Smart Savings Act
PL 113-255 (H.R.4193), enacted 12/18/2014

[113th Congress Public Law 255]
[From the U.S. Government Publishing Office]



[[Page 128 STAT. 2920]]

Public Law 113-255
113th Congress

                                 An Act


 
 To amend title 5, United States Code, to change the default investment 
fund under the Thrift Savings Plan, and for other purposes. <<NOTE: Dec. 
                       18, 2014 -  [H.R. 4193]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Smart Savings 
Act. 5 USC 101 note.>> 
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) <<NOTE: Determination.>>  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) <<NOTE: Deadline. 5 USC 8438 note.>>  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) <<NOTE: 5 USC 8438 note.>>  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

[[Page 128 STAT. 2921]]

            (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)--
                    (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' ''.

    Approved December 18, 2014.

LEGISLATIVE HISTORY--H.R. 4193 (S. 2117):
---------------------------------------------------------------------------

HOUSE REPORTS: No. 113-507 (Comm. on Oversight and Government Reform).
SENATE REPORTS: No. 113-244 (Comm. on Homeland Security and Governmental 
Affairs) accompanying S. 2117.
CONGRESSIONAL RECORD, Vol. 160 (2014):
            July 14, considered and passed House.
            Dec. 10, considered and passed Senate.

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