H. R. 3031
IN THE HOUSE OF REPRESENTATIVES
June 23, 2017
Mr. Cummings (for himself and Mr. Meadows) introduced the following bill; which was referred to the Committee on Oversight and Government Reform
To amend title 5, United States Code, to provide for flexibility in making withdrawals from a Thrift Savings Plan account, and for other purposes.
This Act may be cited as the
TSP Modernization Act of 2017.
Thrift Savings Plan account withdrawal flexibility
Post-Separation partial withdrawals
Section 8433(c) of title 5, United States Code, is amended—
in paragraph (1)—
and who has not made a withdrawal under subsection (h)(1)(A) may make one withdrawal and inserting
may make one or more withdrawals; and
as a single payment and inserting
in the same manner as a single payment is made; and
by adding at the end the following:
Withdrawals under this subsection shall be subject to such other limitations or conditions as the Executive Director may prescribe by regulation.
Limitation on return of payment relating to a change in election
Section 8433(d) of title 5, United States Code, is amended—
in paragraph (1), by inserting
, except that in the case of an election to receive an annuity, a former employee or Member may not change an election under this section on or after the date on which an annuity contract is purchased to provide for the annuity elected by the former employee or Member after
this subchapter; and
in paragraph (2)—
change an and inserting
return a payment that was made pursuant to an; and
on or after and all that follows through
the former employee or Member.
Elimination of automatic annuity in absence of election
Section 8433(f) of title 5, United States Code, is amended—
(1) Notwithstanding and inserting
this paragraph and inserting
this subsection; and
by striking paragraph (2).
Allowance of multiple age-Based in-Service withdrawals
Section 8433(h) of title 5, United States Code, is amended—
by striking paragraph (2);
by redesignating paragraphs (3), (4), and (5) as paragraphs (2), (3), and (4), respectively; and
in paragraph (3), as so redesignated, by inserting
limitations or before
Section 8432b(h)(2)(A) of title 5, United States Code, is amended by striking
section 8433(d), or paragraph (1) or (2) of section 8433(h) and inserting
subsection (d) or (f) of section 8433.
As soon as is practicable, as determined by the Executive Director of the Federal Retirement Thrift Investment Board, the Executive Director shall prescribe such regulations as are necessary to carry out the amendments made by this section.
The amendments made by this section shall take effect on the date on which the regulations prescribed under subsection (f) take effect.