A bill to amend subchapter III of chapter 83 of title 5, United States Code, to provide that employees who retire after 5 years of service, in certain instances, may be eligible to retain their life and health insurance benefits.

Requires the retirement of any Federal employee reappointed after a break in service of more than three days who has attained the age of 70 years and has completed five years of creditable service. Permits Federal retirees with five years of creditable service to retain their life and health insurance benefits and receive Federal annuities. (Amends 5 U.S.C. 8335; 8706; 8901)