A bill to provide for the retirement of certain employees of the Federal Bureau of Investigation and the U.S. Secret Service.

States that the employing agency shall deduct and withhold 10 percent of the basic pay of an employee of the Federal Bureau of Investigation or the United States Secret Service who would be eligible for immediate retirement due to the performance of duties listed below.

Provides that an employee of the Federal Bureau of Investigation or the United States Secret Service shall be entitled to an annuity after twenty years of service if his duties are primarily the investigation, apprehension, or detention of individuals suspected or convicted of offenses against the criminal law of the United States and the head of his agency recommends his retirement and the Civil Service Commission approves that recommendation.

Provides that the annuity of such an employee is: (1) 2 1/2 percent of his average pay multiplied by so much of his total service as does not exceed 20 years; plus (2) 3 percent of his average pay multiplied by so much of his total service as exceeds 20 years. States that, if such an employee dies in the performance of duty, an individual entitled to compensation may elect to receive, in lieu of such compensation, a lump sum of $50,000. Declares that the individual shall make the election within one year or within a further time allowed for good cause by the Secretary of Labor.