In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

[Q]: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Terrorism Insurance Backstop
Extension Act of 2005''.

SEC. 2. EXTENSION OF TERRORISM INSURANCE PROGRAM.

(a) Program Years 4 and 5.--Paragraph (11) of section 102 of the
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended
by adding at the end the following new subparagraphs:
''(E) Program year 4.--The term 'Program Year 4'
means the period beginning on January 1, 2006 and
ending on December 31, 2006.
''(F) Program year 5.--The term 'Program Year 5'
means the period beginning on January 1, 2007 and
ending on December 31, 2007.''.
(b) Insurer Deductible.--Paragraph (7) of section 102 of the
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
(1) by redesignating subparagraph (E) as subparagraph (H);
(2) in subparagraph (D), by striking ''and'' at the end;
(3) by inserting after subparagraph (D) the following new
subparagraphs:
''(E) for Program Year 4, the value of an insurer's
direct earned premiums over the calendar year
immediately preceding Program Year 4, multiplied by 15
percent;
''(F) for Program Year 5, the value of an insurer's
direct earned premiums over the calendar year
immediately preceding Program Year 4, multiplied by 20
percent; and'';
(4) in subparagraph (H) (as so redesignated by paragraph
(1) of this subsection)--
(A) by striking ''(D)'' and inserting ''(F)''; and
(B) by striking ''or Program Year 3'' and inserting
''Program Year 3, Program Year 4, or Program Year 5''.
(c) Mandatory Availability.--Subsection (c) of section 103 of the
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
(1) by striking all of the matter that precedes
subparagraph (A) of paragraph (1) and inserting the following:
''(c) Mandatory Availability.--During the Program, each entity that
meets the definition of an insurer under section 102--'';
(2) by striking paragraph (2); and
(3) by redesignating subparagraphs (A) and (B) as
paragraphs (1) and (2) and realigning such paragraphs, as so
redesignated, so as to be indented 2 ems from the left margin.
(d) Insured Loss Shared Compensation.--Subsection (e) of section
103 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note)
is amended--
(1) in paragraph (2)(A), by striking ''or Program Year 3''
and inserting '', Program Year 3, Program Year 4, Program Year
5, or the final Program Year'';
(2) in paragraph (3), by striking ''or Program Year 3'' and
inserting '', Program Year 3, Program Year 4, Program Year 5,
or the final Program Year'';
(3) in paragraph (6)--
(A) in subparagraph (B), by striking ''and'' at the
end;
(B) in subparagraph (C) by striking the period at
the end and inserting a semicolon; and
(C) by adding at the end the following new
subparagraphs:
''(D) for Program Year 4, the lesser of--
''(i) $17,500,000,000; and
''(ii) the aggregate amount, for all
insurers, of insured losses during such Program
Year;
''(E) for each of Program Year 5 and the Final
Program Year, the lesser of--
''(i) $20,000,000,000; and
''(ii) the aggregate amount, for all
insurers, of insured losses during such Program
Year; and''; and
(4) in paragraph (7)--
(A) in subparagraph (A), by striking ''and (C)''
and inserting ''(C), (D), and (E)''; and
(B) in subparagraphs (B) and (C), by striking ''or
(C)'' each place such term appears and inserting ''(C),
(D), or (E)''.
(e) Coverage of Group Life Insurance.--
(1) In general.--Paragraph (5) of section 102 of the
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is
amended in the matter that precedes subparagraph (A) by
inserting ''or group life'' after ''property and casualty''.
(2) Technical and conforming amendments.--The Terrorism
Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended--
(A) in section 102--
(i) in paragraph (1)--
(I) in subparagraph (B)(i), by
inserting ''or group life insurance''
after ''workers' compensation''; and
(II) in subparagraph (B)(ii), by
inserting ''and group life insurance''
after ''property and casualty
insurance'';
(ii) in paragraph (4)--
(I) by inserting ''or for group
life insurance'' after ''property and
casualty insurance''; and
(II) by striking ''paragraph (5)''
and inserting ''paragraph (6)'';
(iii) in paragraph (5), by inserting ''and
group life insurance'' after ''workers'
compensation''; and
(iv) in paragraph (6)--
(I) in subparagraph (A)(i), by
inserting ''property and casualty or
group life'' after ''excess'';
(II) in subparagraph (B), by
inserting ''or group life insurance
coverage'' after ''property and
casualty insurance coverage'';
(v) by redesignating paragraphs (5) through
(16) as paragraphs (6) through (17),
respectively; and
(vi) by inserting after paragraph (4), the
following new paragraph:
''(5) Group life insurance.--The term 'group life
insurance' means an insurance contract that provides term life
insurance coverage, accidental death coverage, or a combination
thereof, for a number of persons under a single contract, on
the basis of a group selection of risks.'';
(B) in section 103--
(i) in subsection (b)(1), by inserting
''(including a named beneficiary in the case of
a group life insurance policy)'' before the
second comma;
(ii) in subsection (c)--
(I) in paragraph (1) (as so
redesignated by subsection (c)(3) of
this section), by inserting ''and group
life'' after ''property and casualty'';
and
(II) in paragraph (2) (as so
redesignated by subsection (c)(3) of
this section), by inserting ''and group
life'' after ''property and casualty'';
(iii) in subsection (e)--
(I) in paragraph (6), by striking
''For'' and inserting ''Except as
provided in subparagraph (F) of this
paragraph, for'';
(II) in paragraph (6), by inserting
after subparagraph (E) (as added by
subsection (d)(3)(C) of this section)
the following new subparagraph:
''(F) for each of the periods referred to in
subparagraphs (A) through (E), the amounts provided
under such subparagraphs, as such amounts shall be
increased by the Secretary before the expiration of the
90-day period beginning on the date of the enactment of
the Terrorism Insurance Backstop Extension Act of 2005,
based on the increase in the size of the Program caused
by the inclusion of group life insurance pursuant to
such Act, in proportion to the increased premiums
involved.'';
(III) in paragraph (7)(C), by
inserting ''or group life insurance''
after ''workers compensation'';
(IV) in paragraph (8)(A)(i), by
inserting ''and group life'' after
''property and casualty''; and
(V) in paragraph (8), by inserting
''or group life'' after ''property and
casualty'' each place such term appears
in subparagraphs (A)(iii) and (C); and
(iv) by striking subsection (h);
(C) in section 105(c), by inserting ''or group
life'' after ''property and casualty''; and
(D) in section 108(d)(1), by inserting ''and the
group life insurance industry'' after ''property and
casualty insurance industry''.
(3) Required rulemaking.--Not later than 90 days after the
date of the enactment of this Act, the Secretary of the
Treasury shall issue final regulations to carry out this
subsection.
(f) Study on Long-Term Solutions.--Section 103 of the Terrorism
Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by striking
subsection (i) and inserting the following new subsection:
''(h) Study on Long-Term Solutions.--By September 1, 2005, the
Secretary shall conduct a study and submit a report to the Congress on
alternatives for expanding the availability and affordability of
terrorism insurance after the termination of the Program that do not
involve a Federal financial backstop.''.
(g) Termination of Program.--
(1) Termination.--Subsection (a) of section 108 of the
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is
amended by striking ''December 31, 2005'' and inserting
''December 31, 2007''.
(2) Final gao study and report.--Subsection (d) of section
108 of the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701
note) is amended by adding at the end the following new
paragraph:
''(3) Final gao study and report.--The Comptroller General
of the United States shall conduct an assessment of the matters
referred to in paragraph (1) and shall submit a report to the
Congress, not later than June 30, 2007, on the results of such
study.''.

SEC. 3. FINAL PROGRAM YEAR.

(a) Definition.--Paragraph (11) of section 102 of the Terrorism
Risk Insurance Act of 2002 (15 U.S.C. 6701 note), as amended by the
preceding provisions of this Act, is further amended by adding at the
end the following new subparagraph:
''(G) Final program year.--The term 'Final Program
Year' means the period beginning on January, 1, 2008
and ending on December 31, 2008.''. ''.
(b) Insured Losses.--Paragraph (5) of section 102 of the Terrorism
Risk Insurance Act of 2002 (15 U.S.C. 6701 note) is amended by adding
after and below subparagraph (B) the following new sentence:
''With respect to the Final Program Year, such term means only
such losses as are described in the preceding sentence that are
covered by primary or excess property and casualty insurance or
group life insurance, that is issued before January 1, 2008,
and expires not later than December 31, 2008; except that the
Secretary may exclude from insured losses for the Final Program
Year losses covered by a policy for such insurance if the
Secretary determines that the primary purpose in establishing
the particular term of the policy was obtaining compensation
under the Program for losses covered by the policy.''.
(c) Insurer Deductible.--Paragraph (7) of section 102 of the
Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note), as amended
by the preceding provisions of this Act, is further amended by
inserting after subparagraph (F) the following new subparagraph:
''(G) for the Final Program Year, the value of an
insurer's direct earned premiums for the terms
remaining under any policies for insurance described in
the last sentence of paragraph (5) as of the occurrence
of the act of terrorism during such Year that results
in insured losses, as determined by the Secretary,
multiplied by 20 percent; and''.
[A]: Terrorism Insurance Backstop Extension Act of 2005 - Amends the Terrorism Risk Insurance Act of 2002 to define: (1) the term "Program Year 4" as the period from January 1, 2006, through December 31, 2006; and (2) the term "Program Year 5" as the period from January 1, 2007, from December 31, 2007 (thereby extending the terrorism risk insurance program from 2005 through 2007).

Sets a deadline for the Secretary of the Treasury to make a final determination regarding: (1) the availability of group life insurance to both insurers and consumers; and (2) whether certain provisions of the Act shall be applied to providers of group life insurance.

Sunsets the Terrorism Risk Insurance Program after December 31, 2007.

Details the treatment of insured losses and the insurer deductible for the Final Program Year (January 1, 2008, through December 31, 2008).

[Q]: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Farm and Ranch Risk Management
Act''.

SEC. 2. FARM AND RANCH RISK MANAGEMENT ACCOUNTS.

(a) In General.--Subpart C of part II of subchapter E of chapter 1
of the Internal Revenue Code of 1986 (relating to taxable year for
which deductions taken) is amended by inserting after section 468B the
following:

''SEC. 468C. FARM AND RANCH RISK MANAGEMENT ACCOUNTS.

''(a) Deduction Allowed.--In the case of an individual engaged in
an eligible farming business or commercial fishing, there shall be
allowed as a deduction for any taxable year the amount paid in cash by
the taxpayer during the taxable year to a Farm and Ranch Risk
Management Account (hereinafter referred to as the 'FARRM Account').
''(b) Limitation.--
''(1) Contributions.--The amount which a taxpayer may pay
into the FARRM Account for any taxable year shall not exceed 20
percent of so much of the taxable income of the taxpayer
(determined without regard to this section) which is
attributable (determined in the manner applicable under section
1301) to any eligible farming business or commercial fishing.
''(2) Distributions.--Distributions from a FARRM Account
may not be used to purchase, lease, or finance any new fishing
vessel, add capacity to any fishery, or otherwise contribute to
the overcapitalization of any fishery. The Secretary of
Commerce shall implement regulations to enforce this paragraph.
''(c) Eligible Businesses.--For purposes of this section--
''(1) Eligible farming business.--The term 'eligible
farming business' means any farming business (as defined in
section 263A(e)(4)) which is not a passive activity (within the
meaning of section 469(c)) of the taxpayer.
''(2) Commercial fishing.--The term 'commercial fishing'
has the meaning given such term by section (3) of the Magnuson-
Stevens Fishery Conservation and Management Act (16 U.S.C.
1802) but only if such fishing is not a passive activity
(within the meaning of section 469(c)) of the taxpayer.
''(d) FARRM Account.--For purposes of this section--
''(1) In general.--The term 'FARRM Account' means a trust
created or organized in the United States for the exclusive
benefit of the taxpayer, but only if the written governing
instrument creating the trust meets the following requirements:
''(A) No contribution will be accepted for any
taxable year in excess of the amount allowed as a
deduction under subsection (a) for such year.
''(B) The trustee is a bank (as defined in section
408(n)) or another person who demonstrates to the
satisfaction of the Secretary that the manner in which
such person will administer the trust will be
consistent with the requirements of this section.
''(C) The assets of the trust consist entirely of
cash or of obligations which have adequate stated
interest (as defined in section 1274(c)(2)) and which
pay such interest not less often than annually.
''(D) All income of the trust is distributed
currently to the grantor.
''(E) The assets of the trust will not be
commingled with other property except in a common trust
fund or common investment fund.
''(2) Account taxed as grantor trust.--The grantor of a
FARRM Account shall be treated for purposes of this title as
the owner of such Account and shall be subject to tax thereon
in accordance with subpart E of part I of subchapter J of this
chapter (relating to grantors and others treated as substantial
owners).
''(e) Inclusion of Amounts Distributed.--
''(1) In general.--Except as provided in paragraph (2),
there shall be includible in the gross income of the taxpayer
for any taxable year--
''(A) any amount distributed from a FARRM Account
of the taxpayer during such taxable year, and
''(B) any deemed distribution under--
''(i) subsection (f)(1) (relating to
deposits not distributed within 5 years),
''(ii) subsection (f)(2) (relating to
cessation in eligible farming business), and
''(iii) subparagraph (A) or (B) of
subsection (f)(3) (relating to prohibited
transactions and pledging account as security).
''(2) Exceptions.--Paragraph (1)(A) shall not apply to--
''(A) any distribution to the extent attributable
to income of the Account, and
''(B) the distribution of any contribution paid
during a taxable year to a FARRM Account to the extent
that such contribution exceeds the limitation
applicable under subsection (b) if requirements similar
to the requirements of section 408(d)(4) are met.
For purposes of subparagraph (A), distributions shall be
treated as first attributable to income and then to other
amounts.
''(f) Special Rules.--
''(1) Tax on deposits in account which are not distributed
within 5 years.--
''(A) In general.--If, at the close of any taxable
year, there is a nonqualified balance in any FARRM
Account--
''(i) there shall be deemed distributed
from such Account during such taxable year an
amount equal to such balance, and
''(ii) the taxpayer's tax imposed by this
chapter for such taxable year shall be
increased by 10 percent of such deemed
distribution.
The preceding sentence shall not apply if an amount
equal to such nonqualified balance is distributed from
such Account to the taxpayer before the due date
(including extensions) for filing the return of tax
imposed by this chapter for such year (or, if earlier,
the date the taxpayer files such return for such year).
''(B) Nonqualified balance.--For purposes of
subparagraph (A), the term 'nonqualified balance' means
any balance in the Account on the last day of the
taxable year which is attributable to amounts deposited
in such Account before the 4th preceding taxable year.
''(C) Ordering rule.--For purposes of this
paragraph, distributions from a FARRM Account (other
than distributions of current income) shall be treated
as made from deposits in the order in which such
deposits were made, beginning with the earliest
deposits.
''(2) Cessation in eligible business.--At the close of the
first disqualification period after a period for which the
taxpayer was engaged in an eligible farming business or
commercial fishing, there shall be deemed distributed from the
FARRM Account of the taxpayer an amount equal to the balance in
such Account (if any) at the close of such disqualification
period. For purposes of the preceding sentence, the term
'disqualification period' means any period of 2 consecutive
taxable years for which the taxpayer is not engaged in an
eligible farming business or commercial fishing.
''(3) Certain rules to apply.--Rules similar to the
following rules shall apply for purposes of this section:
''(A) Section 220(f)(8) (relating to treatment on
death).
''(B) Section 408(e)(2) (relating to loss of
exemption of account where individual engages in
prohibited transaction).
''(C) Section 408(e)(4) (relating to effect of
pledging account as security).
''(D) Section 408(g) (relating to community
property laws).
''(E) Section 408(h) (relating to custodial
accounts).
''(4) Time when payments deemed made.--For purposes of this
section, a taxpayer shall be deemed to have made a payment to a
FARRM Account on the last day of a taxable year if such payment
is made on account of such taxable year and is made on or
before the due date (without regard to extensions) for filing
the return of tax for such taxable year.
''(5) Individual.--For purposes of this section, the term
'individual' shall not include an estate or trust.
''(6) Deduction not allowed for self-employment tax.--The
deduction allowable by reason of subsection (a) shall not be
taken into account in determining an individual's net earnings
from self-employment (within the meaning of section 1402(a))
for purposes of chapter 2.
''(g) Reports.--The trustee of a FARRM Account shall make such
reports regarding such Account to the Secretary and to the person for
whose benefit the Account is maintained with respect to contributions,
distributions, and such other matters as the Secretary may require
under regulations. The reports required by this subsection shall be
filed at such time and in such manner and furnished to such persons at
such time and in such manner as may be required by such regulations.''.
(b) Tax on Excess Contributions.--
(1) Subsection (a) of section 4973 of such Code (relating
to tax on excess contributions to certain tax-favored accounts
and annuities) is amended by striking ''or'' at the end of
paragraph (3), by redesignating paragraph (4) as paragraph (5),
and by inserting after paragraph (3) the following:
''(4) a FARRM Account (within the meaning of section
468C(d)), or''.
(2) Section 4973 of such Code is amended by adding at the
end the following:
''(g) Excess Contributions to FARRM Accounts.--For purposes of this
section, in the case of a FARRM Account (within the meaning of section
468C(d)), the term 'excess contributions' means the amount by which the
amount contributed for the taxable year to the Account exceeds the
amount which may be contributed to the Account under section 468C(b)
for such taxable year. For purposes of this subsection, any
contribution which is distributed out of the FARRM Account in a
distribution to which section 468C(e)(2)(B) applies shall be treated as
an amount not contributed.''.
(3) The section heading for section 4973 of such Code is
amended to read as follows:

''SEC. 4973. EXCESS CONTRIBUTIONS TO CERTAIN ACCOUNTS, ANNUITIES,
ETC.''.

(4) The table of sections for chapter 43 of such Code is
amended by striking the item relating to section 4973 and
inserting the following:

''Sec. 4973. Excess contributions to
certain accounts, annuities,
etc.''.
(c) Tax on Prohibited Transactions.--
(1) Subsection (c) of section 4975 of such Code (relating
to tax on prohibited transactions) is amended by adding at the
end the following:
''(6) Special rule for farrm accounts.--A person for whose
benefit a FARRM Account (within the meaning of section 468C(d))
is established shall be exempt from the tax imposed by this
section with respect to any transaction concerning such account
(which would otherwise be taxable under this section) if, with
respect to such transaction, the account ceases to be a FARRM
Account by reason of the application of section 468C(f)(3)(A)
to such account.''.
(2) Paragraph (1) of section 4975(e) of such Code is
amended by redesignating subparagraphs (E) and (F) as
subparagraphs (F) and (G), respectively, and by inserting after
subparagraph (D) the following:
''(E) a FARRM Account described in section
468C(d),''.
(d) Failure To Provide Reports on FARRM Accounts.--Paragraph (2) of
section 6693(a) of such Code (relating to failure to provide reports on
certain tax-favored accounts or annuities) is amended by redesignating
subparagraphs (C) and (D) as subparagraphs (D) and (E), respectively,
and by inserting after subparagraph (B) the following:
''(C) section 468C(g) (relating to FARRM
Accounts),''.
(e) Clerical Amendment.--The table of sections for subpart C of
part II of subchapter E of chapter 1 of such Code is amended by
inserting after the item relating to section 468B the following:

''Sec. 468C. Farm and Ranch Risk
Management Accounts.''.
(f) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
[A]: Farm and Ranch Risk Management Act - Amends the Internal Revenue Code to allow an individual engaged in an eligible farming or commercial fishing business a deduction for any taxable year of up to 20 percent of taxable income attributable to the eligible farming or commercial fishing business which was paid in cash by the taxpayer to a Farm and Ranch Risk Management Account (FARRM Account).Includes distributions from a FARRM account in the taxpayer's gross income, and subjects to a special ten percent surtax any distributions not made within five years of contribution. Establishes a tax on excess contributions, but exempts the taxpayer from the tax on certain prohibited transactions.

[Q]: SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ''Thrift Savings
Plan Enhancement Act of 2008''.
(b) Table of Contents.--The table of contents of this Act is as
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Automatic enrollments.
Sec. 3. Qualified Roth contribution program.
Sec. 4. Authority to establish self-directed investment options.
Sec. 5. Reporting requirements.
Sec. 6. Acknowledgement of risk.

SEC. 2. AUTOMATIC ENROLLMENTS.

(a) Automatic Enrollment of New Participants.--
(1) In general.--Section 8432(b) of title 5, United States
Code, is amended by striking paragraphs (2) through (4) and
inserting the following:
''(2)(A) The Board shall by regulation provide for new participants
to be automatically enrolled to make contributions under subsection (a)
at the default percentage of basic pay.
''(B) For purposes of this paragraph, the default percentage shall
be equal to 3 percent or such other percentage, not less than 2 percent
nor more than 5 percent, as the Board may by regulation prescribe.
''(C) The regulations shall include provisions under which any
individual who would otherwise be automatically enrolled in accordance
with subparagraph (A) may--
''(i) modify the percentage or amount to be contributed
pursuant to automatic enrollment, effective from the start of
such enrollment; or
''(ii) decline automatic enrollment altogether.
''(D) For purposes of this paragraph, the term 'new participant'
means any individual participating in the Thrift Savings Plan pursuant
to an appointment or election which occurs after any regulations under
subparagraph (A) first take effect.
''(E) Sections 8351(a)(1), 8440a(a)(1), 8440b(a)(1), 8440c(a)(1),
8440d(a)(1), and 8440e(a)(1) shall be applied in a manner consistent
with the purposes of this paragraph.''.
(2) Technical amendment.--Section 8432(b)(1) of title 5,
United States Code, is amended by striking the parenthetical
matter in subparagraph (B).
(b) Default Investments.--Section 8438(c)(2) of title 5, United
States Code, is amended to read as follows:
''(2) If an election has not been made with respect to any sums in
the Thrift Savings Fund which are available for investment, the
Executive Director shall invest such sums in--
''(A) the Government Securities Investment Fund; or
''(B) such alternative fund or funds (in lieu of the fund
under subparagraph (A)) as the Board may designate in
regulations.
The designation of an alternative fund by regulations under
subparagraph (B) may be made only if, in the judgment of the Board,
such designation would be in the best interests of participants. Any
decision under the preceding sentence shall be made after consultation
with the Employee Thrift Advisory Council (established under section
8473).''.

SEC. 3. QUALIFIED ROTH CONTRIBUTION PROGRAM.

(a) In General.--Subchapter III of chapter 84 of title 5, United
States Code, is amended by inserting after section 8432c the following:
''Sec. 8432d. Qualified Roth contribution program
''(a) Definitions.--For purposes of this section--
''(1) the term 'qualified Roth contribution program' means
a program described in paragraph (1) of section 402A(b) of the
Internal Revenue Code of 1986 which meets the requirements of
paragraph (2) of such section; and
''(2) the terms 'designated Roth contribution' and
'elective deferral' have the meanings given such terms in
section 402A of the Internal Revenue Code of 1986.
''(b) Authority To Establish.--The Board shall by regulation
provide for the inclusion in the Thrift Savings Plan of a qualified
Roth contribution program, under such terms and conditions as the Board
may prescribe.
''(c) Required Provisions.--The regulations under subsection (b)
shall include--
''(1) provisions under which an election to make designated
Roth contributions may be made--
''(A) by any individual who is eligible to make
contributions under section 8351, 8432(a), 8440a,
8440b, 8440c, 8440d, or 8440e; and
''(B) by any individual, not described in
subparagraph (A), who is otherwise eligible to make
elective deferrals under the Thrift Savings Plan;
''(2) any provisions which may, as a result of the
enactment of this section, be necessary in order to clarify the
meaning of any reference to an 'account' made in section
8432(f), 8433, 8434(d), 8435, 8437, or any other provision of
law; and
''(3) any other provisions which may be necessary to carry
out this section.''.
(b) Clerical Amendment.--The analysis for chapter 84 of title 5,
United States Code, is amended by inserting after the item relating to
section 8432c the following:

''8432d. Qualified Roth contribution program.''.

SEC. 4. AUTHORITY TO ESTABLISH SELF-DIRECTED INVESTMENT OPTIONS.

(a) In General.--Section 8438(b)(1) of title 5, United States Code,
is amended--
(1) in subparagraph (D), by striking ''and'' at the end;
(2) in subparagraph (E), by striking the period and
inserting ''; and''; and
(3) by adding after subparagraph (E) the following:
''(F) self-directed investment options, if the
Board authorizes such options under paragraph (5).''.
(b) Requirements.--Section 8438(b) of title 5, United States Code,
is amended by adding at the end the following:
''(5)(A) The Board may authorize the addition of self-directed
investment options under the Thrift Savings Plan if the Board
determines that the addition of such options would be in the best
interests of participants.
''(B) The self-directed investment options shall be limited to--
''(i) low-cost, passively-managed index funds that offer
diversification benefits; and
''(ii) other investment options, if the Board determines
the options to be appropriate retirement investment vehicles
for participants.
''(C) The Board shall ensure that any administrative expenses
related to self-directed investment options are borne solely by the
participants who use such options.
''(D) The Board may establish such other terms and conditions for
self-directed investment options as the Board considers appropriate to
protect the interests of participants, including requirements relating
to risk disclosure.
''(E) The Board shall consult with the Employee Thrift Advisory
Council (established under section 8473) before establishing any self-
directed investment option.''.

SEC. 5. REPORTING REQUIREMENTS.

(a) Annual Report.--The Board shall, not later than March 31 of
each year, submit to Congress an annual report on the operations of the
Thrift Savings Plan. Such report shall include, for the prior calendar
year, information on the number of participants as of the last day of
such prior calendar year, the median balance in participants' accounts
as of such last day, demographic information on participants, the
percentage allocation of amounts among investment funds or options, the
status of the development and implementation of self-directed
investment options, and such other information as the Board considers
appropriate. A copy of each annual report under this subsection shall
be made available to the public through an Internet website.
(b) Reporting of Fees and Other Information.--
(1) In general.--The Board shall include in the periodic
statements provided to participants under section 8439(c) the
amount of the investment management fees, administrative
expenses, and any other fees or expenses paid with respect to
each investment fund and option under the Thrift Savings Plan.
Any such statement shall also provide--
(A) information on the employee's estimated income
replacement rate, as determined by the Executive
Director based on the employee's most recent account
balance and rates of contributions; and
(B) a statement notifying participants as to how
they may access the annual report described in
subsection (a) as well as any other information
concerning the Thrift Savings Plan that might be
useful.
(2) Use of estimates.--For purposes of providing the
information required under this subsection, the Executive
Director may provide a reasonable and representative estimate
of any fees or expenses described in paragraph (1) and shall
indicate any such estimate as being such an estimate. Any such
estimate shall be based on the previous year's experience.
(c) Definitions.--For purposes of this section--
(1) the term ''Board'' has the meaning given such term by
8401(5) of title 5, United States Code;
(2) the term ''participant'' has the meaning given such
term by section 8471(3) of title 5, United States Code; and
(3) the term ''account'' means an account established under
section 8439 of title 5, United States Code.

SEC. 6. ACKNOWLEDGEMENT OF RISK.

(a) In General.--Section 8439(d) of title 5, United States Code, is
amended--
(1) by striking the matter after ''who elects to invest
in'' and before ''shall sign an acknowledgement'' and inserting
''any investment fund or option under this chapter, other than
the Government Securities Investment Fund,''; and
(2) by striking ''either such Fund'' and inserting ''any
such fund or option''.
(b) Coordination With Provisions Relating to Investments in the
Absence of an Election.--Subsection (d) of section 8439 of title 5,
United States Code (as amended by subsection (a)) is further amended--
(1) by redesignating subsection (d) as subsection (d)(1);
and
(2) by adding at the end the following:
''(2)(A) In the case of an investment made under section 8438(c)(2)
in any fund or option to which paragraph (1) would otherwise apply, the
participant involved shall, for purposes of this subsection, be
deemed--
''(i) to have elected to invest in such fund or option; and
''(ii) to have executed the acknowledgement required under
paragraph (1).
''(B)(i) The Executive Director shall prescribe regulations under
which written notice shall be provided to a participant whenever an
investment is made under section 8438(c)(2)(B) on behalf of such
particpant in the absence of an affirmative election described in
section 8438(c)(1).
''(ii) The regulations shall ensure that any such notice shall be
provided to the participant within 7 calendar days after the effective
date of the default election.
''(C) For purposes of this paragraph, the term 'participant' has
the meaning given such term by section 8471(3).''.
(c) Coordination With Provisions Relating to Fiduciary
Responsibilities, Liabilities, and Penalties.--Section 8477(e)(1)(C) is
amended--
(1) by redesignating subparagraph (C) as subparagraph
(C)(i); and
(2) by adding at the end the following:
''(ii) A fiduciary shall not be liable under subparagraph (A), and
no civil action may be brought against a fiduciary--
''(I) for providing for the automatic enrollment of a
participant in accordance with section 8432(b)(2)(A); or
''(II) for enrolling a participant in a default investment
fund in accordance with section 8438(c)(2)(B).''.
[A]:
Thrift Savings Plan Enhancement Act of 2008 - Revises requirements for participation in the Thrift Savings Plan (TSP) to require the Federal Retirement Thrift Investment Board to provide regulations for automatic enrollment of new participants to make contributions at the default percentage of basic pay.

Allows a default investment in an alternative fund or funds (in lieu of the Government Securities Investment Fund (G Fund)), as the Board may designate in regulations, if an election has not been made with respect to any TSP sums available for investment.

Requires the Board to include in the TSP, by regulation, a qualified Roth contribution progam (under which an employee may elect to make designated Roth contributions in lieu of elective deferrals under the retirement plan).

Authorizes the Board to permit the addition of self-directed investment options under the TSP if it determines that such an addition would be in the best interests of participants.

Limits such investment options to: (1) low-cost, passively-managed index funds that offer diversification benefits; and (2) other appropriate retirement investment vehicles for participants.

Deems a participant, in the case of a default investment in the G Fund or an alternative fund, to have: (1) elected to invest in such fund; and (2) executed the acknowledgement of risk otherwise required.