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S. 873 (115th): TSP Modernization Act of 2017


The text of the bill below is as of Nov 8, 2017 (Reported by Senate Committee). The bill was not enacted into law.


II

Calendar No. 260

115th CONGRESS

1st Session

S. 873

[Report No. 115–183]

IN THE SENATE OF THE UNITED STATES

April 6 (legislative day, April 4), 2017

(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 , with an amendment

Insert the part printed in italic

A BILL

To amend section 8433 of title 5, United States Code, to provide for flexibility in making withdrawals from the Thrift Savings Fund.

1.

Short title

This Act may be cited as the TSP Modernization Act of 2017.

2.

Withdrawal flexibility

(a)

Post-Separation partial withdrawals

Section 8433(c) of title 5, United States Code, is amended—

(1)

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

(2)

by adding at the end the following:

(5)

Withdrawals under this subsection shall be subject to such other conditions as the Executive Director may prescribe by regulation.

.

(b)

Stopping periodic payments

Section 8433(d)(2) of title 5, United States Code, is amended—

(1)

by striking change an and inserting return a payment that was made under an; and

(2)

by striking a payment and inserting such payment.

(c)

Elimination of withdrawal election deadline

Section 8433(f) of title 5, United States Code, is amended—

(1)

by striking (1) Notwithstanding and inserting Notwithstanding; and

(2)

by striking paragraph (2).

(d)

Age-Based in-Service withdrawals

Section 8433(h) of title 5, United States Code, is amended—

(1)

by striking paragraph (2); and

(2)

by redesignating paragraphs (3), (4), and (5) as paragraphs (2), (3), and (4), respectively.

(e)

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.

(f)

Regulations

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.

(g)

Effective date; applicability

The amendments made by this section shall—

(1)

take effect on the date of enactment of this Act; and

(2)

apply on and after the effective date of the regulations prescribed under subsection (f).

November 8, 2017

Reported with an amendment