H.R. 5797 (110th): Roth TSP Act of 2008

110th Congress, 2007–2009. Text as of Apr 15, 2008 (Introduced).

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110th CONGRESS

2d Session

H. R. 5797

IN THE HOUSE OF REPRESENTATIVES

April 15, 2008

introduced the following bill; which was referred to the Committee on Oversight and Government Reform

A BILL

To amend title 5, United States Code, to provide for a qualified Roth contribution program under the Thrift Savings Plan.

1.

Short title

This Act may be cited as the Roth TSP Act of 2008.

2.

Requirement that Thrift Savings Plan include a qualified Roth contribution program

(a)

In general

Subchapter III of chapter 84 of title 5, United States Code, is amended by inserting after section 8432c the following:

8432d.

Qualified Roth contribution program

(a)

In general

The Executive Director, in consultation with the Secretary of the Treasury, shall by regulation provide for the inclusion in the Thrift Savings Plan of a qualified Roth contribution program (hereinafter in this section referred to as the Program).

(b)

Qualified Roth contribution program

For purposes of this section, the term qualified Roth contribution program means a program that satisfies the requirements of paragraphs (1) and (2) of section 402A(b) of the Internal Revenue Code of 1986.

(c)

Required provisions

The regulations shall include—

(1)

provisions under which an election to make designated Roth contributions may be made—

(A)

by any individual who is eligible to make contributions under section 8351, 8432(a), 8440a, 8440b, 8440c, 8440d, or 8440e; and

(B)

by any individual not described in subparagraph (A) who is otherwise eligible to make elective deferrals under the Thrift Savings Plan, as identified under such regulations; and

(2)

such other provisions as may be necessary to carry out this section.

(d)

Returns and reports

The Executive Director shall, with respect to designated Roth contributions under the Program, make such returns and reports as the Secretary of the Treasury may prescribe under section 6047(f) of the Internal Revenue Code of 1986.

(e)

Definitions

For purposes of this section, the terms designated Roth contribution and elective deferral have the respective meanings given such terms in section 402A of the Internal Revenue Code of 1986.

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(b)

Technical and conforming amendments

(1)

Accounting and information

Section 8439(a) of title 5, United States Code, is amended by adding at the end the following:

(4)

Pursuant to regulations prescribed by the Executive Director, this section shall be carried out in a manner consistent with section 8432d of this title and section 402A of the Internal Revenue Code of 1986, including by making any modifications to the definition of an account under this subsection which may be necessary.

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(2)

Clerical amendment

The analysis for chapter 84 of title 5, United States Code, is amended by inserting after the item relating to section 8432c the following:

8432d. Qualified Roth contribution program.

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