To make certain personnel flexibilities available with respect to the General Accounting Office, and for other purposes.

Amends Federal civil service provisions with respect to the Civil Service Retirement System and the Federal Employees' Retirement System to entitle certain officers and employees of the General Accounting Office (GAO) who separate from service voluntarily to annuities under such system, as applicable.

Grants to the Comptroller General of GAO the authority to provide voluntary separation incentive payments to GAO employees. Sets forth the terms and conditions and requirements governing such authority.

Amends provisions relating to GAO's personnel management system to require the Comptroller General to prescribe regulations, consistent with regulations issued by the Office of Personnel Management for the separation of employees during a reduction in force or other adjustment in force, which give effect to the following factors in descending order of priority: (1) tenure of employment; (2) military preference; (3) veteran's preference; (4) performance ratings; (5) length of service; and (6) other objective factors such as skills and knowledge that the Comptroller General considers necessary and appropriate to realign GAO's workforce to meet current and future mission needs, to correct skill imbalances, or to reduce high-grade, managerial, or supervisory positions. (Provides that the regulations relating to removal from the GAO Senior Executive Service in a reduction in force or other adjustment in force shall be consistent with requirements for competitive procedures for a reduction in force in the Senior Executive Service.) Requires such regulations to provide that a final decision by the GAO Personnel Appeals Board may be reviewed by the U.S. Court of Appeals for the Federal Circuit.

Prohibits an employee from being released due to a reduction in force unless such employee is given written notice at least 60 days before being released. Allows the Comptroller General, in writing, to shorten the period of advance notice for a particular reduction in force if necessary because of circumstances not reasonably foreseeable, except that such period may not be less than 30 days. Requires such regulations to include provisions under which, at the Comptroller General's discretion, the opportunity to separate voluntarily (in order to permit the retention of an individual occupying a similar position) shall be available to the same extent and in the same manner as with respect to the Department of Defense or a military department.

Authorizes the Comptroller General to establish senior-level positions to meet GAO's critical scientific, technical or professional needs. Provides for the numerical limitation under the personnel system to apply to such senior-level positions. Permits the reassignment of an officer or employee in GAO's Senior Executive Service to any such senior-level positions as the Comptroller General determines necessary and appropriate.

Permits: (1) the procurement of 15 temporary or intermittent experts and consultants for renewable terms of not more than three years (currently, for not more than three years); and (2) changes the rate of pay with respect to certain experts and consultants.

Requires the Comptroller General to: (1) include in each annual report to Congress during a five-year period a review of all actions taken pursuant to this Act relating to retirement and reductions in force; and (2) submit to Congress within three years a report on the implementation and effectiveness of this Act, including any assessment or recommendation of the GAO Personnel Appeals Board or of any interested groups or associations representing GAO officers or employees.