H.R. 3031 — what changed
TSP Modernization Act of 2017
From Reported in House to Engrossed in House. 1 section amended between Reported in House and Engrossed in House.
Sec. 2 Thrift Savings Plan account withdrawal flexibility
Post-Separation partial withdrawals— Section 8433(c) of title 5, United States Code, is amended—
in paragraph (1)—
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
by striking “as a single payment” and inserting “in the same manner as a single payment is made”; and
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.”
Limitation on return of payment relating to a change in election— Section 8433(d) of title 5, United States Code, is amended—
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
in paragraph (2)—
by striking “change an” and inserting “return a payment that was made pursuant to an”; and
by striking “on or after” and all that follows through “the former employee or Member”.
Elimination of automatic annuity in absence of election— Section 8433(f) of title 5, United States Code, is amended—
by striking “(1) Notwithstanding” and inserting “Notwithstanding”;
by striking “this paragraph” and inserting “this subsection”; and
by striking paragraph (2).
Allowance of multiple age-Based in-Service withdrawals— Section 8433(h) of title 5, United States Code, is amended—
by striking paragraph (2);
by redesignating paragraphs (3), (4), and (5) as paragraphs (2), (3), and (4), respectively; and
in paragraph (3), as so redesignated, by inserting “limitations or” before “conditions”.
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”.
changed
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.
Effective date— The amendments made by this section shall take effect on the date on which the regulations prescribed under subsection (f) take effect.