Public Law 115-84 | Public Law 115–84: To amend title 5, United States Code, to provide for flexibility in making withdrawals from a Thrift Savings Plan account, and for other purposes.

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PUBLIC LAW 115–84—NOV. 17, 2017

131 STAT. 1272

Public Law

115–84

115th Congress

An Act

To amend title 5, United States Code, to provide for flexibility in making withdrawals from a Thrift Savings Plan account, and for other purposes.

Nov. 17, 2017

[H.R. 3031]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

TSP Modernization Act of 2017.

5 USC 101 note.

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)

Post-Separation Partial Withdrawals.—

Section 8433(c) of title 5, United States Code,

is amended

—

(1)

in paragraph (1)—

(A)

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

(B)

striking

“as a single payment” and

inserting

“in the same manner as a single payment is made”; and

(2)

adding

at the end the following:

“(5)

Withdrawals under this subsection shall be subject to such other limitations or conditions as the Executive Director may prescribe by regulation.”

(b)

Limitation on Return of Payment Relating to a Change in Election.—

Section 8433(d) of title 5, United States Code,

is amended

—

(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

(2)

in paragraph (2)—

(A)

striking

“change an” and

inserting

“return a payment that was made pursuant to an”; and

(B)

striking

“on or after” and all that follows through “the former employee or Member”.

(c)

Elimination of Automatic Annuity in Absence of Election.—

Section 8433(f) of title 5, United States Code,

is amended

—

(1)

striking

“(1) Notwithstanding” and

inserting

“Notwithstanding”;

(2)

striking

“this paragraph” and

inserting

“this subsection”; and

(3)

striking

paragraph (2).131 STAT. 1273

(d)

Allowance of Multiple Age-Based In-Service Withdrawals.—

Section 8433(h) of title 5, United States Code,

is amended

—

(1)

striking

paragraph (2);

(2)

redesignating

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

(3)

in paragraph (3), as so redesignated, by

inserting

“limitations or” before “conditions”.

(e)

Technical Amendment.—

Section 8432b(h)(2)(A) of title 5, United States Code,

is amended

striking

“section 8433(d), or paragraph (1) or (2) of section 8433(h)” and

inserting

“subsection (d) or (f) of section 8433”.

(f)

Time period.

5 USC 8433 note.

Regulations.—

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)

5 USC 8432b note.

Effective Date.—

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

Approved November 17, 2017.

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

HOUSE REPORTS: ┐No. 115–343 (Comm. on Oversight and Government Reform).

SENATE REPORTS: ┐No. 115–183 (Comm. on Homeland Security and Governmental Affairs) accompanying S. 873.

CONGRESSIONAL RECORD, Vol. 163 (2017):

Oct. 11, considered and passed House.

Nov. 6, considered and passed Senate.

○

Public Law 115–84: To amend title 5, United States Code, to provide for flexibility in making withdrawals from a Thrift Savings Plan account, and for other purposes.

SHORT TITLE.

THRIFT SAVINGS PLAN ACCOUNT WITHDRAWAL FLEXIBILITY.

Post-Separation Partial Withdrawals.—

Limitation on Return of Payment Relating to a Change in Election.—

Elimination of Automatic Annuity in Absence of Election.—

Allowance of Multiple Age-Based In-Service Withdrawals.—

Technical Amendment.—

Regulations.—

Effective Date.—

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

CONGRESSIONAL RECORD, Vol. 163 (2017):

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