A bill to provide that future Federal employees will be covered by social security and may elect not to be covered by the applicable Federal employees retirement system, that current Federal employees may elect to be covered by social security and if they so elect to discontinue being covered by a retirement system for Federal employees and have retirement credits under any such system transferred to social security.

Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act and the Internal Revenue Code to require coverage under such Title for Federal employees whose employment commences after December 31, 1978 or whose employment is not covered by a retirement system on that date.

Permits Federal employees who are presently covered by a Federal retirement system to waive such coverage and elect coverage under the Old-Age, Survivors, and Disability Insurance program. Entitles an employee who makes such an election to a refund of any amount contributed to a retirement system or to a transfer of retirement credits to the Old-Age, Survivors, and Disability Insurance program.