Managerial Flexibility Act of 2001

Managerial Flexibility Act of 2001 - Revises and establishes provisions concerning Federal employee management, Federal retirement funding, and Federal management of real and personal property.

Sets forth provisions governing voluntary separation incentive payments.

Revises: (1) eligibility criteria for voluntary early retirement; (2) Federal employee recruitment, relocation, and retention bonus provisions (increasing the amount which may be paid for critical need employees); (3) criteria for providing employees academic degree training; (4) provisions governing special pay authority; and (5) annuity computation for part-time service.

Permits all Federal employees to keep their frequent travel program benefits resulting from U.S. paid travel.

Makes certain student volunteers eligible under agency programs to encourage commuting by means other than single-occupancy motor vehicles.

Establishes a separate annual pay cap applicable to certain senior-level and senior executive positions.

Repeals the senior executive recertification requirement. Authorizes an annual leave credit for certain senior level and senior executive employees.

Revises provisions concerning personnel management demonstration projects, permitting their modification and/or conversion to an alternative personnel system. Authorizes agencies to implement and modify an alternative personnel system and to appoint certain critical employees outside the competitive service. Authorizes the use of a quality category rather than a numerical ratings selection system.

Revises the requirements for agency contributions to Federal pension systems and funds paying post-retirement health benefits to require accrual funding, including an annual determination of the unfunded liability of such funds and the establishment of amortization and payment schedules to liquify such liability.

Amends the Federal Property and Administrative Services Act of 1949 to require the Administrator of General Services to establish, maintain, and apply current asset management principles to real and personal property and compile a single descriptive listing of all Federal real property interests. Authorizes landholding agencies to apply enhanced asset management tools, such as interagency transfers or exchanges, sales or exchanges with non-Federal sources, and subleases or outleases to other agencies or non-Federal entities, for real property.

Revises provisions pertaining to the disposal of surplus property. Permits agencies to retain proceeds from the transfer or disposition of real or personal property as specified. Revises provisions concerning the disposal of surplus property, permitting conveyance to non-profits and for public airport use. Authorizes the abandonment of property when the cost of care and handling would exceed its fair market value. Amends the McKinney-Vento Homeless Assistance Act to revise procedures for consideration of surplus real property for homeless assistance.