[Federal Register Volume 59, Number 157 (Tuesday, August 16, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-20035]
[[Page Unknown]]
[Federal Register: August 16, 1994]
VOL. 59, NO. 157
Tuesday, August 16, 1994
FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
5 CFR Part 1600
Employee Elections To Contribute to the Thrift Savings Plan
agency: Federal Retirement Thrift Investment Board.
action: Proposed rule.
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summary: The Federal Retirement Thrift Investment Board (Board)
proposes to amend its regulations that describe the periods within
which employees may make certain elections in regard to contributions
to the Thrift Savings Plan (TSP) This amendment will establish a
permanent schedule of TSP open seasons, thereby eliminating the
regulatory requirement that the Board publish an advance notice in the
Federal Register announcing the beginning and ending dates of each open
season.
dates: Written comments must be received on or before October 17, 1994.
addresses: Comments may be sent to David L. Hutner, Assistant General
Counsel (Programs), Federal Retirement Thrift Investment Board, 1250 H
Street NW., Washington, DC 20005
for further information contact: David L. Hutner at (202) 942-1661.
supplementary information: Each year, there are two open seasons during
which participants may elect to commence contributions to the TSP,
change the amount of their contributions or the allocation of their
contributions among the TSP investment funds, or terminate
contributions without forfeiting the ability to resume contributing
during the next open season. The regulatory notice requirement for open
seasons was established by the Board in 1987 shortly after the Thrift
Savings Plan came into existence. At that time, it was not clear
whether open seasons would occur at the same time and for the same
duration each year. However, since then, there have been two open
seasons each year: May 15-July 31 and November 15-January 31. The last
month of each open season has been designated the ``election period'',
which is defined in 5 CFR Sec. 1600.1. Since the open seasons have not
varied since 1988, the Board is now amending its regulations to
establish a permanent schedule for the beginning and ending dates and
to eliminate the requirement that an advance notice of each open season
be published in the Federal Register.
Regulatory Flexibility Act
I certify that these regulations will not have a significant
economic impact on a substantial number of small entities. They will
affect Board procedures relating to the requirement to publish advance
notice of each open season.
EO 12291
I certify that this is not a major rule.
Paperwork Reduction Act
I certify that these regulations do not require additional
reporting under the criteria of the Paperwork Reduction Act of 1980.
List of Subjects in 5 CFR Part 1600
Employment benefit plans, Government employees, Retirement,
Pensions.
Dated: August 10, 1994.
Roger W. Mehle,
Executive Director, Federal Retirement Thrift Investment Board.
For the reasons set out in the preamble, part 1600 of chapter VI of
title 5 of the Code of Federal Regulations is amended as set forth
below.
PART 1600--[AMENDED]
1. The authority citation for 5 CFR part 1600 is revised to read as
follows:
Authority: 5 U.S.C. 8351, 8432(b)(1)(A), 8474(b)(5) and (c)(1).
2. Section 1600.2 is amended by revising paragraph (b) to read as
follows:
Sec. 1600.2 Periods for making elections.
* * * * *
(b) Subsequent open season. An open season will begin on November
15 of each year and end on January 31 of the following year and another
open will begin on May 15 of each year and end on July 31 of the same
year. If the last day of an open season falls on a Saturday, Sunday, or
legal holiday, the open season shall be extended through the next
business day.
* * * * *
[FR Doc. 94-20035 Filed 8-15-94; 8:45 am]
BILLING CODE 6760-01-M