A bill to amend title 5, United States Code, to revise certain provisions relating to eligibility for civil service retirement deferred annuities, to provide for cost-of-living increases in such annuities, and for other purposes.

Sets forth graduated rates of deferred retirement for Federal employees who complete five, fifteen, and twenty years of civilian service. Provides that in the computation of such annuities, each annuity shall be increased by cost-of-living adjustments. (Amends 5 U.S.C. 8338)