Requirement to provide a retirement plan equivalent to FERS or to participate in FERS

(a) Initial coverage (1) Employers Each employer shall— (A) make available to each employee employed by the employer a covered retirement program; or (B) notify the Secretary that the employees of the employer will participate in FERS. (2) Self-employed enrollment Each self-employed individual shall— (A) be enrolled in a covered retirement program; or (B) notify the Secretary that the self-employed individual will participate in FERS. (b) Subsequent coverage election (1) Options for employers At a frequency determined by the Secretary, in coordination with the Director of the Office of Personnel Management, that is not less than annually, an employer that has in effect a covered retirement program for the employees of the employer or with respect to whom the employees of the employer are participating in FERS may elect to— (A) in the case of an employer that has in effect a covered retirement program— (i) cease making contributions to the covered retirement program for such employees; and (ii) have each employee employed by the employer participate in FERS; or (B) in the case of an employer with respect to whom the employees of the employer are participating in FERS— (i) have the employees cease participating in FERS; and (ii) make available to each employee employed by the employer a covered retirement program. (2) Options for self-employed individuals At a frequency determined by the Secretary, in coordination with the Director of the Office of Personnel Management, that is not less than annually, a self-employed individual who is enrolled in a covered retirement program or is participating in FERS may elect to— (A) in the case of a self-employed individual who is enrolled in a covered retirement program— (i) cease making contributions to the covered retirement program; and (ii) participate in FERS; or (B) in the case of a self-employed individual who is participating in FERS— (i) cease participating in FERS; and (ii) enroll in a covered retirement program.