[Congressional Bills 115th Congress] [From the U.S. Government Publishing Office] [S. 873 Introduced in Senate (IS)] <DOC> 115th CONGRESS 1st Session S. 873 To amend section 8433 of title 5, United States Code, to provide for flexibility in making withdrawals from the Thrift Savings Fund. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES April 6 (legislative day, April 4), 2017 Mr. Portman (for himself and Mr. Carper) introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs _______________________________________________________________________ A BILL To amend section 8433 of title 5, United States Code, to provide for flexibility in making withdrawals from the Thrift Savings Fund. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``TSP Modernization Act of 2017''. SEC. 2. WITHDRAWAL FLEXIBILITY. (a) Post-Separation Partial Withdrawals.--Section 8433(c) of title 5, United States Code, is amended-- (1) in paragraph (1), by striking ``and who has not made a withdrawal under subsection (h)(1)(A) may make one withdrawal'' and inserting ``may make 1 or more withdrawals''; and (2) by adding at the end the following: ``(5) Withdrawals under this subsection shall be subject to such other conditions as the Executive Director may prescribe by regulation.''. (b) Stopping Periodic Payments.--Section 8433(d)(2) of title 5, United States Code, is amended-- (1) by striking ``change an'' and inserting ``return a payment that was made under''; and (2) by striking ``a payment'' and inserting ``such payment''. (c) Elimination of Withdrawal Election Deadline.--Section 8433(f) of title 5, United States Code, is amended-- (1) by striking ``(1) Notwithstanding'' and inserting ``Notwithstanding''; and (2) by striking paragraph (2). (d) Age-Based In-Service Withdrawals.--Section 8433(h) of title 5, United States Code, is amended-- (1) by striking paragraph (2); and (2) by redesignating paragraphs (3), (4), and (5) as paragraphs (2), (3), and (4), respectively. (e) Technical and Conforming Amendment.--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) Regulations.--As soon as is administratively feasible, as determined by the Executive Director of the Federal Retirement Thrift Investment Board, the Executive Director shall prescribe regulations to carry out the amendments made by this section. (g) Effective Date; Applicability.--The amendments made by this section shall-- (1) take effect on the date of enactment of this Act; and (2) apply on and after the effective date of the regulations prescribed under subsection (f). <all>