TSP Modernization Act of 2017

Bill: 115-hr-3031
Sponsor: full_name: Rep. Cummings, Elijah E. [D-MD-7]
Introduced: 2017-06-23
Policy area: Government Operations and Politics
Subjects: Government employee pay, benefits, personnel management

Members of Congress
Latest action: action_date: 2017-11-17
text: Signed by President.

Summaries:
action_date: 2017-06-23
action_desc: Introduced in House
text: <p><b>TSP Modernization Act of 2017</b></p> <p>This bill modifies the rules relating to withdrawals from the Thrift Savings Plan accounts of former federal employees and Members of Congress. Under current law, such employees and Members may make only one partial withdrawal upon reaching age 59-1/2 while employed or one withdrawal after retirement. The bill permits an unlimited number of such withdrawals. </p> <p>The bill also eliminates: (1) the automatic annuity as a default option if the plan participant does not make an election to establish an annuity, and (2) the limitation on age-based in-service withdrawals.

action_date: 2017-10-10
action_desc: Reported to House without amendment
text: <p>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</p> <p><b>TSP Modernization Act of 2017</b></p> <p>This bill modifies the rules relating to withdrawals from the Thrift Savings Plan accounts of former federal employees and Members of Congress. Under current law, such employees and Members may make only one partial withdrawal upon reaching age 59-1/2 while employed or one withdrawal after retirement. The bill permits an unlimited number of such withdrawals. </p> <p>The bill also eliminates: (1) the automatic annuity as a default option if the plan participant does not make an election to establish an annuity, and (2) the limitation on age-based in-service withdrawals. </p>

action_date: 2017-10-11
action_desc: Passed House amended
text: <b><br />TSP Modernization Act of 2017</b> <p>(Sec. 2) This bill modifies the rules relating to withdrawals from the Thrift Savings Plan accounts of former federal employees and Members of Congress. Under current law, such employees and Members may make only one partial withdrawal upon reaching age 59-1/2 while employed or one withdrawal after retirement. The bill permits an unlimited number of such withdrawals. </p> <p>The bill also eliminates: (1) the automatic annuity as a default option if the plan participant does not make an election to establish an annuity, and (2) the limitation on age-based in-service withdrawals. </p>

action_date: 2017-11-06
action_desc: Passed Senate without amendment
text: <b><br />TSP Modernization Act of 2017</b> <p>(Sec. 2) This bill modifies the rules relating to withdrawals from the Thrift Savings Plan accounts of former federal employees and Members of Congress. Under current law, such employees and Members may make only one partial withdrawal upon reaching age 59-1/2 while employed or one withdrawal after retirement. The bill permits an unlimited number of such withdrawals. </p> <p>The bill also eliminates: (1) the automatic annuity as a default option if the plan participant does not make an election to establish an annuity, and (2) the limitation on age-based in-service withdrawals. </p>

action_date: 2017-11-17
action_desc: Public Law
text: <br /><b>TSP Modernization Act of 2017</b> <p>(Sec. 2) This bill modifies the rules relating to withdrawals from the Thrift Savings Plan accounts of former federal employees and Members of Congress. Under current law, such employees and Members may make only one partial withdrawal upon reaching age 59-1/2 while employed or one withdrawal after retirement. The bill permits an unlimited number of such withdrawals. </p> <p>The bill also eliminates: (1) the automatic annuity as a default option if the plan participant does not make an election to establish an annuity, and (2) the limitation on age-based in-service withdrawals. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3031 IN THE HOUSE OF REPRESENTATIVES June 23, 2017 Mr. Cummings (for himself and Mr. Meadows ) 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 provide for flexibility in making withdrawals from a Thrift Savings Plan account, and for other purposes.

1. Short title This Act may be cited as the TSP Modernization Act of 2017 . 2. Thrift Savings Plan account withdrawal flexibility (a) Post-Separation partial withdrawals Section 8433(c) of title 5, United States Code, is amended— (1) in paragraph (1)— (A) by striking and who has not made a withdrawal under subsection (h)(1)(A) may make one withdrawal and inserting may make one or more withdrawals ; and (B) by striking as a single payment and inserting in the same manner as a single payment is made ; and (2) by adding at the end the following: (5) Withdrawals under this subsection shall be subject to such other limitations or conditions as the Executive Director may prescribe by regulation. . (b) Limitation on return of payment relating to a change in election Section 8433(d) of title 5, United States Code, is amended— (1) in paragraph (1), by inserting , except that in the case of an election to receive an annuity, a former employee or Member may not change an election under this section on or after the date on which an annuity contract is purchased to provide for the annuity elected by the former employee or Member after this subchapter ; and (2) in paragraph (2)— (A) by striking change an and inserting return a payment that was made pursuant to an ; and (B) by striking on or after and all that follows through the former employee or Member . (c) Elimination of automatic annuity in absence of election Section 8433(f) of title 5, United States Code, is amended— (1) by striking (1) Notwithstanding and inserting Notwithstanding ; (2) by striking this paragraph and inserting this subsection ; and (3) by striking paragraph (2). (d) Allowance of multiple age-Based in-Service withdrawals Section 8433(h) of title 5, United States Code, is amended— (1) by striking paragraph (2); (2) by redesignating paragraphs (3), (4), and (5) as paragraphs (2), (3), and (4), respectively; and (3) in paragraph (3), as so redesignated, by inserting limitations or before conditions . (e) Technical amendment Section 8432b(h)(2)(A) of title 5, United States Code, is amended by striking section 8433(d), or paragraph (1) or (2) of section 8433(h) and inserting subsection (d) or (f) of section 8433 . (f) Regulations As soon as is practicable, as determined by the Executive Director of the Federal Retirement Thrift Investment Board, the Executive Director shall prescribe such regulations as are necessary to carry out the amendments made by this section. (g) Effective date The amendments made by this section shall take effect on the date on which the regulations prescribed under subsection (f) take effect.

tv_txt: I 115th CONGRESS 1st Session H. R. 3031 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend title 5, United States Code, to provide for flexibility in making withdrawals from a Thrift Savings Plan account, and for other purposes.

1. Short title This Act may be cited as the TSP Modernization Act of 2017 . 2. Thrift Savings Plan account withdrawal flexibility (a) Post-Separation partial withdrawals Section 8433(c) of title 5, United States Code, is amended— (1) in paragraph (1)— (A) by striking and who has not made a withdrawal under subsection (h)(1)(A) may make one withdrawal and inserting may make one or more withdrawals ; and (B) by striking as a single payment and inserting in the same manner as a single payment is made ; and (2) by adding at the end the following: (5) Withdrawals under this subsection shall be subject to such other limitations or conditions as the Executive Director may prescribe by regulation. . (b) Limitation on return of payment relating to a change in election Section 8433(d) of title 5, United States Code, is amended— (1) in paragraph (1), by inserting , except that in the case of an election to receive an annuity, a former employee or Member may not change an election under this section on or after the date on which an annuity contract is purchased to provide for the annuity elected by the former employee or Member after this subchapter ; and (2) in paragraph (2)— (A) by striking change an and inserting return a payment that was made pursuant to an ; and (B) by striking on or after and all that follows through the former employee or Member . (c) Elimination of automatic annuity in absence of election Section 8433(f) of title 5, United States Code, is amended— (1) by striking (1) Notwithstanding and inserting Notwithstanding ; (2) by striking this paragraph and inserting this subsection ; and (3) by striking paragraph (2). (d) Allowance of multiple age-Based in-Service withdrawals Section 8433(h) of title 5, United States Code, is amended— (1) by striking paragraph (2); (2) by redesignating paragraphs (3), (4), and (5) as paragraphs (2), (3), and (4), respectively; and (3) in paragraph (3), as so redesignated, by inserting limitations or before conditions . (e) Technical amendment Section 8432b(h)(2)(A) of title 5, United States Code, is amended by striking section 8433(d), or paragraph (1) or (2) of section 8433(h) and inserting subsection (d) or (f) of section 8433 . (f) Regulations As soon as is practicable, as determined by the Executive Director of the Federal Retirement Thrift Investment Board, but not later than 2 years after the date of enactment of this Act, the Executive Director shall prescribe such regulations as are necessary to carry out the amendments made by this section. (g) Effective date The amendments made by this section shall take effect on the date on which the regulations prescribed under subsection (f) take effect.

Passed the House of Representatives October 11, 2017. Karen L. Haas, Clerk.

tv_txt: II 115th CONGRESS 1st Session H. R. 3031 IN THE SENATE OF THE UNITED STATES October 16, 2017 Received AN ACT To amend title 5, United States Code, to provide for flexibility in making withdrawals from a Thrift Savings Plan account, and for other purposes.

1. Short title This Act may be cited as the TSP Modernization Act of 2017 . 2. Thrift Savings Plan account withdrawal flexibility (a) Post-Separation partial withdrawals Section 8433(c) of title 5, United States Code, is amended— (1) in paragraph (1)— (A) by striking and who has not made a withdrawal under subsection (h)(1)(A) may make one withdrawal and inserting may make one or more withdrawals ; and (B) by striking as a single payment and inserting in the same manner as a single payment is made ; and (2) by adding at the end the following: (5) Withdrawals under this subsection shall be subject to such other limitations or conditions as the Executive Director may prescribe by regulation. . (b) Limitation on return of payment relating to a change in election Section 8433(d) of title 5, United States Code, is amended— (1) in paragraph (1), by inserting , except that in the case of an election to receive an annuity, a former employee or Member may not change an election under this section on or after the date on which an annuity contract is purchased to provide for the annuity elected by the former employee or Member after this subchapter ; and (2) in paragraph (2)— (A) by striking change an and inserting return a payment that was made pursuant to an ; and (B) by striking on or after and all that follows through the former employee or Member . (c) Elimination of automatic annuity in absence of election Section 8433(f) of title 5, United States Code, is amended— (1) by striking (1) Notwithstanding and inserting Notwithstanding ; (2) by striking this paragraph and inserting this subsection ; and (3) by striking paragraph (2). (d) Allowance of multiple age-Based in-Service withdrawals Section 8433(h) of title 5, United States Code, is amended— (1) by striking paragraph (2); (2) by redesignating paragraphs (3), (4), and (5) as paragraphs (2), (3), and (4), respectively; and (3) in paragraph (3), as so redesignated, by inserting limitations or before conditions . (e) Technical amendment Section 8432b(h)(2)(A) of title 5, United States Code, is amended by striking section 8433(d), or paragraph (1) or (2) of section 8433(h) and inserting subsection (d) or (f) of section 8433 . (f) Regulations As soon as is practicable, as determined by the Executive Director of the Federal Retirement Thrift Investment Board, but not later than 2 years after the date of enactment of this Act, the Executive Director shall prescribe such regulations as are necessary to carry out the amendments made by this section. (g) Effective date The amendments made by this section shall take effect on the date on which the regulations prescribed under subsection (f) take effect.

Passed the House of Representatives October 11, 2017. Karen L. Haas, Clerk

tv_txt: IB Union Calendar No. 248 115th CONGRESS 1st Session H. R. 3031 [Report No. 115–343] IN THE HOUSE OF REPRESENTATIVES June 23, 2017 Mr. Cummings (for himself and Mr. Meadows ) introduced the following bill; which was referred to the Committee on Oversight and Government Reform October 10, 2017 Additional sponsors: Ms. Norton , Mr. Connolly , Mr. Wittman , Mrs. Beatty , Mr. Sablan , Ms. Lofgren , and Mr. Carbajal October 10, 2017 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 provide for flexibility in making withdrawals from a Thrift Savings Plan account, and for other purposes.

1. Short title This Act may be cited as the TSP Modernization Act of 2017 . 2. Thrift Savings Plan account withdrawal flexibility (a) Post-Separation partial withdrawals Section 8433(c) of title 5, United States Code, is amended— (1) in paragraph (1)— (A) by striking and who has not made a withdrawal under subsection (h)(1)(A) may make one withdrawal and inserting may make one or more withdrawals ; and (B) by striking as a single payment and inserting in the same manner as a single payment is made ; and (2) by adding at the end the following: (5) Withdrawals under this subsection shall be subject to such other limitations or conditions as the Executive Director may prescribe by regulation. . (b) Limitation on return of payment relating to a change in election Section 8433(d) of title 5, United States Code, is amended— (1) in paragraph (1), by inserting , except that in the case of an election to receive an annuity, a former employee or Member may not change an election under this section on or after the date on which an annuity contract is purchased to provide for the annuity elected by the former employee or Member after this subchapter ; and (2) in paragraph (2)— (A) by striking change an and inserting return a payment that was made pursuant to an ; and (B) by striking on or after and all that follows through the former employee or Member . (c) Elimination of automatic annuity in absence of election Section 8433(f) of title 5, United States Code, is amended— (1) by striking (1) Notwithstanding and inserting Notwithstanding ; (2) by striking this paragraph and inserting this subsection ; and (3) by striking paragraph (2). (d) Allowance of multiple age-Based in-Service withdrawals Section 8433(h) of title 5, United States Code, is amended— (1) by striking paragraph (2); (2) by redesignating paragraphs (3), (4), and (5) as paragraphs (2), (3), and (4), respectively; and (3) in paragraph (3), as so redesignated, by inserting limitations or before conditions . (e) Technical amendment Section 8432b(h)(2)(A) of title 5, United States Code, is amended by striking section 8433(d), or paragraph (1) or (2) of section 8433(h) and inserting subsection (d) or (f) of section 8433 . (f) Regulations As soon as is practicable, as determined by the Executive Director of the Federal Retirement Thrift Investment Board, the Executive Director shall prescribe such regulations as are necessary to carry out the amendments made by this section. (g) Effective date The amendments made by this section shall take effect on the date on which the regulations prescribed under subsection (f) take effect.

October 10, 2017 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: I One Hundred Fifteenth Congress of the United States of America At the First Session Begun and held at the City of Washington on Tuesday, the third day of January, two thousand and seventeen H. R. 3031 AN ACT To amend title 5, United States Code, to provide for flexibility in making withdrawals from a Thrift Savings Plan account, and for other purposes.

1. Short title This Act may be cited as the TSP Modernization Act of 2017 . 2. Thrift Savings Plan account withdrawal flexibility (a) Post-Separation partial withdrawals Section 8433(c) of title 5, United States Code, is amended— (1) in paragraph (1)— (A) by striking and who has not made a withdrawal under subsection (h)(1)(A) may make one withdrawal and inserting may make one or more withdrawals ; and (B) by striking as a single payment and inserting in the same manner as a single payment is made ; and (2) by adding at the end the following: (5) Withdrawals under this subsection shall be subject to such other limitations or conditions as the Executive Director may prescribe by regulation. . (b) Limitation on return of payment relating to a change in election Section 8433(d) of title 5, United States Code, is amended— (1) in paragraph (1), by inserting , except that in the case of an election to receive an annuity, a former employee or Member may not change an election under this section on or after the date on which an annuity contract is purchased to provide for the annuity elected by the former employee or Member after this subchapter ; and (2) in paragraph (2)— (A) by striking change an and inserting return a payment that was made pursuant to an ; and (B) by striking on or after and all that follows through the former employee or Member . (c) Elimination of automatic annuity in absence of election Section 8433(f) of title 5, United States Code, is amended— (1) by striking (1) Notwithstanding and inserting Notwithstanding ; (2) by striking this paragraph and inserting this subsection ; and (3) by striking paragraph (2). (d) Allowance of multiple age-Based in-Service withdrawals Section 8433(h) of title 5, United States Code, is amended— (1) by striking paragraph (2); (2) by redesignating paragraphs (3), (4), and (5) as paragraphs (2), (3), and (4), respectively; and (3) in paragraph (3), as so redesignated, by inserting limitations or before conditions . (e) Technical amendment Section 8432b(h)(2)(A) of title 5, United States Code, is amended by striking section 8433(d), or paragraph (1) or (2) of section 8433(h) and inserting subsection (d) or (f) of section 8433 . (f) Regulations As soon as is practicable, as determined by the Executive Director of the Federal Retirement Thrift Investment Board, but not later than 2 years after the date of enactment of this Act, the Executive Director shall prescribe such regulations as are necessary to carry out the amendments made by this section. (g) Effective date The amendments made by this section shall take effect on the date on which the regulations prescribed under subsection (f) take effect.

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