Page:United States Statutes at Large Volume 122.djvu/2752

 12 2 STA T . 2 7 2 9PUBLIC LA W 11 0– 2 8 9 —J UL Y3 0, 2008 Enterp r is es F in a n c ia lS a f et y an d S ou ndness A ct of 19 9 2( 12 U. S. C . 456 1etse q . ) s h all b e transferred to the Federal H ousin g Finance Agency for e m ployment , not later than the effecti v e date of the Federal Housing Finance R egulatory Reform Act of 2 0 0 8, and such transfer shall be deemed a transfer of function for purposes of section 3 503 of title 5, United States Code. (b) GUAR A NTE E DPOSI TIONS. — (1) I N G ENERA L .—Each employee transferred under sub - section (a) shall be guaranteed a position w ith the same status, tenure, grade, and pay as that held on the day immediately preceding the transfer. (2) N OIN V OLUNTAR Y SE P ARATION OR REDU C TION.—An employee transferred under subsection (a) holding a permanent position on the day immediately preceding the transfer may not be involuntarily separated or reduced in grade or compensa- tion during the 12-month period beginning on the date of transfer, e x cept for cause, or, in the case of a temporary employee, separated in accordance with the terms of the appointment of the employee. (c) APPOINT M ENT AUT H ORITY F ORE X CEPTED AND SENIOR EXECU- TIVE SERVICE EMPLOYEES.— (1) IN GENERAL.—In the case of an employee occupying a position in the excepted service or the Senior Executive Service, any appointment authority established under law or by regulations of the O ffice of Personnel M anagement for filling such position shall be transferred, sub j ect to paragraph (2). (2) D ECLINE OF TRANSFER.— T he Director may decline a transfer of authority under paragraph (1) to the extent that such authority relates to— (A) a position excepted from the competitive service because of its confidential, policyma k ing, policy-deter- mining, or policy-advocating character or ( B ) a noncareer position in the Senior Executive Service (within the meaning of section 3132(a)( 7 ) of title 5, United States Code). (d) REORGANI Z ATION.—If the Director determines, after the end of the 1-year period beginning on the effective date of the Federal Housing Finance Regulatory Reform Act of 2008, that a reorgani z a- tion of the combined workforce is required, that reorganization shall be deemed a major reorganization for purposes of affording affected employee retirement under section 8336(d)(2) or 8414(b)(1)(B) of title 5, United States Code. (e) EMPLOYEE BENEFIT PROGRAMS.— (1) IN GENERAL.—Any employee described under subsection (a) accepting employment with the Agency as a result of a transfer under subsection (a) may retain, for 12 months after the date on which such transfer occurs, membership in any employee benefit program of the Agency or the Department of Housing and Urban Development, as applicable, including insurance, to which such employee belongs on such effective date, if— (A) the employee does not elect to give up the benefit or membership in the program; and (B) the benefit or program is continued by the Director of the Federal Housing Finance Agency. (2) COST DIFFERENTIAL.—

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