H.R. 4324House108th Congress (2003-2005)Enacted

Thrift Savings Plan Open Elections Act of 2004

Legislative Activity

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16 earlier actions

Became Law Latest Action

Became Public Law No: 108-469.

December 21, 2004

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HouseIntro Referral

Introduced in House

May 11, 2004

HouseIntro Referral

Referred to the House Committee on Government Reform.

Oversight and Government Reform Committee

May 11, 2004

HouseCommittee

Committee Consideration and Mark-up Session Held.

Oversight and Government Reform Committee

July 21, 2004

HouseCommittee

Ordered to be Reported by Voice Vote.

Oversight and Government Reform Committee

July 21, 2004

HouseFloor

Mr. Davis, Tom moved to suspend the rules and pass the bill, as amended.

November 19, 2004 • 12:53 PM

HouseFloor

Considered under suspension of the rules. (consideration: CR H10033-10034)

November 19, 2004 • 12:53 PM

HouseFloor

DEBATE - The House proceeded with forty minutes of debate on H.R. 4324.

November 19, 2004 • 12:53 PM

HouseFloor

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H10033)

November 19, 2004 • 12:59 PM

HouseFloor

On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H10033)

November 19, 2004 • 12:59 PM

HouseFloor

Motion to reconsider laid on the table Agreed to without objection.

November 19, 2004 • 12:59 PM

HouseFloor

The title of the measure was amended. Agreed to without objection.

November 19, 2004 • 12:59 PM

SenateIntro Referral

Received in the Senate, read twice.

November 19, 2004

SenateFloor

Passed Senate without amendment by Unanimous Consent. (consideration: CR S11874)

December 7, 2004

SenateFloor

Message on Senate action sent to the House.

December 7, 2004

President

Presented to President.

December 10, 2004

Became Law

Signed by President.

December 21, 2004

Became Law

Became Public Law No: 108-469.

December 21, 2004

Floor Debate

6 members

What members said about H.R. 4324 on the floor

3 Republicans3 Democrats

Rep. Tom DavisR-VA-11 · Nov 19, 2004

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4324) to amend title 5, United States Code, to eliminate the provisions limiting certain election opportunities available to…

Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4324) to amend title 5, United States Code, to eliminate the provisions limiting certain election opportunities available to individuals participating in the Thrift Savings Plan, and for other purposes, as amended.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks and include extraneous material on H.R. 4324.

Mr. Speaker, I yield myself such time as I may consume.

I rise today in support of H.R. 4324, a bill that eliminates the open season for employee contributions to the Thrift Savings Plan. This legislation was reported from the Committee on Government Reform by a voice vote on July 31, and I am pleased to see it considered by the whole House today.

Mr. Speaker, as my colleagues know, the TSP offers Federal employees the same retirement savings opportunities that private companies afford their employees under traditional 401(k) plans.

The TSP is the largest defined contribution retirement plan in the world, with nearly three and a half million participants and over $143 billion in assets.

This legislation will allow TSP participants to make or modify their salary contributions at any time. Currently, Federal employees and members of the uniformed services who participate in the TSP are only provided two biannual periods to begin, adjust or end their contributions. This bill will give much-needed flexibility to participants of the Federal Government's retirement plan.

Every day, Federal employees across the Nation and around the globe perform critical duties to keep this Nation running smoothly.

Away from work, they experience all of life's events, births and deaths in the family, new homes, new jobs, salary adjustments and so on. With enactment of H.R. 4324, TSP participants can adopt their retirement savings to meet their changing circumstances.

Next year, I intend to offer additional legislation that will abolish the TSP open seasons entirely, but today, during the second open season after beginning Federal service, participants can earn matching funds up to 5 percent of their salary from their employing agencies. I believe allowing participants to secure these matching funds immediately is an important and deserved incentive for Federal employees to save. The Federal Retirement Thrift Investment Board, which administers the TSP, supports that change, and the Board supports H.R. 4324 as well.

The Committee on Government Reform, the committee of jurisdiction for Federal employee issues, was limited by budget constraints this Congress from moving a bill that would totally eliminate open seasons. Nevertheless, I am pleased to see H.R. 4324 advancing today.

I want to recognize the efforts of my distinguished counterpart in the other body, the gentlewoman from Maine, chairman of the Governmental Affairs Committee. She has worked very closely with me on today's bill to ensure that Federal employees will have the same retirement savings flexibilities enjoyed by many in the private sector.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I urge my colleagues to support this important legislation, and I yield back the balance of my time.

Rep. Danny K. DavisD-IL-7 · Nov 19, 2004

Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, the Thrift Savings Plan, TSP, is a retirement savings and investment plan for Federal employees that is governed by the Federal…

Rep. Jo Ann DavisR-VA-1 · Nov 18, 2004

Mr. Speaker, I rise in strong support of H.R. 4324, the Thrift Savings Plan Open Elections Act of 2004. This simple, but important legislation will allow eligible individuals the opportunity to elect…

Rep. Jim McDermottD-WA-7 · Nov 20, 2004

Mr. Speaker, I am unable to be in Washington, DC today. Two weeks ago, I injured my leg and my physician prefers that I not put it through the stress of an airplane flight from my home in Seattle, WA…

Sen. Craig ThomasR-WY · Dec 7, 2004

Mr. President, I ask unanimous consent that the Senate proceed to the immediate consideration of H.R. 4324, which was received from the House. Mr. President, I ask unanimous consent that the bill be…

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Sen. Bob GrahamD-FL · Dec 7, 2004

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I ask unanimous consent to speak for up to 20 minutes to deliver a farewell address.

Bill Text

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Enrolled BillPublication date not provided

        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4324 Enrolled Bill (ENR)]

H.R.4324

One Hundred Eighth Congress

of the

United States of America

AT THE SECOND SESSION

Begun and held at the City of Washington on Tuesday,
the twentieth day of January, two thousand and four

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.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. ELECTIONS FOR THRIFT SAVINGS PLAN CONTRIBUTIONS.

(a) 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--
(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.

(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) 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 investment
should be in order to meet their retirement goals; and
(2) 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''.

Speaker of the House of Representatives.

Vice President of the United States and
President of the Senate.