Thrift Savings Plan Open Elections Act of 2004

Bill: 108-s-2479
Sponsor: Sen. Collins, Susan M. [R-ME]
Introduced: 2004-05-21 in the Senate
Policy area: Government Operations and Politics
Subjects: Civil service retirement
Congress
Congressional pensions
Congressional reporting requirements
Federal employees
Finance and Financial Sector
Financial planning
Financial services
Government publicity
Labor and Employment
Personal budgets
Retirement income
Saving and investment
Tax-deferred compensation plans

Summary:
action_date: 2004-05-21
text: 
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 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 develop and implement a retirement financial literacy and education strategy for Federal employees that: (1) educates Federal employees on the need for retirement savings and investment; and (2) 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.

action_date: 2004-06-25
text: 

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

 
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. 

action_date: 2004-07-16
text: 

(This measure has not been amended since it was introduced. The expanded summary of the Senate reported version is repeated here.)

 
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. 


Legislative actions:
action_date: 2004-07-19
text: Referred to the House Committee on Government Reform.
action_date: 2004-07-19
text: Received in the House.
action_date: 2004-07-19
text: Message on Senate action sent to the House.
action_date: 2004-07-16
text: Passed Senate without amendment by Unanimous Consent. (consideration: CR S8400; text: CR S8400)
action_date: 2004-07-16
text: Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.(consideration: CR S8400; text: CR S8400)
action_date: 2004-06-25
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 606.
action_date: 2004-06-25
text: Committee on Governmental Affairs. Reported by Senator Collins without amendment. With written report No. 108-290.
action_date: 2004-06-25
text: Committee on Governmental Affairs. Reported by Senator Collins without amendment. With written report No. 108-290.
action_date: 2004-06-02
text: Committee on Governmental Affairs. Ordered to be reported without amendment favorably.
action_date: 2004-05-21
text: Committee on Governmental Affairs referred to Subcommittee on Financial Management, the Budget, and International Security.
action_date: 2004-05-21
text: Read twice and referred to the Committee on Governmental Affairs.
action_date: 2004-05-21
text: Sponsor introductory remarks on measure. (CR S6105-6106)
action_date: 2004-05-21
text: Introduced in Senate