A bill to amend title 5, United States Code, to provide for grade retention benefits for certain employees whose positions are reduced in grade.

Provides for grade retention benefits for specified employees whose positions are reduced in grade on or after January 1, 1973.

States that such employee shall retain the grade held before the reduction in grade of such position so long as he: (1) continues in the same agency; (2) is not reassigned or promoted; and (3) is not demoted for personal cause, at his request, or in a reduction in force. (Adds 5 U.S.C. 5366)