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H.R. 4193 (113th): Smart Savings Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

12/18/2014--Public Law. Smart Savings Act - Makes the default investment in the Thrift Savings Plan (TSP) an age-appropriate target date asset allocation investment fund (L Fund), instead of the Government Securities Investment Fund (G Fund), if no election has been made for the investment of available funds. Retains the Government Securities Investment Fund as the default fund for members of the Uniformed Services. Requires TSP participants whose default fund is an age-appropriate L Fund to receive a risk acknowledgement prior to enrollment.

Extends requirements relating to fiduciary protections to TSP beneficiaries.

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