SECTION 1. ELECTIONS FOR THRIFT SAVINGS PLAN CONTRIBUTIONS.

    (a) Short Title.--This Act may be cited as the ``Thrift Savings 
Plan Open Elections Act of 2004''.
    (b) In General.--Section 8432(b)(1)(A) of title 5, United States 
Code, is amended--
            (1) in the first sentence--
                    (A) by inserting ``(i)'' before ``The Executive 
                Director''; and
                    (B) by striking ``shall be afforded a reasonable 
                period every 6 months to elect to'' and inserting 
                ``may'';
            (2) by striking the second sentence; and
            (3) by adding at the end the following:
    ``(ii) An election to make contributions under this paragraph--
            ``(I) may be made at any time;
            ``(II) shall take effect on the earliest date after the 
        election that is administratively feasible; and
            ``(III) shall remain in effect until modified or 
        terminated.''.
    (c) Continuation of Not Making Immediate Agency Contributions.--
Section 8432(b)(4)(C) of title 5, United States Code, is amended--
            (1) by inserting ``(i)'' after ``(C)''; and
            (2) by adding at the end the following:
            ``(ii) Notwithstanding subparagraph (A) or (B), 
        contributions under paragraphs (1) and (2) of subsection (c) 
        shall not begin to be made with respect to an employee or 
        Member described under paragraph (2)(A) or (B) until the date 
        that such contributions would have begun to be made in 
        accordance with this paragraph as administered on the date 
        preceding the date of enactment of the Thrift Savings Plan Open 
        Elections Act of 2004.''.
    (d) Technical and Conforming Amendments.--
            (1) Civil service retirement system participation.--Section 
        8351(a)(2) of title 5, United States Code, is amended by 
        striking ``only during a period'' and inserting ``as''.
            (2) Contributions by previously ineligible employees.--
        Section 8432(b)(2) of title 5, United States Code, is amended--
                    (A) in subparagraph (A), by striking ``second 
                period'' and inserting ``date'';
                    (B) in subparagraph (C), by striking ``second 
                period'' and inserting ``date''; and
                    (C) in subparagraph (D) by striking ``other than 
                during a period afforded'' and inserting ``as 
                provided''.
            (3) Provision of information.--Section 8439(c)(2) of title 
        5, United States Code, is amended by striking ``at least 30 
        calendar days before the beginning of each election period 
        under section 8432(b)(1)(A) of this title'' and inserting ``on 
        a regular basis''.
            (4) Justices and judges.--Section 8440a(a)(2) of title 5, 
        United States Code, is amended by striking ``only during a 
        period'' and inserting ``as''.
            (5) Bankruptcy judges and magistrate judges.--Section 
        8440b(a)(2) of title 5, United States Code, is amended by 
        striking ``only during a period'' and inserting ``as''.
            (6) Court of federal claims judges.--Section 8440c(a)(2) of 
        title 5, United States Code, is amended by striking ``only 
        during a period'' and inserting ``as''.
            (7) Judges of the united states court of appeals for 
        veterans claims.--Section 8440d(a)(2) of title 5, United States 
        Code, is amended by striking ``only during a period'' and 
        inserting ``as''.
            (8) Members of the uniformed services.--Section 
        8440e(b)(2)(A) of title 5, United States Code, is amended--
                    (A) by striking ``only during a period'' and 
                inserting ``as''; and
                    (B) by striking all after section ``8432(b)'' and 
                inserting a period.

SEC. 2. ENHANCING FINANCIAL LITERACY.

    (a) In General.--The Federal Retirement Thrift Investment Board (in 
this section referred to as the ``Board'') shall periodically evaluate 
whether the tools available to participants provide the information 
needed to understand, evaluate, and compare financial products, 
services, and opportunities offered through the Thrift Savings Plan. 
The Board shall use these evaluations to improve its existing education 
program for Thrift Savings Plan participants.
    (b) Report on Financial Literacy Efforts.--The Board shall annually 
report to the Committee on Governmental Affairs of the Senate and the 
Committee on Government Reform of the House of Representatives on its 
Thrift Savings Plan education efforts on behalf of plan participants.
    (c) Strategy.--As part of the retirement training offered by Office 
of Personnel Management under section 8350 of title 5, United States 
Code, the Office, in consultation with the Board, shall--
            (1) not later than 6 months after the date of enactment of 
        this Act, develop and implement a retirement financial literacy 
        and education strategy for Federal employees that--
                    (A) shall educate Federal employees on the need for 
                retirement savings and investment; and
                    (B) provide information related to how Federal 
                employees can receive additional information on how to 
                plan for retirement and calculate what their retirement 
                investment should be in order to meet their retirement 
                goals; and
            (2) submit a report to the Committee on Governmental 
        Affairs of the Senate and the Committee on Government Reform of 
        the House of Representatives on the strategy described under 
        paragraph (1).

            Passed the Senate July 16, 2004.

            Attest:

                                             EMILY J. REYNOLDS,

                                                             Secretary.
Thrift Savings Plan Open Elections Act of 2004 - Allows an election by a Federal employee or member to make contributions under the Thrift Savings Plan (TSP) of the Federal Employees' Retirement System to be made at any time. Provides that such an election shall take effect on the earliest date after the election that is administratively feasible and shall remain in effect until modified or terminated. Prohibits agency contributions from beginning to be made for an employee or member until the date that such contributions would have begun to be made in accordance with regulations as administered on the date preceding the enactment of this Act.

Instructs the Federal Retirement Thrift Investment Board to: (1) periodically evaluate whether the tools available to participants provide the information needed to understand, evaluate, and compare financial products, services, and opportunities offered through the TSP; (2) use these evaluations to improve its existing program for TSP participants; and (3) annually report to the Committee on Governmental Affairs of the Senate and the Committee on Government Reform of the House of Representatives on its TSP education efforts on behalf of plan participants.

Directs the Office of Personnel Management (OPM), as part of the retirement training offered by OPM, to: (1) develop and implement a retirement financial literacy and education strategy for Federal employees that educates Federal employees on the need for retirement savings and investment and that provides information related to how Federal employees can receive additional information on how to plan for retirement and calculate what their retirement investment should be in order to meet their retirement goals; and (2) submit a report on such strategy to such committees.
A bill to amend chapter 84 of title 5, United States Code, to provide for Federal employees to make elections to make, modify, and terminate contributions to the Thrift Savings Fund at any time, and for other purposes.