Text: H.R.4324 — 108th Congress (2003-2004)All Information (Except Text)

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Public Law No: 108-469 (12/21/2004)

 
[108th Congress Public Law 469]
[From the U.S. Government Printing Office]


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[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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