128 STAT. 2920 PUBLIC LAW 113–255—DEC. 18, 2014 

Public Law 113–255 

113th Congress 

An Act 

To amend title 5, United States Code, to change the default investment fund 

under the Thrift Savings Plan, and for other purposes. 

Be it enacted by the Senate and House of Representatives of 

the United States of America in Congress assembled, 

SECTION 1. SHORT TITLE. 

This Act may be cited as the ‘‘Smart Savings Act’’. 

SEC. 2. THRIFT SAVINGS PLAN DEFAULT INVESTMENT FUND. 

(a) IN GENERAL.—Section 8438(c)(2) of title 5, United States 

Code, is amended to read as follows: 

‘‘(2)(A) Consistent with the requirements of subparagraph (B), 

if an election has not been made with respect to any sums available 

for investment in the Thrift Savings Fund, the Executive Director 

shall invest such sums in an age-appropriate target date asset 

allocation investment fund, as determined by the Executive 

Director. Such investment fund shall consist of any of the funds 

described in subsection (b). 

‘‘(B) If an election has not been made by an eligible member 

under section 8440e with respect to any sums available for investment in such member’s Thrift Savings Fund account, the Executive 

Director shall invest such sums in the Government Securities 

Investment Fund.’’. 

(b) ACKNOWLEDGMENT OF RISK.—Section 8439(d) of title 5, 

United States Code, is amended— 

(1) by inserting ‘‘(1)’’ before ‘‘Each employee’’; and 

(2) by adding at the end the following new paragraph: 

‘‘(2) Prior to enrollment in the Thrift Savings Fund, or as 

soon as practicable thereafter, an individual who is automatically 

enrolled pursuant to section 8432(b)(2) shall receive the risk 

acknowledgment information described under paragraph (1).’’. 

(c) TECHNICAL AND CONFORMING AMENDMENT.—Section 

8472(g)(2) of title 5, United States Code, is amended by striking 

‘‘required by section 8438 of this title to be invested in securities 

of the Government’’ and inserting ‘‘under section 8438(c)(2)(B)’’. 

(d) GUIDANCE.—Not later than 9 months after the date of 

enactment of this Act, the Executive Director (as that term is 

defined under section 8401(13) of title 5, United States Code) shall 

develop and issue guidance implementing the requirements of this 

Act. 

(e) EFFECTIVE DATE AND APPLICATION.—The amendments made 

by subsections (a) and (b) shall— 

(1) take effect on the date that the Executive Director 

issues guidance under subsection (d); and 

5 USC 8438 note. 

Deadline. 

5 USC 8438 note. 

Determination. 

Smart Savings 

Act. 

5 USC 101 note. 

Dec. 18, 2014 

[H.R. 4193] 


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PUBLIC LAW 113–255—DEC. 18, 2014 128 STAT. 2921 

LEGISLATIVE HISTORY—H.R. 4193 (S. 2117): 

HOUSE REPORTS: No. 113–507 (Comm. on Oversight and Government Reform). 

SENATE REPORTS: No. 113–244 (Comm. on Homeland Security and Governmental 

Affairs) accompanying S. 2117. 

CONGRESSIONAL RECORD, Vol. 160 (2014): 

July 14, considered and passed House. 

Dec. 10, considered and passed Senate. 

Æ 

(2) apply to individuals enrolled in the Thrift Savings Plan 

on or after such date. 

SEC. 3. CLARIFICATION OF FIDUCIARY PROTECTIONS. 

Section 8477(e)(1)(C)(ii) of title 5, United States Code, is 

amended— 

(1) in subclause (II)— 

(A) by inserting ‘‘or beneficiary’’ after ‘‘participant’’; 

and 

(B) by inserting ‘‘or option’’ after ‘‘fund’’; and 

(2) in subclause (III)— 

(A) by inserting ‘‘or beneficiary’’ after ‘‘participant’’; 

and 

(B) by inserting ‘‘or beneficiaries’ ’’ after ‘‘participants’ ’’. 

Approved December 18, 2014. 


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