[108th Congress Public Law 469]
[From the U.S. Government Printing Office]
<DOC>
[DOCID: f:publ469.108]
[[Page 118 STAT. 3891]]
Public Law 108-469
108th Congress
An Act
To amend chapter 84 of title 5, United States Code, to provide for
Federal employees to make elections to make, modify, and terminate
contributions to the Thrift Savings Fund at any time, and for other
purposes. <<NOTE: Dec. 21, 2004 - [H.R. 4324]>>
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, <<NOTE: Thrift Savings
Plan Open Elections Act of 2004.>>
SECTION 1. ELECTIONS FOR THRIFT SAVINGS PLAN CONTRIBUTIONS.
(a) <<NOTE: 5 USC 101 note.>> Short Title.--This Act may be cited as
the ``Thrift Savings Plan Open Elections Act of 2004''.
(b) In General.--Section 8432(b)(1)(A) of title 5, United States
Code, is amended--
(1) in the first sentence--
(A) by inserting ``(i)'' before ``The Executive
Director''; and
(B) by striking ``shall be afforded a reasonable
period every 6 months to elect to'' and inserting
``may'';
(2) by striking the second sentence; and
(3) by adding at the end the following:
``(ii) An election to make contributions under this paragraph--
``(I) may be made at any time;
``(II) shall take effect on the earliest date after the
election that is administratively feasible; and
``(III) shall remain in effect until modified or
terminated.''.
(c) Continuation of not Making Immediate Agency Contributions.--
Section 8432(b)(4)(C) of title 5, United States Code, is amended--
(1) by inserting ``(i)'' after ``(C)''; and
(2) by adding at the end the following:
``(ii) Notwithstanding subparagraph (A) or (B),
contributions under paragraphs (1) and (2) of subsection (c)
shall not begin to be made with respect to an employee or Member
described under paragraph (2)(A) or (B) until the date that such
contributions would have begun to be made in accordance with
this paragraph as administered on the date preceding the date of
enactment of the Thrift Savings Plan Open Elections Act of
2004.''.
(d) Technical and Conforming Amendments.--
(1) Civil service retirement system participation.--Section
8351(a)(2) of title 5, United States Code, is amended by
striking ``only during a period'' and inserting ``as''.
(2) Contributions by previously ineligible employees.--
Section 8432(b)(2) of title 5, United States Code, is amended--
[[Page 118 STAT. 3892]]
(A) in subparagraph (A), by striking ``second
period'' and inserting ``date'';
(B) in subparagraph (C), by striking ``second
period'' and inserting ``date''; and
(C) in subparagraph (D) by striking ``other than
during a period afforded'' and inserting ``as
provided''.
(3) Provision of information.--Section 8439(c)(2) of title
5, United States Code, is amended by striking ``at least 30
calendar days before the beginning of each election period under
section 8432(b)(1)(A) of this title'' and inserting ``on a
regular basis''.
(4) Justices and judges.--Section 8440a(a)(2) of title 5,
United States Code, is amended by striking ``only during a
period'' and inserting ``as''.
(5) Bankruptcy judges and magistrate judges.--Section
8440b(a)(2) of title 5, United States Code, is amended by
striking ``only during a period'' and inserting ``as''.
(6) Court of federal claims judges.--Section 8440c(a)(2) of
title 5, United States Code, is amended by striking ``only
during a period'' and inserting ``as''.
(7) Judges of the united states court of appeals for
veterans claims.--Section 8440d(a)(2) of title 5, United States
Code, is amended by striking ``only during a period'' and
inserting ``as''.
(8) Members of the uniformed services.--Section
8440e(b)(2)(A) of title 5, United States Code, is amended--
(A) by striking ``only during a period'' and
inserting ``as''; and
(B) by striking all after section ``8432(b)'' and
inserting a period.
SEC. 2. ENHANCING FINANCIAL LITERACY. <<NOTE: 5 USC 8350 note.>>
(a) In General.--The Federal Retirement Thrift Investment Board (in
this section referred to as the ``Board'') shall periodically evaluate
whether the tools available to participants provide the information
needed to understand, evaluate, and compare financial products,
services, and opportunities offered through the Thrift Savings Plan. The
Board shall use these evaluations to improve its existing education
program for Thrift Savings Plan participants.
(b) Report on Financial Literacy Efforts.--The Board shall annually
report to the Committee on Governmental Affairs of the Senate and the
Committee on Government Reform of the House of Representatives on its
Thrift Savings Plan education efforts on behalf of plan participants.
(c) Strategy.--As part of the retirement training offered by Office
of Personnel Management under section 8350 of title 5, United States
Code, the Office, in consultation with the Board, shall--
(1) <<NOTE: Deadline.>> not later than 6 months after the
date of enactment of this Act, develop and implement a
retirement financial literacy and education strategy for Federal
employees that--
(A) shall educate Federal employees on the need for
retirement savings and investment; and
(B) provide information related to how Federal
employees can receive additional information on how to
plan for retirement and calculate what their retirement
[[Page 118 STAT. 3893]]
investment should be in order to meet their retirement
goals; and
(2) <<NOTE: Reports.>> submit a report to the Committee on
Governmental Affairs of the Senate and the Committee on
Government Reform of the House of Representatives on the
strategy described under paragraph (1).
SEC. 3. TECHNICAL CORRECTIONS.
Subchapter III of chapter 84 of title 5, United States Code, is
amended--
(1) in section 8433(d)(1), by striking ``paragraph (3)'' and
inserting ``paragraph (2)''; and
(2) in section 8440b(b)--
(A) in paragraph (2), by striking ``bankruptcy
judge's or magistrate's'' and inserting ``bankruptcy
judge's or magistrate judge's''; and
(B) in paragraphs (4)(B) and (8), by striking
``bankruptcy judge or magistrate'' each place it appears
and inserting ``bankruptcy judge or magistrate judge''.
Approved December 21, 2004.
LEGISLATIVE HISTORY--H.R. 4324:
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CONGRESSIONAL RECORD, Vol. 150 (2004):
Nov. 19, considered and passed House.
Dec. 7, considered and passed Senate.
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