110 HR 5797 IH: Roth TSP Act of 2008
U.S. House of Representatives
2008-04-15
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.This Act may be cited as the
Roth TSP Act of 2008
.
2.Requirement that
Thrift Savings Plan include a qualified Roth contribution program
(a)Subchapter III of chapter 84 of title 5, United States
Code, is amended by inserting after section 8432c the following:
8432d.Qualified Roth
contribution program
(a)The Executive Director, in consultation with the
Secretary of the Treasury, shall by regulation provide for the inclusion in the
Thrift Savings Plan of a qualified Roth contribution program (hereinafter in
this section referred to as the Program
).
(b)Qualified Roth
contribution programFor purposes of this section, the term
qualified Roth contribution program means a program that satisfies
the requirements of paragraphs (1) and (2) of section 402A(b) of the Internal
Revenue Code of 1986.
(c)The regulations 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, as identified under such regulations;
and
(2)such other provisions as may be necessary
to carry out this section.
(d)The Executive
Director shall, with respect to designated Roth contributions under the
Program, make such returns and reports as the Secretary of the Treasury may
prescribe under section 6047(f) of the Internal Revenue Code of 1986.
(e)For
purposes of this section, the terms designated Roth contribution
and elective deferral have the respective meanings given such
terms in section 402A of the Internal Revenue Code of
1986.
.
(b)Technical and
conforming amendments
(1)Accounting and
informationSection 8439(a) of title 5, United States Code, is
amended by adding at the end the following:
(4)Pursuant to regulations prescribed by
the Executive Director, this section shall be carried out in a manner
consistent with section 8432d of this title and section 402A of the Internal
Revenue Code of 1986, including by making any modifications to the definition
of an account
under this subsection which may be
necessary.
.
(2)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.
.