Compensatory Time bill

Family Time and Workplace Flexibility Act - Amends the Fair Labor Standards Act of 1938 to provide workplace flexibility options for: (1) time-and-a-half compensatory time off; (2) biweekly work programs (allowing up to ten hours more than 40 hours of work in one week and correspondingly less in the other); and (3) flexible credit hour programs (allowing employees to work extra time to accrue flexible credit hours to reduce the hours worked on a subsequent day in a week). Requires, with respect to such compensatory time, biweekly work, and flexible credit hour programs, that employee participation be voluntary, and that collective bargaining agreements be honored. Sets forth: (1) procedures for employer discontinuance of, or employee withdrawal from, certain of such programs; and (2) prohibitions against coercion.

Amends the Federal bankruptcy code to grant third priority (allowed unsecured claims for wages, salaries, or commissions) in bankruptcy proceedings to claims relating to compensatory time off.

Amends the Congressional Accountability Act to provide congressional employees with such options for compensatory time, biweekly work, and flexible credit hours programs.