II 
113TH CONGRESS 
2D SESSION 
H. R. 4193 
IN THE SENATE OF THE UNITED STATES 
JULY 15, 2014 
Received 
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 Representa-
tives of the United States of America in Congress assembled, 
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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 subpara-
graph (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 in-
vestment 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: 
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‘‘(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 de-
scribed 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 insert-
ing ‘‘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 im-
plementing 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 
(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)— 
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(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’ ’’. 
Passed the House of Representatives July 14, 2014. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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