Text: H.R.3031 — 115th Congress (2017-2018)All Information (Except Text)

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Public Law No: 115-84 (11/17/2017)

 
[115th Congress Public Law 84]
[From the U.S. Government Publishing Office]



[[Page 131 STAT. 1272]]

Public Law 115-84
115th Congress

                                 An Act


 
  To amend title 5, United States Code, to provide for flexibility in 
  making withdrawals from a Thrift Savings Plan account, and for other 
            purposes. <<NOTE: Nov. 17, 2017 -  [H.R. 3031]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: TSP 
Modernization Act of 2017. 5 USC 101 note.>> 
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``TSP Modernization Act of 2017''.
SEC. 2. THRIFT SAVINGS PLAN ACCOUNT WITHDRAWAL FLEXIBILITY.

    (a) Post-Separation Partial Withdrawals.--Section 8433(c) of title 
5, United States Code, is amended--
            (1) in paragraph (1)--
                    (A) by striking ``and who has not made a withdrawal 
                under subsection (h)(1)(A) may make one withdrawal'' and 
                inserting ``may make one or more withdrawals''; and
                    (B) by striking ``as a single payment'' and 
                inserting ``in the same manner as a single payment is 
                made''; and
            (2) by adding at the end the following:

    ``(5) Withdrawals under this subsection shall be subject to such 
other limitations or conditions as the Executive Director may prescribe 
by regulation.''.
    (b) Limitation on Return of Payment Relating to a Change in 
Election.--Section 8433(d) of title 5, United States Code, is amended--
            (1) in paragraph (1), by inserting ``, except that in the 
        case of an election to receive an annuity, a former employee or 
        Member may not change an election under this section on or after 
        the date on which an annuity contract is purchased to provide 
        for the annuity elected by the former employee or Member'' after 
        ``this subchapter''; and
            (2) in paragraph (2)--
                    (A) by striking ``change an'' and inserting ``return 
                a payment that was made pursuant to an''; and
                    (B) by striking ``on or after'' and all that follows 
                through ``the former employee or Member''.

    (c) Elimination of Automatic Annuity in Absence of Election.--
Section 8433(f) of title 5, United States Code, is amended--
            (1) by striking ``(1) Notwithstanding'' and inserting 
        ``Notwithstanding'';
            (2) by striking ``this paragraph'' and inserting ``this 
        subsection''; and
            (3) by striking paragraph (2).

[[Page 131 STAT. 1273]]

    (d) Allowance of Multiple Age-Based In-Service Withdrawals.--Section 
8433(h) of title 5, United States Code, is amended--
            (1) by striking paragraph (2);
            (2) by redesignating paragraphs (3), (4), and (5) as 
        paragraphs (2), (3), and (4), respectively; and
            (3) in paragraph (3), as so redesignated, by inserting 
        ``limitations or'' before ``conditions''.

    (e) Technical 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) <<NOTE: Time period. 5 USC 8433 note.>>  Regulations.--As soon 
as is practicable, as determined by the Executive Director of the 
Federal Retirement Thrift Investment Board, but not later than 2 years 
after the date of enactment of this Act, the Executive Director shall 
prescribe such regulations as are necessary to carry out the amendments 
made by this section.

    (g) <<NOTE: 5 USC 8432b note.>>  Effective Date.--The amendments 
made by this section shall take effect on the date on which the 
regulations prescribed under subsection (f) take effect.

    Approved November 17, 2017.

LEGISLATIVE HISTORY--H.R. 3031 (S. 873):
---------------------------------------------------------------------------

HOUSE REPORTS: No. 115-343 (Comm. on Oversight and Government Reform).
SENATE REPORTS: No. 115-183 (Comm. on Homeland Security and Governmental 
Affairs) accompanying S. 873.
CONGRESSIONAL RECORD, Vol. 163 (2017):
            Oct. 11, considered and passed House.
            Nov. 6, considered and passed Senate.

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