S.2117 - Smart Savings Act113th Congress (2013-2014)
|Sponsor:||Sen. Warren, Elizabeth [D-MA] (Introduced 03/12/2014)|
|Committees:||Senate - Homeland Security and Governmental Affairs|
|Committee Reports:||S. Rept. 113-244|
|Latest Action:||House - 09/17/2014 Held at the desk. (All Actions)|
|Notes:||For further action, see H.R.4193, which became Public Law 113-255 on 12/18/2014.|
This bill has the status Passed Senate
Here are the steps for Status of Legislation:
- Passed Senate
Summary: S.2117 — 113th Congress (2013-2014)All Information (Except Text)
Passed Senate amended (09/16/2014)
Smart Savings Act - Makes the default investment in the Thrift Savings Plan (TSP) an age-appropriate target date asset allocation portfolio (L Fund), instead of the Government Securities Investment Fund (G Fund), if no election has been made for the investment of available funds. Retains the Government Securities Investment Fund as the default fund for members of the Uniformed Services. Requires TSP participants whose default fund is an age-appropriate L Fund to receive a risk acknowledgement before being enrolled to make TSP contributions.
Makes this Act: (1) effective on the date the Executive Director of the Federal Retirement Thrift Investment Board issues guidance for implementing this Act, and (2) applicable to individuals who enroll in the Thrift Savings Plan on or after such date.
Extends requirements relating to fiduciary protections to TSP beneficiaries.