A bill to correct the application of the Non-Foreign Area Retirement Equity Assurance Act of 2009 (5 U.S.C. 5304 note) to employees paid saved or retained rates.

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Amends the Non-Foreign Area Retirement Equity Assurance Act of 2009 to require the Director of the Office of Personnel Management (OPM) to prescribe rules governing establishment and adjustment of saved or retained rates for any employee subject to such Act whose rate of pay exceeds applicable pay limitations on the first day of the first pay period beginning on or after January 1, 2010 (currently, beginning on or after January 1, 2012).

Requires agencies, until the Director prescribes such rules, for such employees receiving a cost-of-living allowance and a retained rate of pay, to: (1) calculate the retained rate adjustment based on a maximum rate of basic pay, excluding any locality-based comparability payment; and (2) provide an additional adjustment reflecting the full increase in the locality-based comparability payment that would apply to the employee but for receipt of a retained rate. Requires the Director to issue guidance for carrying out this provision.

Requires employees in another pay system that receive a retained rate equivalent to the retained rate provided under federal civil service pay retention provisions to be provided equivalent treatment consistent with such Act.