201 
such prior calendar year, the median balance in partici-
pants’ accounts as of such last day, demographic informa-
tion on participants, the percentage allocation of amounts 
among investment funds or options, the status of the de-
velopment and implementation of the self-directed invest-
ment window, the diversity demographics of any company, 
investment adviser, or other entity retained to invest and 
manage the assets of the Thrift Savings Fund, and such 
other information as the Board considers appropriate. A 
copy of each annual report under this subsection shall be 
made available to the public through an Internet website. 
(b) REPORTING
OF FEES
AND OTHER INFORMA-
TION.— 
(1) IN GENERAL.—The Board shall include in 
the periodic statements provided to participants 
under section 8439(c) the amount of the investment 
management fees, administrative expenses, and any 
other fees or expenses paid with respect to each in-
vestment fund and option under the Thrift Savings 
Plan. Any such statement shall also provide a state-
ment notifying participants as to how they may ac-
cess the annual report described in subsection (a), as 
well as any other information concerning the Thrift 
Savings Plan that might be useful. 
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202 
(2) USE OF ESTIMATES.—For purposes of pro-
viding the information required under this sub-
section, the Executive Director may provide a rea-
sonable and representative estimate of any fees or 
expenses described in paragraph (1) and shall indi-
cate any such estimate as being such an estimate. 
Any such estimate shall be based on the previous 
year’s experience. 
(c) DEFINITIONS.—For purposes of this section— 
(1) the term ‘‘Board’’ has the meaning given 
such term by 8401(5) of title 5, United States Code; 
(2) the term ‘‘participant’’ has the meaning 
given such term by section 8471(3) of title 5, United 
States Code; and 
(3) the term ‘‘account’’ means an account es-
tablished under section 8439 of title 5, United 
States Code. 
SEC. 406. ACKNOWLEDGEMENT OF RISK. 
(a) IN GENERAL.—Section 8439(d) of title 5, United 
States Code, is amended— 
(1) by striking the matter after ‘‘who elects to 
invest in’’ and before ‘‘shall sign an acknowledge-
ment’’ and inserting ‘‘any investment fund or option 
under this chapter, other than the Government Se-
curities Investment Fund,’’; and 
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203 
(2) by striking ‘‘either such Fund’’ and insert-
ing ‘‘any such fund or option’’. 
(b) COORDINATION WITH PROVISIONS RELATING TO 
INVESTMENTS IN THE ABSENCE OF AN ELECTION.—Sub-
section (d) of section 8439 of title 5, United States Code 
(as amended by subsection (a)) is further amended— 
(1) by redesignating subsection (d) as sub-
section (d)(1); and 
(2) by adding at the end the following: 
‘‘(2)(A) In the case of an investment made under sec-
tion 8438(c)(2) in any fund or option to which paragraph 
(1) would otherwise apply, the participant involved shall, 
for purposes of this subsection, be deemed— 
‘‘(i) to have elected to invest in such fund or 
option; and 
‘‘(ii) to have executed the acknowledgement re-
quired under paragraph (1). 
‘‘(B)(i) The Executive Director shall prescribe regu-
lations under which written notice shall be provided to a 
participant whenever an investment is made under section 
8438(c)(2)(B) on behalf of such participant in the absence 
of an affirmative election described in section 8438(c)(1). 
‘‘(ii) The regulations shall ensure that any such no-
tice shall be provided to the participant within 7 calendar 
days after the effective date of the default election. 
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204 
‘‘(C) For purposes of this paragraph, the term ‘par-
ticipant’ has the meaning given such term by section 
8471(3).’’. 
(c) COORDINATION WITH PROVISIONS RELATING TO 
FIDUCIARY RESPONSIBILITIES, LIABILITIES, AND PEN-
ALTIES.—Section 8477(e)(1)(C) of title 5, United States 
Code, is amended— 
(1) by redesignating subparagraph (C) as sub-
paragraph (C)(i); and 
(2) by adding at the end the following: 
‘‘(ii) A fiduciary shall not be liable under subpara-
graph (A), and no civil action may be brought against a 
fiduciary— 
‘‘(I) for providing for the automatic enrollment 
of 
a 
participant 
in 
accordance 
with 
section 
8432(b)(2)(A); 
‘‘(II) for enrolling a participant in a default in-
vestment 
fund 
in 
accordance 
with 
section 
8438(c)(2)(B); or 
‘‘(III) for allowing a participant to invest 
through the self-directed investment window or for 
establishing restrictions applicable to participants’ 
ability to invest through the self-directed investment 
window.’’. 
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205 
SEC. 407. CREDIT FOR UNUSED SICK LEAVE. 
(a) IN GENERAL.—Section 8415 of title 5, United 
States Code, is amended— 
(1) by redesignating the second subsection (k) 
and subsection (l) as subsections (l) and (m), respec-
tively; and 
(2) in subsection (l) (as so redesignated by 
paragraph (1))— 
(A) by striking ‘‘(l) In computing’’ and in-
serting ‘‘(l)(1) In computing’’; and 
(B) by adding at the end the following: 
‘‘(2) Except as provided in paragraph (1), in com-
puting an annuity under this subchapter, the total service 
of an employee who retires on an immediate annuity or 
who dies leaving a survivor or survivors entitled to annuity 
includes the days of unused sick leave to his credit under 
a formal leave system, except that these days will not be 
counted in determining average pay or annuity eligibility 
under this subchapter. For purposes of this subsection, in 
the case of any such employee who is excepted from sub-
chapter I of chapter 63 under section 6301(2)(x)-(xiii), 
the days of unused sick leave to his credit include any un-
used sick leave standing to his credit when he was ex-
cepted from such subchapter.’’. 
(b) EXCEPTION FROM DEPOSIT REQUIREMENT.— 
Section 8422(d)(2) of title 5, United States Code, is 
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