II 

108TH CONGRESS 

2D SESSION S. 2479

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. 

IN THE SENATE OF THE UNITED STATES 

MAY 21, 2004

Ms. COLLINS (for herself, Mr. AKAKA, Mr. FITZGERALD, Mr. LIEBERMAN, 

and Mr. VOINOVICH) introduced the following bill; which was read twice 

and referred to the Committee on Governmental Affairs 

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.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. ELECTIONS FOR THRIFT SAVINGS PLAN CON4 TRIBUTIONS. 

5 (a) SHORT TITLE.—This Act may be cited as the 

6 ‘‘Thrift Savings Plan Open Elections Act of 2004’’. 

7 (b) IN GENERAL.—Section 8432(b)(1)(A) of title 5, 

8 United States Code, is amended— 
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1 (1) in the first sentence— 

2 (A) by inserting ‘‘(i)’’ before ‘‘The Execu3 tive Director’’; and 

4 (B) by striking ‘‘shall be afforded a rea5 sonable period every 6 months to elect to’’ and 

6 inserting ‘‘may’’; 

7 (2) by striking the second sentence; and 

8 (3) by adding at the end the following: 

9 ‘‘(ii) An election to make contribu10 tions under this paragraph— 

11 ‘‘(I) may be made at any time; 

12 ‘‘(II) shall take effect on the ear13 liest date after the election that is ad14 ministratively feasible; and 

15 ‘‘(III) shall remain in effect until 

16 modified or terminated.’’. 

17 (c) CONTINUATION OF NOT MAKING IMMEDIATE

18 AGENCY CONTRIBUTIONS.—Section 8432(b(4)(C) of title 

19 5, United States Code, is amended— 

20 (1) by inserting ‘‘(i)’’ after ‘‘(C)’’; and 

21 (2) by adding at the end the following: 

22 ‘‘(ii) Notwithstanding subparagraph (A) or (B), 

23 contributions under paragraphs (1) and (2) of sub24 section (c) shall not begin to be made with respect 

25 to an employee or Member described under para-
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1 graph (2) (A) or (B) until the date that such con2 tributions would have begun to be made in accord3 ance with this paragraph as administered on the 

4 date preceding the date of enactment of the Thrift 

5 Savings Plan Open Elections Act of 2004.’’. 

6 (d) TECHNICAL AND CONFORMING AMENDMENTS.— 

7 (1) CIVIL SERVICE RETIREMENT SYSTEM PAR8 TICIPATION.—Section 8351(a)(2) of title 5, United 

9 States Code, is amended by striking ‘‘only during a 

10 period’’ and inserting ‘‘as’’. 

11 (2) CONTRIBUTIONS BY PREVIOUSLY INELI12 GIBLE EMPLOYEES.—Section 8432(b)(2) of title 5, 

13 United States Code, is amended— 

14 (A) in subparagraph (A), by striking ‘‘sec15 ond period’’ and inserting ‘‘date’’; 

16 (B) in subparagraph (C), by striking ‘‘sec17 ond period’’ and inserting ‘‘date’’; and 

18 (C) in subparagraph (D) by striking 

19 ‘‘other than during a period afforded’’ and in20 serting ‘‘as provided’’. 

21 (3) PROVISION OF INFORMATION.—Section 

22 8439(c)(2) of title 5, United States Code, is amend23 ed by striking ‘‘at least 30 calendar days before the 

24 beginning of each election period under section 
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1 8432(b)(1)(A) of this title’’ and inserting ‘‘on a reg2 ular basis’’. 

3 (4) JUSTICES AND JUDGES.—Section 

4 8440a(a)(2) of title 5, United States Code, is 

5 amended by striking ‘‘only during a period’’ and in6 serting ‘‘as’’. 

7 (5) BANKRUPTCY JUDGES AND MAGISTRATE

8 JUDGES.—Section 8440b(a)(2) of title 5, United 

9 States Code, is amended by striking ‘‘only during a 

10 period’’ and inserting ‘‘as’’. 

11 (6) COURT OF FEDERAL CLAIMS JUDGES.—Sec12 tion 8440c(a)(2) of title 5, United States Code, is 

13 amended by striking ‘‘only during a period’’ and in14 serting ‘‘as’’. 

15 (7) JUDGES OF THE UNITED STATES COURT OF

16 APPEALS FOR VETERANS CLAIMS.—Section 

17 8440d(a)(2) of title 5, United States Code, is 

18 amended by striking ‘‘only during a period’’ and in19 serting ‘‘as’’. 

20 (8) MEMBERS OF THE UNIFORMED SERV21 ICES.—Section 8440e(b)(2)(A) of title 5, United 

22 States Code, is amended— 

23 (A) by striking ‘‘only during a period’’ and 

24 inserting ‘‘as’’; and 
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1 (B) by striking all after section ‘‘8432(b)’’ 

2 and inserting a period. 

3 SEC. 2. ENHANCING FINANCIAL LITERACY. 

4 (a) IN GENERAL.—The Federal Retirement Thrift 

5 Investment Board (in this section referred to as the 

6 ‘‘Board’’) shall periodically evaluate whether the tools 

7 available to participants provide the information needed 

8 to understand, evaluate, and compare financial products, 

9 services, and opportunities offered through the Thrift Sav10 ings Plan. The Board shall use these evaluations to im11 prove its existing education program for Thrift Savings 

12 Plan participants. 

13 (b) REPORT ON FINANCIAL LITERACY EFFORTS.—

14 The Board shall annually report to the Committee on Gov15 ernmental Affairs of the Senate and the Committee on 

16 Government Reform of the House of Representatives on 

17 its Thrift Savings Plan education efforts on behalf of plan 

18 participants. 

19 (c) STRATEGY.—As part of the retirement training 

20 offered by Office of Personnel Management under section 

21 8350 of title 5, United States Code, the Office, in con22 sultation with the Board, shall— 

23 (1) not later than 6 months after the date of 

24 enactment of this Act, develop and implement a re-
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1 tirement financial literacy and education strategy for 

2 Federal employees that— 

3 (A) shall educate Federal employees on the 

4 need for retirement savings and investment; 

5 and 

6 (B) provide information related to how 

7 Federal employees can receive additional infor8 mation on how to plan for retirement and cal9 culate what their retirement investment should 

10 be in order to meet their retirement goals; and 

11 (2) submit a report to the Committee on Gov12 ernmental Affairs of the Senate and the Committee 

13 on Government Reform of the House of Representa14 tives on the strategy described under paragraph (1).

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