[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.