Summary: S.1080 — 104th Congress (1995-1996)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed Senate amended (09/17/1996)

TABLE OF CONTENTS:

Title I: Additional Investment Funds for the Thrift Savings

Plan

Title II: Thrift Savings Accounts Liquidity

Title I: Additional Investment Funds for the Thrift Saving Plan - Thrift Savings Investment Funds Act of 1996 - Adds two new funds, the International Stock Index Investment Fund and the Small Capitalization Stock Index Fund, to the Thrift Savings Plan (TSP) under the Federal Employees' Retirement System.

Title II: Thrift Savings Accounts Liquidity - Thrift Savings Plan Act of 1996 - Increases withdrawal options for TSP participants upon separation from employment. Eliminates the purpose requirements for taking a TSP loan. Requires an employee or Member, before a loan is issued, to be provided in writing with appropriate information concerning the cost of the loan relative to other sources of financing, as well as the lifetime cost of the loan, including the difference in interest rates between the funds offered by the Thrift Savings Fund, and any other effect of such loan on the employee's or Member's final account balance before a loan is issued. Permits a TSP participant, before separation, to make a one-time withdrawal from the account upon: (1) attaining age 59 and one-half; or (2) financial hardship.

(Sec. 204) Revises provisions concerning notification of an employee's or Member's spouse upon making or changing a withdrawal election.

(Sec. 206) Eliminates the definition of basic pay with respect to the TSP.