as on the number of agency employees subject to the Civil Service or Federal Employees' Retirement System for FY 1995 through 1998.

Authorizes the Director of the Administrative Office of the United States Courts to establish a program for judicial employees consistent with this Act.

(Sec. 5) Sets annual limitations on the total number of full-time equivalent executive agency positions each year through FY 1999, subject to waiver under certain conditions, such as war or national emergency. Suspends further agency hiring in cases of noncompliance with such limitations.

(Sec. 6) Requires the Office of Personnel Management to submit annual reports on such "buy-out" programs to the Congress.

(Sec. 7) Provides for severance payments for certain employees under contract with the National Aeronautics and Space Administration who worked in Yellow Creek, Mississippi, and whose separation resulted from the termination of the Advanced Solid Rocket Motor Program.

(Sec. 8) Amends Federal civil service law and the Central Intelligence Agency Voluntary Separation Pay Act regarding optional forgiveness of the lump-sum repayment obligations of bought-out employees reemployed in positions for which there is exceptional difficulty in recruiting qualified employees.

(Sec. 9) Revises the Thrift Savings Plan (TSP), with changes providing all separating TSP participants with the same options for withdrawal.

(Sec. 10) Amends the Alaska Railroad Transfer Act of 1982 to: (1) allow application to employees of a State-owned railroad under such Act of the buyout provisions of this Act; and (2) reduce the amount of service time required for such employees who remained covered under the Civil Service Retirement System to carry both Federal health and life insurance benefits into retirement.