S. 873 — what changed
TSP Modernization Act of 2017
From Introduced in Senate to Reported in Senate. 1 section amended between Introduced in Senate and Reported in Senate.
Sec. 2 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 1 or more withdrawals”; and
by adding at the end the following:
“(5) Withdrawals under this subsection shall be subject to such other conditions as the Executive Director may prescribe by regulation.”
Stopping periodic payments— Section 8433(d)(2) of title 5, United States Code, is amended—
changed
by striking “change an” and inserting “return a payment that was made under”; under an”; and
by striking “a payment” and inserting “such payment”.
Elimination of withdrawal election deadline— Section 8433(f) of title 5, United States Code, is amended—
by striking “(1) Notwithstanding” and inserting “Notwithstanding”; and
by striking paragraph (2).
Age-Based in-Service withdrawals— Section 8433(h) of title 5, United States Code, is amended—
by striking paragraph (2); and
by redesignating paragraphs (3), (4), and (5) as paragraphs (2), (3), and (4), respectively.
Technical and conforming 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”.
Regulations— As soon as is administratively feasible, as determined by the Executive Director of the Federal Retirement Thrift Investment Board, the Executive Director shall prescribe regulations to carry out the amendments made by this section.
Effective date; applicability— The amendments made by this section shall—
take effect on the date of enactment of this Act; and
apply on and after the effective date of the regulations prescribed under subsection (f).