Firefighters Pay Fairness Act of 1995

Firefighters Pay Fairness Act of 1995 - Amends Federal law to provide that, for Federal fire fighters, the annual rate of basic pay shall be calculated on the basis of 26 administrative biweekly work periods of up to 106 hours each. Prescribes a formula for computing the basic biweekly pay of Federal employees who are not fire fighters but perform fire fighting duties.

Extends existing biweekly pay period and pay computation requirements to Federal fire fighters and employees in and under the judicial branch. Removes employees of the District of Columbia government from coverage by such requirements. Repeals the current exception from such requirements for employees on the Isthmus of Panama in the service of the Panama Canal Commission.

Requires compensation at time-and-a-half per hour for any hours worked in excess of 106 during a biweekly pay period by fire fighters subject to the Fair Labor Standards Act of 1938.

Prescribes basic rates of pay for fire fighters: (1) promoted to a supervisory position; and (2) selected and assigned for training.

Adds certain pay retention rights for Federal firefighters subject to a reduction or termination of a rate of pay established under this Act.

Authorizes a Federal agency to pay cash awards of up to five percent of basic pay to fire fighters or other employees performing fire fighting duties who make substantial use of: (1) special skills, such as handling hazardous materials; or (2) a certification or license, such as certification as an emergency medical technician.

Requires the Office of Personnel Management to report to the Congress with respect to transition and funding increase plans and regulatory or legislative modifications necessary to prevent diminution in retirement benefits under this Act.