Pub. L. 115-84 - TSP Modernization Act of 2017

115th Congress

Affects: 5 U.S.C. §§ 8432b, 8433

SECTION 1. SHORT TITLE.

This Act may be cited as the “TSP Modernization Act of 2017”.

SEC. 2. THRIFT SAVINGS PLAN ACCOUNT WITHDRAWAL FLEXIBILITY.

(a) Section 8433(c) of title 5, United States Code, is amended—

(a)(1) in paragraph (1)—

(a)(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

(a)(1)(B) by striking “as a single payment” and inserting “in the same manner as a single payment is made”; and

(a)(2) by adding at the end the following:

(a)(2)“(5) Withdrawals under this subsection shall be subject to such other limitations or conditions as the Executive Director may prescribe by regulation.”

(a)(2) .

(b) Section 8433(d) of title 5, United States Code, is amended—

(b)(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

(b)(2) in paragraph (2)—

(b)(2)(A) by striking “change an” and inserting “return a payment that was made pursuant to an”; and

(b)(2)(B) by striking “on or after” and all that follows through “the former employee or Member”.

(c)(1) by striking “(1) Notwithstanding” and inserting “Notwithstanding”;

(c)(2) by striking “this paragraph” and inserting “this subsection”; and

(c)(3) by striking paragraph (2).

(d) Section 8433(h) of title 5, United States Code, is amended—

(d)(1) by striking paragraph (2);

(d)(2) by redesignating paragraphs (3), (4), and (5) as paragraphs (2), (3), and (4), respectively; and

(d)(3) in paragraph (3), as so redesignated, by inserting “limitations or” before “conditions”.

(e) 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) 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) The amendments made by this section shall take effect on the date on which the regulations prescribed under subsection (f) take effect.

Legislative History

LEGISLATIVE HISTORY—H.R. 3031 (S. 873):

CONGRESSIONAL RECORD, Vol. 163 (2017):

Oct. 11, considered and passed House.

Nov. 6, considered and passed Senate.