Calendar No. 260
[Report No. 115–183]
IN THE SENATE OF THE UNITED STATES
April 6 (legislative day, April 4), 2017
Mr. Portman (for himself, Mr. Carper, Ms. Duckworth, Mr. Rounds, and Mr. Kaine) introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs
November 8, 2017
Reported by Mr. Johnson, with an amendment
Insert the part printed in italic
To amend section 8433 of title 5, United States Code, to provide for flexibility in making withdrawals from the Thrift Savings Fund.
This Act may be cited as the
TSP Modernization Act of 2017.
Post-Separation partial withdrawals
Section 8433(c) of title 5, United States Code, is amended—
in paragraph (1), by striking
and who has not made a withdrawal under subsection (h)(1)(A) may make one withdrawal and inserting
may make 1 or more withdrawals; and
by adding at the end the following:
Withdrawals under this subsection shall be subject to such other conditions as the Executive Director may prescribe by regulation.
Stopping periodic payments
Section 8433(d)(2) of title 5, United States Code, is amended—
change an and inserting
return a payment that was made under ; and
a payment and inserting
Elimination of withdrawal election deadline
Section 8433(f) of title 5, United States Code, is amended—
(1) Notwithstanding and inserting
by striking paragraph (2).
Age-Based in-Service withdrawals
Section 8433(h) of title 5, United States Code, is amended—
by striking paragraph (2); and
by redesignating paragraphs (3), (4), and (5) as paragraphs (2), (3), and (4), respectively.
Technical and conforming amendment
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 administratively feasible, as determined by the Executive Director of the Federal Retirement Thrift Investment Board, the Executive Director shall prescribe regulations to carry out the amendments made by this section.
Effective date; applicability
The amendments made by this section shall—
take effect on the date of enactment of this Act; and
apply on and after the effective date of the regulations prescribed under subsection (f).
November 8, 2017
Reported with an amendment