Law and Government Legislation regarding 'Annuities' in Federal Government

National Guard and Reservists Financial Relief Act - Amends the Internal Revenue Code to make permanent the exemption from tax penalties for premature distributions from retirement plans by members of the National Guard or Ready Reserve called to active duty.

Dave Thomas Adoption Act of 2007 - Amends the Internal Revenue Code to allow for penalty-free withdrawals from individual retirement plans if used to pay adoption expenses.

Allows a federal agency head to waive the application of civil service retirement system and federal employee retirement system provisions restricting annuities and pay upon reemployment with respect to an annuitant employed on a temporary basis, but prohibits waiving such provisions with respect to an annuitant for more than: (1) 520 hours of service performed during the six months following the individual's annuity commencing date; (2) 1040 hours of service performed during any 12-month period; or (3) 6240 hours of service performed during the individual's lifetime.

Long-Term Care Tax Reduction Act of 2007 - Amends the Internal Revenue Code to exclude from gross income distributions from an individual retirement account and other tax-exempt retirement plans used to pay long-term care insurance premiums.

Allows a federal agency head to waive the application of civil service retirement system and federal employee retirement system provisions restricting annuities and pay upon reemployment with respect to an annuitant employed as a limited time appointee, but prohibits waiving such provisions with respect to an annuitant for more than: (1) 520 hours of service performed during the six months following the individual's annuity commencing date; (2) 1040 hours of service performed during any 12-month period; or (3) 6240 hours of service performed during the individual's lifetime.

Flexible Health Savings Act of 2007 - Amends the Internal Revenue Code to allow up to $500 of unused health benefits in a plan or other arrangement that provides for a health flexible spending arrangement to be carried forward to the next plan year or be contributed to a health savings account or a qualified retirement plan, without affecting the status of such plan or arrangement as a tax-exempt employee benefit cafeteria plan.

Administrative Law Judges Retirement Act of 2007 - Sets forth separate provisions governing Government and employee contributions, annuity eligibility requirements (ten years of service and age 60), early retirement, and annuity computation (2.5% and 1.7%, respectively, of average pay for each year of service) for administrative law judges under the Civil Service Retirement System and the Federal Employees' Retirement System.

Amends the federal judicial code with respect to certain widows and widowers whose judicial survivors' annuities are terminated on account of remarriage before age 55.

Requires restoration of such benefits, at the same rate, upon the dissolution of the remarriage by death, divorce, or annulment, if specified requirements are met.

Treasury Annuity Study Act of 2007 - Instructs the Secretary of the Treasury to study and report to Congress on the feasibility of authorizing or requiring the Department of the Treasury to create annuity products and sell them to U.S. citizens.

National Guard and Reservists Financial Relief Act - Amends the Internal Revenue Code to make permanent the exemption from tax penalties for premature distributions from retirement plans by members of the National Guard or Ready Reserve called to active duty.

Expresses the sense of Congress that Congress and the President should: (1) increase basic pay for members of all military components by 3.5%, effective January 1, 2008; and (2) provide a special survivor indemnity allowance for persons affected by required Survivor Benefit Plan (SBP) annuity offsets for dependency and indemnity compensation.

FERS Redeposit Act - Allows each federal employee who has returned to government service and who has received a refund of retirement contributions under the Federal Employees' Retirement System (FERS) (or any other retirement system established for federal employees covering service for which such employee or Member may be allowed credit under FERS provisions) to deposit (to the credit of the Civil Service Retirement and Disability Fund) the amount that was so received, with interest. Allows deposits in one or more installments.

Disallows the recapture of credit for service covered by the refund until such a deposit is made.

Medicare Secondary Payer and Workers' Compensation Settlement Agreements Act of 2007 - Amends title XVIII (Medicare) of the Social Security Act to: (1) create an exception to Medicare secondary payer requirements for certain workers' compensation settlement agreements; and (2) provide for the satisfaction of such requirements through use of qualified Medicare set-asides under workers' compensation settlement agreements.

Amends the Internal Revenue Code to provide for the tax treatment of a charitable remainder pet trust as a charitable remainder annuity trust. Defines "charitable remainder pet trust" as a trust which pays a specified annual amount (for a maximum term of 20 years) for the care of domesticated companion animals living at the time of creation of the trust.

Expresses the sense of Congress that Congress and the President should: (1) increase basic pay for members of all military components and the Coast Guard by 3.5%, effective January 1, 2008; and (2) increase basic pay for all such components during FY2009-FY2012 by at least one-half of 1% more than the raise calculated under the Employment Cost Index.

Retirement Security for Life Act of 2007 - Amends the Internal Revenue Code to allow an exclusion from gross income for 50 percent of the amount otherwise includible in gross income as guaranteed payments from certain annuity or life insurance contracts. Limits the amount of such exclusion to $20,000 in any taxable year. Provides for an inflation adjustment of the $20,000 limitation beginning in 2009.

Pension Benefit Guaranty Corporation Pilots Equitable Treatment Act - Amends the Employee Retirement Income Security Act of 1974 (ERISA), with regard to both single-employer and multiemployer plan guaranteed benefits, to require the Pension Benefit Guaranty Corporation, in the case of commercial airline pilots required by Federal Aviation Administration regulation to retire before age 65, to compute the actuarial value of monthly benefits in the form of a life annuity commencing at the required retirement age.

Pension Benefit Guaranty Corporation Pilots Equitable Treatment Act - Amends the Employee Retirement Income Security Act of 1974 (ERISA), with regard to both single-employer and multiemployer plan guaranteed benefits, to require the Pension Benefit Guaranty Corporation, in the case of commercial airline pilots required by Federal Aviation Administration regulation to retire before age 65, to compute the actuarial value of monthly benefits in the form of a life annuity commencing at the required retirement age.

Protecting Military Family Financial Benefits Act of 2007 - Allows an unmarried member of the Armed Forces with one or more dependent children, upon becoming eligible to participate in the Survivor Benefit Plan (SBP), to elect to provide an SBP annuity to an individual who acts as a guardian or caretaker to the dependent child or children.

Directs the Secretary of Defense to appoint a panel to review and identify best practices among pre-deployment counseling and services provided by the military departments to unmarried members of the Armed Forces with dependent children.

Retirement Security for Life Act of 2007 - Amends the Internal Revenue Code to allow an exclusion from gross income for 50 percent of the amount otherwise includible in gross income as guaranteed payments from certain annuity or life insurance contracts. Limits the amount of such exclusion to $20,000 in any taxable year. Provides for an inflation adjustment of the $20,000 limitation beginning in 2009.

Public Good IRA Rollover Act or 2007 - Amends the Internal Revenue Code to exclude from gross income distributions from individual retirement accounts for certain charitable purposes.

Public Good IRA Rollover Act or 2007 - Amends the Internal Revenue Code to exclude from gross income distributions from individual retirement accounts for certain charitable purposes.

Amends the Internal Revenue Code to permit: (1) federal civilian and military retirees to pay Federal Employees Health Benefits Program (FEHBP) and TRICARE supplemental premiums on a pretax basis (i.e., exclude premiums from gross income); and (2) a tax deduction (available to itemizers and nonitemizers) for TRICARE supplemental premiums or enrollment fees.

Directs the Director of the Office of Personnel Management (OPM) and the Secretary of Defense to ensure that the option of paying FEHBP and TRICARE supplemental premiums on a pretax basis is available to federal civilian and military retirees for the first open enrollment period beginning not less than 90 days after the enactment of this Act.

Exxon Valdez Oil Spill Tax Treatment Act - Allows taxpayers who are plaintiffs in the civil action In re Exxon Valdez, No. 89-095-CV (HRH) (Consolidated) (D. Alaska), or their heirs or dependents, to: (1) elect to average, for income tax purposes, income received in settlement of such civil action for the period beginning on January 1, 1994, and ending on December 31 of the year in which any settlement income is received; and (2) make contributions of any amount of such settlement income to certain tax-exempt retirement plans in the year such income is received.

Makes creditable for civil service retirement purposes pre-1977 service performed by a U.S. citizen with Air America, Incorporated, Air Asia Company Limited, or the Pacific Division of Southern Air Transport, Incorporated, while those entities were owned or controlled by the U.S. Government and operated or managed by the Central Intelligence Agency (CIA).

Amends the Internal Revenue Code to permit: (1) federal civilian and military retirees to pay Federal Employees Health Benefits Program (FEHBP) and TRICARE supplemental premiums on a pretax basis (i.e., exclude premiums from gross income); and (2) a tax deduction (available to itemizers and nonitemizers) for TRICARE supplemental premiums or enrollment fees.

Directs the Director of the Office of Personnel Management (OPM) and the Secretary of Defense to ensure that the option of paying FEHBP and TRICARE supplemental premiums on a pretax basis is available to federal civilian and military retirees for the first open enrollment period beginning not less than 90 days after the enactment of this Act.

Makes a provision of the federal judicial code that terminates payment of annuities to widows or widowers who die or remarry before age 55 inapplicable to an individual who: (1) became a widow on July 18, 1987; (2) remarried on October 20, 1990; and (3) again became a widow on February 11, 2004.

Makes this Act effective as of October 20, 1990.

Makes January 23, 2002, the effective date of the modification of treatment for retirement annuity purposes of part-time service performed before April 7, 1986, by certain health-care professionals of the Veterans Health Administration pursuant to the Department of Veterans Affairs Health Care Programs Enhancement Act of 2001.

Exxon Valdez Oil Spill Tax Treatment Act - Allows taxpayers who are plaintiffs in the civil action In re Exxon Valdez, No. 89-095-CV (HRH) (Consolidated) (D. Alaska), or their heirs or dependents, to: (1) elect to average, for income tax purposes, income received in settlement of such civil action for the period beginning on January 1, 1994, and ending on December 31 of the year in which any settlement income is received; and (2) make contributions of any amount of such settlement income to certain tax-exempt retirement plans in the year such income is received.

Forgotten Military Widows Annuity Act of 2007 - Amends the National Defense Authorization Act for Fiscal Year 1998 to make eligible under a Department of Defense (DOD) survivor annuity program that currently allows a survivor annuity to be paid to the unremarried surviving spouses of certain members of the Armed Forces who died before October 1, 1978, those surviving spouses who: (1) remarried after age 55; or (2) remarried at any age, but whose subsequent marriage was terminated due to death, annulment, or divorce.