Date: 2004-11-19
Speaker: TOM DAVIS (republican)
Chamber: H
State: Virginia

Mr. Mr. DAVIS of Illinois. Mr. Speaker. I Speaker. I yield myself such time as I yield myself such time as I may conmay consume. sume. I rise today in support of H.R. 4324. a Mr. bill that eliminates the open season for Ml. Speaker. the Thrift Savings employee contributions to the Thrift Plan. TSP. is a retirement savings and Savings Plan. This legislation was re- investment plan for Federal employees ported from the Committee on Govern- that is governed by the Federal Retirement Reform by a voice vote on July ment Thrift Investment Board. The 31. and I am pleased to see it consid- TSP has approximately 3 million parered by the whole House today. ticipants. It is the largest retirement Mr. Speaker. as my colleagues know. savings and investment program in the the TSP offers Federal employees the Nation. same retirement savings opportunities H.R. 4324 would make two significant that private companies afford their changes to the rules. that govern paremployees under traditional 401(k) ticipation in the TSP. First. it would plans. allow Federal employees to alter their The TSP is the largest defined con- TSP contributions at any time instead tribution retirement plan in the world. of limiting such changes to biannual with nearly three and a half million openseason periods. participants and over $143 billion in as- Secondly. the bill would require the sets. Federal Retirement Thrift Investment This legislation will allow TSP par- Board. the. agency that administers the ticipants to make or modify their sal- TSP. to evaluate and report on efforts ary contributions at any. time. Cur- to increase education programs for rently. Federal employees and mem- TSP participants. bers of the uniformed services who par- Overall. H.R. 4324 would allow TSP ticipate in the TSP are only provided enrollees to have more control over two biannual periods to begin. adjust their investments and financial future. or end their contributions. This bill With better. education initiatives. parwill give muchneeded flexibility to ticipants would be better informed participants of the Federal Govern- when changing contributions to their ments retirement plan. TSP. Every day. Federal employees across With these changes -designed to be the Nation and around the globe per- helpful to those who would participate. form critical duties to keep this Nation I am pleased to join the chairman. the running smoothly. gentleman from Virginia (Mr. TOM Away from work. they experience all DAVIS). and the gentlewoman from Virof lifes events. births and deaths in the. ginia (Mrs. Jo ANN DAVIS) in supfamily. new homes. new jobs. salary ad- porting this legislation and urge its justments and so on. With enactment passage. of H.R. 4324. TSP participants can Mr. Speaker. I yield back the balance adopt their retirement savings to meet of my time. their changing circumstances. Mr. TOM DAVIS of Virginia. Mr. Next year. I intend to offer addi- Speaker. I urge my colleagues to suptional legislation that will abolish the yield back the balance of my time. TSP open seasons entirely. but today. pr hsipratlgsain n during the second open season after be- Th e aER o tme . ginning Federal service. participants SHMUS). The question is on the mocan earn matching funds up to 5 per- tionoffered by the gentleman from cent of their salary from their employ- irn Mr. by the Igenta the ing agencies. I believe allowing partici- Virginia (Mr. Tom DAVIS) that the pant tosecre hes machig fndsHouse suspend the rulesand pass the pants to secure these matching funds bill. H.R. 4324. as amended. immediately is an important and de- The qeto as aen.a (w served incentive for Federal employees Thrdsin votaen and twoto save. The Federal Retirement Thrift thirds having voted in favor thereofl Inivestment Board. which administers the rules were suspended and the bill. the TSP. supports that change. and the as amended. was passed. Board supports H.R. 4324 as well. The title of the bill was amended so The Committee on Government Re- as to read: "A bill to amend chapter 84 form. the committee of jurisdiction for of title 5. United States Code. to proFederal employee issues. was limited vide for Federal employees to make by budget constraints this Congress elections to make. modify. and termifrom moving a bill that would totally nate contributions t the Thrift Sayeliminate open seasons. Nevertheless. I ings Fund at any time. and for other am pleased to see H.R. 4324 advancing purposes.". today. .A motion to reconsider was laid on I want to recognize the efforts of my the table. distinguished counterpart in the other body. the gentlewoman from Maine. COMPREHENSIVE PEACE IN SUDAN chairman of the Governmental Affairs ACT OF 2004 Committee. She has worked very closely with me on todays bill to ensure Mr. TANCREDO. Mr. Speaker. I move that Federal employees will have the to suspend the rules and pass the Sensame retirement savings flexibilities ate bill to express the sense of enjoyed by many in the private sector. Congress regarding the conflict in Mr. Speaker. I reserve the balance of Darfur. Sudan. to provide assistance my time. for the crisis in Darfur and for comprehensive peace in Sudan. and for other purposes. as amended.