S. 3175 – Reading Mode

112th CONGRESS

2d Session

S. 3175

IN THE SENATE OF THE UNITED STATES

May 14, 2012

Mr. Akaka introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs

A BILL

To amend subchapter III of chapter 84 of title 5, United States Code, to authorize certain employees to be automatically enrolled to increase contributions to Thrift Savings Plan accounts.

Short title

This Act may be cited as the Save More Tomorrow Act of 2012.

Automatic escalations

Section 8432(b)(2) of title 5, United States Code, is amended—

(1)

in subparagraph (A), by striking enrolled to make and all that follows and inserting the following: “enrolled to—

(i)

make contributions under subsection (a) at the default percentage of basic pay; and

(ii)

increase the percentage of basic pay contributed under subsection (a) by the eligible individual by 1 percent each year beginning in the first year following the year in which the eligible individual began making contributions under clause (i) and each year thereafter for not less than 2 years (which the Executive Director shall establish by regulation).

; and

(2)

in subparagraph (C)—

(A)

in the matter preceding clause (i), by inserting and have the contributions of the individual automatically increased after automatically enrolled;

(B)

in clause (i), by inserting (which shall terminate the automatic increases in the contributions of the employee under subparagraph (A)(ii)) after automatic enrollment; and

(C)

in clause (ii), by inserting and an automatic increase in contributions under subparagraph (A)(ii) after automatic enrollment.