Smart Savings Act

Bill: 113-hr-4193
Sponsor: full_name: Rep. Issa, Darrell E. [R-CA-49]
Introduced: 2014-03-11
Policy area: Government Operations and Politics
Subjects: Financial services and investments

Government employee pay, benefits, personnel management

Government trust funds

Securities
Latest action: action_date: 2014-12-18
text: Became Public Law No: 113-255.

Summaries:
action_date: 2014-03-11
action_desc: Introduced in House
text: <p>Smart Savings Act - Makes the default investment in the Thrift Savings Plan (TSP) an age-appropriate target date asset allocation investment fund (L Fund), instead of the Government Securities Investment Fund (G Fund), if no election has been made for the investment of available funds. Retains the Government Securities Investment Fund as the default fund for members of the uniformed services. Requires TSP participants whose default fund is an age-appropriate L Fund to sign a risk acknowledgement prior to enrollment. </p>

action_date: 2014-06-30
action_desc: Reported to House without amendment
text: <p><b>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</b></p> <p>Smart Savings Act - Makes the default investment in the Thrift Savings Plan (TSP) an age-appropriate target date asset allocation investment fund (L Fund), instead of the Government Securities Investment Fund (G Fund), if no election has been made for the investment of available funds. Retains the Government Securities Investment Fund as the default fund for members of the uniformed services. Requires TSP participants whose default fund is an age-appropriate L Fund to sign a risk acknowledgement prior to enrollment. </p>

action_date: 2014-07-14
action_desc: Passed House amended
text: <p>Smart Savings Act - Makes the default investment in the Thrift Savings Plan (TSP) an age-appropriate target date asset allocation investment fund (L Fund), instead of the Government Securities Investment Fund (G Fund), if no election has been made for the investment of available funds. Retains the Government Securities Investment Fund as the default fund for members of the Uniformed Services. Requires TSP participants whose default fund is an age-appropriate L Fund to receive a risk acknowledgement prior to enrollment.</p> <p>Extends requirements relating to fiduciary protections to TSP beneficiaries. </p>

action_date: 2014-12-10
action_desc: Passed Senate without amendment
text: <p><b>(This measure has not been amended since it was passed by the House on July 14, 2014. The summary of that version is repeated here.)</b></p> <p>Smart Savings Act - Makes the default investment in the Thrift Savings Plan (TSP) an age-appropriate target date asset allocation investment fund (L Fund), instead of the Government Securities Investment Fund (G Fund), if no election has been made for the investment of available funds. Retains the Government Securities Investment Fund as the default fund for members of the Uniformed Services. Requires TSP participants whose default fund is an age-appropriate L Fund to receive a risk acknowledgement prior to enrollment.</p> <p>Extends requirements relating to fiduciary protections to TSP beneficiaries. </p>

action_date: 2014-12-18
action_desc: Public Law
text: <p><b>(This measure has not been amended since it was passed by the House on July 14, 2014. The summary of that version is repeated here.)</b></p> <p>Smart Savings Act - Makes the default investment in the Thrift Savings Plan (TSP) an age-appropriate target date asset allocation investment fund (L Fund), instead of the Government Securities Investment Fund (G Fund), if no election has been made for the investment of available funds. Retains the Government Securities Investment Fund as the default fund for members of the Uniformed Services. Requires TSP participants whose default fund is an age-appropriate L Fund to receive a risk acknowledgement prior to enrollment.</p> <p>Extends requirements relating to fiduciary protections to TSP beneficiaries. </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4193 IN THE HOUSE OF REPRESENTATIVES March 11, 2014 Mr. Issa (for himself, Mr. Cummings , Mr. Woodall , Mr. Lynch , Mr. Connolly , and Mr. Farenthold ) introduced the following bill; which was referred to the Committee on Oversight and Government Reform A BILL To amend title 5, United States Code, to change the default investment fund under the Thrift Savings Plan, and for other purposes.

1. Short title This Act may be cited as the Smart Savings Act . 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 Plan, an individual covered by section 8438(c)(2)(A) shall sign the risk acknowledgment 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 (2) apply to individuals enrolled in the Thrift Savings Plan on or after such date.

tv_txt: IB Union Calendar No. 379 113th CONGRESS 2d Session H. R. 4193 [Report No. 113–507] IN THE HOUSE OF REPRESENTATIVES March 11, 2014 Mr. Issa (for himself, Mr. Cummings , Mr. Woodall , Mr. Lynch , Mr. Connolly , and Mr. Farenthold ) introduced the following bill; which was referred to the Committee on Oversight and Government Reform June 30, 2014 Additional sponsor: Ms. Norton June 30, 2014 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To amend title 5, United States Code, to change the default investment fund under the Thrift Savings Plan, and for other purposes.

1. Short title This Act may be cited as the Smart Savings Act . 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 Plan, an individual covered by section 8438(c)(2)(A) shall sign the risk acknowledgment 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 (2) apply to individuals enrolled in the Thrift Savings Plan on or after such date.

June 30, 2014 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: I 113th CONGRESS 2d Session H. R. 4193 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend title 5, United States Code, to change the default investment fund under the Thrift Savings Plan, and for other purposes.

1. Short title This Act may be cited as the Smart Savings Act . 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 (2) apply to individuals enrolled in the Thrift Savings Plan on or after such date. 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’ .

Passed the House of Representatives July 14, 2014. Karen L. Haas, Clerk.

tv_txt: 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.

1. Short title This Act may be cited as the Smart Savings Act . 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 (2) apply to individuals enrolled in the Thrift Savings Plan on or after such date. 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’ .

Passed the House of Representatives July 14, 2014. Karen L. Haas, Clerk

tv_txt: I One Hundred Thirteenth Congress of the United States of America At the Second Session Begun and held at the City of Washington on Friday, the third day of January, two thousand and fourteen H. R. 4193 AN ACT To amend title 5, United States Code, to change the default investment fund under the Thrift Savings Plan, and for other purposes.

1. Short title This Act may be cited as the Smart Savings Act . 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 (2) apply to individuals enrolled in the Thrift Savings Plan on or after such date. 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’ .

Speaker of the House of Representatives. Vice President of the United States and President of the Senate.