Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Problem:SECTION 1. SHORT TITLE.

This Act may be cited as the ''Thrift Savings Fund Improvement
Act''.

SEC. 2. FINDINGS.

Congress finds the following:
(1) In order to enhance stability in the operations of the
legislative branch of the Government, it is important to
maintain a professional congressional staff and to promote
longevity of service.
(2) Consistent with paragraph (1), Congress has recently
enacted legislation authorizing new benefits, such as a student
loan forgiveness program, and taken other measures to improve
staff compensation and benefits.
(3) The Thrift Savings Plan is an important benefit which
is offered to congressional employees, and which furthers the
goal of attracting and retaining talented individuals to serve
in the legislative branch of the Government.
(4) The 3 stock index funds in the Thrift Savings Plan have
not performed well recently, especially when measured against
inflation. In 2002, for example, losses from those funds were
greater than 3, 4, and 5 percent, respectively, in the month of
December alone, and more than 15, 18, and 22 percent,
respectively, for the entire year.
(5) By contrast, during that same year, the Government
securities and bond index funds in the Thrift Savings Plan had
earnings of 5 and 10 percent, respectively, and, in December of
that year alone, slightly more than /2\ of 1 percent and 2
percent, respectively.
(6) By yet greater contrast, increases in gold spot prices
more than offset the losses experienced by even the worst-
performing stock index fund in the Thrift Savings Plan in 2002,
with the price of gold increasing by nearly 25 percent in that
year and by more than 9 percent in December of that year alone.

SEC. 3. PRECIOUS METALS INVESTMENT FUND.

(a) Fund Defined.--Section 8438(a) of title 5, United States Code,
is amended--
(1) in paragraph (9), by striking ''and'' at the end;
(2) in paragraph (10), by striking the period and inserting
''; and''; and
(3) by adding at the end the following:
''(11) the term 'Precious Metals Investment Fund' means the
Precious Metals Investment Fund established under subsection
(b)(1)(F).''.
(b) Establishment.--
(1) In general.--Section 8438(b)(1) of title 5, United
States Code, is amended--
(A) in subparagraph (D), by striking ''and'' at the
end;
(B) in subparagraph (E), by striking the period and
inserting ''; and''; and
(C) by adding at the end the following:
''(F) a Precious Metals Investment Fund as provided
in paragraph (5).''.
(2) Fund requirements.--Section 8438(b) of title 5, United
States Code, is amended by adding at the end the following:
''(5)(A) The Board shall establish a Precious Metals Investment
Fund.
''(B) Contributions to the Precious Metals Investment Fund shall be
invested in physical gold, silver, or platinum bullion (rather than any
mining company shares, certificates, derivatives, or futures options),
and any bullion so acquired shall constitute the assets of the Precious
Metals Investment Fund and shall be stored in a vault in a Federally
chartered or State chartered bank. Each share in the Precious Metals
Investment Fund shall represent a direct investment in the precious
metal itself.''.
(c) Acknowledgment of Risk.--Section 8439(d) of title 5, United
States Code, is amended--
(1) by striking ''or the Small Capitalization Stock Index
Investment Fund,'' and inserting ''the Small Capitalization
Stock Index Investment Fund, or the Precious Metals Investment
Fund,''; and
(2) by striking ''and (10),'' and inserting ''(10), and
(11),''.

SEC. 4. EFFECTIVE DATE; DEFINITIONS.

(a) Effective Date.--The Federal Retirement Thrift Investment
Board--
(1) shall study the operation of existing precious metals
funds to determine the best practices of those funds; and
(2) not later than 1 year after the date of the enactment
of this Act--
(A) shall establish the Precious Metals Investment
Fund, incorporating the best practices referred to in
paragraph (1) to such extent and in such manner as the
Board shall determine; and
(B) shall make the Precious Metals Investment Fund
available to individuals participating in the Thrift
Savings Plan.
(b) Definitions.--For purposes of this section--
(1) the term ''Precious Metals Investment Fund'' has the
meaning given such term by section 8438(a)(11) of title 5,
United States Code (as amended by section 3(a)); and
(2) the term ''Thrift Savings Plan'' refers to the plan
described in subchapter III of chapter 84 of such title 5.
Solution:
Thrift Savings Fund Improvement Act - Establishes the Precious Metals Investment Fund as an investment option for individuals participating in the Thrift Savings Plan. Requires that contributions to such Fund be invested in physical gold, silver, or platinum bullion.

Directs the Federal Retirement Thrift Investment Board to: (1) study the operation of existing precious metal funds to determine the best practices of such funds; (2) establish the Precious Metals Investment Fund incorporating the best practices of existing funds; and (3) make such Fund available to individuals participating in the Thrift Savings Plan.