---
kind: "section"
citation: "5 U.S.C. § 8438"
title: "5"
title_heading: "Government Organization and Employees"
number: "8438"
heading: "Investment of Thrift Savings Fund"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/5/8438"
units:
  - "Part III — Employees"
  - "Subpart G — Insurance and Annuities"
  - "Chapter 84 — Federal Employees’ Retirement System"
  - "Subchapter III — Thrift Savings Plan"
---

# §8438. Investment of Thrift Savings Fund

- (a) For the purposes of this section—
  - (1) the term “Common Stock Index Investment [Fund](/usc/5/8401.md?p=6)” means the Common Stock Index Investment [Fund](/usc/5/8401.md?p=6) established under [subsection (b)(1)(C)](#b-1-C);
  - (2) the term “equity capital” means common and preferred stock, surplus, undivided profits, contingency reserves, and other capital reserves;
  - (3) the term “Fixed Income Investment [Fund](/usc/5/8401.md?p=6)” means the Fixed Income Investment [Fund](/usc/5/8401.md?p=6) established under [subsection (b)(1)(B)](#b-1-B);
  - (4) the term “[Government](/usc/5/4101.md?p=3) Securities Investment [Fund](/usc/5/8401.md?p=6)” means the [Government](/usc/5/4101.md?p=3) Securities Investment [Fund](/usc/5/8401.md?p=6) established under [subsection (b)(1)(A)](#b-1-A);
  - (5) the term “International Stock Index Investment [Fund](/usc/5/8401.md?p=6)” means the International Stock Index Investment [Fund](/usc/5/8401.md?p=6) established under [subsection (b)(1)(E)](#b-1-E);
  - (6) the term “net worth” means capital, paid-in and contributed surplus, unassigned surplus, contingency reserves, group contingency reserves, and special reserves;
  - (7) the term “plan” means an [employee](/usc/5/4701.md?p=a-2) benefit plan, as defined in section 3(3) of the [Employee](/usc/5/4701.md?p=a-2) Retirement Income Security Act of 1974 ([29 U.S.C. 1002(3)](/usc/29/1002.md?p=3));
  - (8) the term “qualified professional asset manager” means—
    - (A) a bank, as defined in section 202(a)(2) of the Investment Advisers Act of 1940 ([15 U.S.C. 80b–2(a)(2)](/usc/15/80b–2.md?p=a-2)) which—
      - (i) has the power to manage, acquire, or dispose of assets of a plan; and
      - (ii) has, as of the last day of its latest fiscal year ending before the date of a determination for the purpose of this clause, equity capital in excess of $1,000,000;
    - (B) a savings and loan association, the [accounts](/usc/5/8401.md?p=1) of which are insured by the Federal Deposit Insurance Corporation, which—
      - (i) has applied for and been granted trust powers to manage, acquire, or dispose of assets of a plan by a [State](/usc/5/8521.md?p=a-3) or [Government](/usc/5/4101.md?p=3) [authority](/usc/5/7103.md?p=a-6) having supervision over savings and loan associations; and
      - (ii) has, as of the last day of its latest fiscal year ending before the date of a determination for the purpose of this clause, equity capital or net worth in excess of $1,000,000;
    - (C) an insurance company which—
      - (i) is qualified under the laws of more than one [State](/usc/5/8521.md?p=a-3) to manage, acquire, or dispose of any assets of a plan;
      - (ii) has, as of the last day of its latest fiscal year ending before the date of a determination for the purpose of this clause, net worth in excess of $1,000,000; and
      - (iii) is subject to supervision and examination by a [State](/usc/5/8521.md?p=a-3) [authority](/usc/5/7103.md?p=a-6) having supervision over insurance companies; or
    - (D) an investment adviser registered under section 203 of the Investment Advisers Act of 1940 ([15 U.S.C. 80b–3](/usc/15/80b–3.md)) if the investment adviser has, on the last day of its latest fiscal year ending before the date of a determination for the purpose of this subparagraph, total client assets under its management and control in excess of $50,000,000, and—
      - (i) the investment adviser has, on such day, shareholder’s or partner’s equity in excess of $750,000; or
      - (ii) payment of all of the investment adviser’s liabilities, including any liabilities which may arise by reason of a breach or violation of a duty described in [section 8477 of this title](/usc/5/8477.md), is unconditionally guaranteed by—
        - (I) a [person](/usc/5/7103.md?p=a-1) (as defined in [section 8471(4) of this title](/usc/5/8471.md?p=4)) who directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the investment adviser and who has, on the last day of the [person](/usc/5/7103.md?p=a-1)’s latest fiscal year ending before the date of a determination for the purpose of this clause, shareholder’s or partner’s equity in an amount which, when added to the amount of the shareholder’s or partner’s equity of the investment adviser on such day, exceeds $750,000;
        - (II) a qualified professional asset manager described in subparagraph [(A)](#a-8-A), [(B)](#a-8-B), or [(C)](#a-8-C); or
        - (III) a broker or dealer registered under section 15 of the Securities Exchange Act of 1934 ([15 U.S.C. 78o](/usc/15/78o.md)) that has, on the last day of the broker’s or dealer’s latest fiscal year ending before the date of a determination for the purpose of this clause, net worth in excess of $750,000;
  - (9) the term “shareholder’s or partner’s equity”, as used in [paragraph (8)(D)](#a-8-D) with respect to an investment adviser or a [person](/usc/5/7103.md?p=a-1) (as defined in [section 8471(4) of this title](/usc/5/8471.md?p=4)) who is affiliated with the investment adviser in a manner described in [clause (ii)(I)](#a-8-D-ii-I) of such [paragraph (8)(D)](#a-8-D), means the equity shown in the most recent balance sheet prepared for such investment adviser or affiliated [person](/usc/5/7103.md?p=a-1), in accordance with generally accepted accounting principles, within 2 years before the date on which the investment adviser’s status as a qualified professional asset manager is determined for the purposes of this section; and
  - (10) the term “Small Capitalization Stock Index Investment [Fund](/usc/5/8401.md?p=6)” means the Small Capitalization Stock Index Investment [Fund](/usc/5/8401.md?p=6) established under [subsection (b)(1)(D)](#b-1-D).
- (b)
  - (1) The [Board](/usc/5/8401.md?p=5) shall establish—
    - (A) a [Government](/usc/5/4101.md?p=3) Securities Investment [Fund](/usc/5/8401.md?p=6) under which sums in the Thrift Savings [Fund](/usc/5/8401.md?p=6) are invested in securities of the [United States](/usc/5/7103.md?p=a-18) [Government](/usc/5/4101.md?p=3) issued as provided in [subsection (e)](#e);
    - (B) a Fixed Income Investment [Fund](/usc/5/8401.md?p=6) under which sums in the Thrift Savings [Fund](/usc/5/8401.md?p=6) are invested in—
      - (i) insurance contracts;
      - (ii) certificates of deposits; or
      - (iii) other instruments or obligations selected by qualified professional asset managers,

      which return the amount invested and [pay](/usc/5/7511.md?p=a-4) interest, at a specified rate or rates, on that amount during a specified period of time;

    - (C) a Common Stock Index Investment [Fund](/usc/5/8401.md?p=6) as provided in [paragraph (2)](#b-2);
    - (D) a Small Capitalization Stock Index Investment [Fund](/usc/5/8401.md?p=6) as provided in [paragraph (3)](#b-3);
    - (E) an International Stock Index Investment [Fund](/usc/5/8401.md?p=6) as provided in [paragraph (4)](#b-4); and
    - (F) a [service](/usc/5/8401.md?p=26) that enables participants to invest in mutual [funds](/usc/5/8401.md?p=6), if the [Board](/usc/5/8401.md?p=5) authorizes the mutual [fund](/usc/5/8401.md?p=6) window under [paragraph (5)](#b-5).
  - (2)
    - (A) The [Board](/usc/5/8401.md?p=5) shall select an index which is a commonly recognized index comprised of common stock the aggregate market value of which is a reasonably complete representation of the [United States](/usc/5/7103.md?p=a-18) equity markets.
    - (B) The Common Stock Index Investment [Fund](/usc/5/8401.md?p=6) shall be invested in a portfolio designed to replicate the performance of the index selected under [subparagraph (A)](#b-2-A). The portfolio shall be designed such that, to the extent practicable, the percentage of the Common Stock Index Investment [Fund](/usc/5/8401.md?p=6) that is invested in each stock is the same as the percentage determined by dividing the aggregate market value of all shares of that stock by the aggregate market value of all shares of all stocks included in such index.
  - (3)
    - (A) The [Board](/usc/5/8401.md?p=5) shall select an index which is a commonly recognized index comprised of common stock the aggregate market value of which represents the [United States](/usc/5/7103.md?p=a-18) equity markets excluding the common stocks included in the Common Stock Index Investment [Fund](/usc/5/8401.md?p=6).
    - (B) The Small Capitalization Stock Index Investment [Fund](/usc/5/8401.md?p=6) shall be invested in a portfolio designed to replicate the performance of the index in [subparagraph (A)](#b-3-A). The portfolio shall be designed such that, to the extent practicable, the percentage of the Small Capitalization Stock Index Investment [Fund](/usc/5/8401.md?p=6) that is invested in each stock is the same as the percentage determined by dividing the aggregate market value of all shares of that stock by the aggregate market value of all shares of all stocks included in such index.
  - (4)
    - (A) The [Board](/usc/5/8401.md?p=5) shall select an index which is a commonly recognized index comprised of stock the aggregate market value of which is a reasonably complete representation of the international equity markets excluding the [United States](/usc/5/7103.md?p=a-18) equity markets.
    - (B) The International Stock Index Investment [Fund](/usc/5/8401.md?p=6) shall be invested in a portfolio designed to replicate the performance of the index in [subparagraph (A)](#b-4-A). The portfolio shall be designed such that, to the extent practicable, the percentage of the International Stock Index Investment [Fund](/usc/5/8401.md?p=6) that is invested in each stock is the same as the percentage determined by dividing the aggregate market value of all shares of that stock by the aggregate market value of all shares of all stocks included in such index.
  - (5)
    - (A) The [Board](/usc/5/8401.md?p=5) may authorize the addition of a mutual [fund](/usc/5/8401.md?p=6) window under the Thrift Savings Plan if the [Board](/usc/5/8401.md?p=5) determines that such addition would be in the best interests of participants.
    - (B) The [Board](/usc/5/8401.md?p=5) shall ensure that any expenses charged for use of the mutual [fund](/usc/5/8401.md?p=6) window are borne solely by the participants who use such window.
    - (C) The [Board](/usc/5/8401.md?p=5) may establish such other terms and conditions for the mutual [fund](/usc/5/8401.md?p=6) window as the [Board](/usc/5/8401.md?p=5) considers appropriate to protect the interests of participants, including requirements relating to risk disclosure.
    - (D) The [Board](/usc/5/8401.md?p=5) shall consult with the [Employee](/usc/5/4701.md?p=a-2) Thrift Advisory Council (established under [section 8473](/usc/5/8473.md)) before authorizing the addition of a mutual [fund](/usc/5/8401.md?p=6) window or establishing a [service](/usc/5/8401.md?p=26) that enables participants to invest in mutual [funds](/usc/5/8401.md?p=6).
- (c)
  - (1) The [Executive Director](/usc/5/8401.md?p=13) shall invest the sums available in the Thrift Savings [Fund](/usc/5/8401.md?p=6) for investment as provided in elections made under [subsection (d)](#d).
  - (2) If an election has not been made with respect to any sums available for investment in the Thrift Savings [Fund](/usc/5/8401.md?p=6), the [Executive Director](/usc/5/8401.md?p=13) shall invest such sums in an age-appropriate target date asset allocation investment [fund](/usc/5/8401.md?p=6), as determined by the [Executive Director](/usc/5/8401.md?p=13). Such investment [fund](/usc/5/8401.md?p=6) shall consist of any of the [funds](/usc/5/8401.md?p=6) described in [subsection (b)](#b).
- (d)
  - (1) At least twice each year, an [employee](/usc/5/4701.md?p=a-2) or [Member](/usc/5/8401.md?p=20) (or former [employee](/usc/5/4701.md?p=a-2) or [Member](/usc/5/8401.md?p=20)) may elect the investment [funds](/usc/5/8401.md?p=6) and options referred to in [subsection (b)](#b) into which the sums in the Thrift Savings [Fund](/usc/5/8401.md?p=6) credited to such individual’s [account](/usc/5/8401.md?p=1) are to be invested or reinvested.
  - (2) An election may be made under [paragraph (1)](#d-1) only in accordance with regulations prescribed by the [Executive Director](/usc/5/8401.md?p=13) and within such period as the [Executive Director](/usc/5/8401.md?p=13) shall provide in such regulations.
- (e)
  - (1) The [Secretary](/usc/5/9901.md?p=2) of the Treasury is authorized to issue special interest-bearing obligations of the [United States](/usc/5/7103.md?p=a-18) for purchase by the Thrift Savings [Fund](/usc/5/8401.md?p=6) for the [Government](/usc/5/4101.md?p=3) Securities Investment [Fund](/usc/5/8401.md?p=6).
  - (2)
    - (A) Obligations issued for the purpose of this subsection shall have maturities fixed with due regard to the needs of such [Fund](/usc/5/8401.md?p=6) as determined by the [Executive Director](/usc/5/8401.md?p=13), and shall bear interest at a rate equal to the average market yield (computed by the [Secretary](/usc/5/9901.md?p=2) of the Treasury on the basis of market quotations as of the end of the calendar month next preceding the date of issue of such obligations) on all marketable interest-bearing obligations of the [United States](/usc/5/7103.md?p=a-18) then forming a part of the public debt which are not due or callable earlier than 4 years after the end of such calendar month.
    - (B) Any average market yield computed under [subparagraph (A)](#e-2-A) which is not a multiple of one-eighth of 1 percent, shall be rounded to the nearest multiple of one-eighth of 1 percent.
- (f) The [Board](/usc/5/8401.md?p=5), other [Government](/usc/5/4101.md?p=3) [agencies](/usc/5/3132.md?p=a-1), the [Executive Director](/usc/5/8401.md?p=13), an [employee](/usc/5/4701.md?p=a-2), a [Member](/usc/5/8401.md?p=20), a former [employee](/usc/5/4701.md?p=a-2), and a former [Member](/usc/5/8401.md?p=20) may not exercise voting rights associated with the ownership of securities by the Thrift Savings [Fund](/usc/5/8401.md?p=6).
- (g)
  - (1) Notwithstanding [subsection (e)](#e) of this section, the [Secretary](/usc/5/9901.md?p=2) of the Treasury may suspend the issuance of additional amounts of obligations of the [United States](/usc/5/7103.md?p=a-18), if such issuances could not be made without causing the public debt of the [United States](/usc/5/7103.md?p=a-18) to exceed the public debt limit, as determined by the [Secretary](/usc/5/9901.md?p=2) of the Treasury.
  - (2) Any issuances of obligations to the [Government](/usc/5/4101.md?p=3) Securities Investment [Fund](/usc/5/8401.md?p=6) which, solely by reason of the public debt limit are not issued, shall be issued under [subsection (e)](#e) by the [Secretary](/usc/5/9901.md?p=2) of the Treasury as soon as such issuances can be issued without exceeding the public debt limit.
  - (3) Upon expiration of the debt issuance [suspension](/usc/5/9201.md?p=5) period, the [Secretary](/usc/5/9901.md?p=2) of the Treasury shall immediately issue to the [Government](/usc/5/4101.md?p=3) Securities Investment [Fund](/usc/5/8401.md?p=6) obligations under [chapter 31](/usc/31/chstIII/ch31.md) of title 31 that (notwithstanding [subsection (e)(2)](#e-2) of this section) bear such interest rates and maturity dates as are necessary to ensure that, after such obligations are issued, the holdings of obligations of the [United States](/usc/5/7103.md?p=a-18) by the [Government](/usc/5/4101.md?p=3) Securities Investment [Fund](/usc/5/8401.md?p=6) will replicate the obligations that would then be held by the [Government](/usc/5/4101.md?p=3) Securities Investment [Fund](/usc/5/8401.md?p=6) under the procedure set forth in [paragraph (5)](#g-5), if the [suspension](/usc/5/9201.md?p=5) of issuances under paragraph (1) of this subsection had not occurred.
  - (4) On the first business day after the expiration of any debt issuance [suspension](/usc/5/9201.md?p=5) period, the [Secretary](/usc/5/9901.md?p=2) of the Treasury shall [pay](/usc/5/7511.md?p=a-4) to the [Government](/usc/5/4101.md?p=3) Securities Investment [Fund](/usc/5/8401.md?p=6), from amounts in the general [fund](/usc/5/8401.md?p=6) of the Treasury of the [United States](/usc/5/7103.md?p=a-18) not otherwise appropriated, an amount equal to the excess of the net amount of interest that would have been earned by the [Government](/usc/5/4101.md?p=3) Securities Investment [Fund](/usc/5/8401.md?p=6) from obligations of the [United States](/usc/5/7103.md?p=a-18) during such debt issuance [suspension](/usc/5/9201.md?p=5) period if—
    - (A) amounts in the [Government](/usc/5/4101.md?p=3) Securities Investment [Fund](/usc/5/8401.md?p=6) that were available for investment in obligations of the [United States](/usc/5/7103.md?p=a-18) and were not invested during such debt issuance [suspension](/usc/5/9201.md?p=5) period solely by reason of the public debt limit had been invested under the procedure set forth in [paragraph (5)](#g-5), over
    - (B) the net amount of interest actually earned by the [Government](/usc/5/4101.md?p=3) Securities Investment [Fund](/usc/5/8401.md?p=6) from obligations of the [United States](/usc/5/7103.md?p=a-18) during such debt issuance [suspension](/usc/5/9201.md?p=5) period.
  - (5) On each business day during the debt limit [suspension](/usc/5/9201.md?p=5) period, the [Executive Director](/usc/5/8401.md?p=13) shall notify the [Secretary](/usc/5/9901.md?p=2) of the Treasury of the amounts, by maturity, that would have been invested or redeemed each day had the debt issuance [suspension](/usc/5/9201.md?p=5) period not occurred.
  - (6) For purposes of this subsection and [subsection (h)](#h) of this section—
    - (A) the term “public debt limit” means the limitation imposed by [section 3101(b) of title 31](/usc/31/3101.md?p=b); and
    - (B) the term “debt issuance [suspension](/usc/5/9201.md?p=5) period” means any period for which the [Secretary](/usc/5/9901.md?p=2) of the Treasury determines for purposes of this subsection that the issuance of obligations of the [United States](/usc/5/7103.md?p=a-18) may not be made without exceeding the public debt limit.
- (h)
  - (1) The [Secretary](/usc/5/9901.md?p=2) of the Treasury shall report to Congress on the operation and status of the Thrift Savings [Fund](/usc/5/8401.md?p=6) during each debt issuance [suspension](/usc/5/9201.md?p=5) period for which the [Secretary](/usc/5/9901.md?p=2) is required to take action under paragraph [(3)](#g-3) or [(4)](#g-4) of subsection (g) of this section. The report shall be submitted as soon as possible after the expiration of such period, but not later than 30 days after the first business day after the expiration of such period. The [Secretary](/usc/5/9901.md?p=2) shall concurrently transmit a copy of such report to the [Executive Director](/usc/5/8401.md?p=13).
  - (2) Whenever the [Secretary](/usc/5/9901.md?p=2) of the Treasury determines that, by reason of the public debt limit, the [Secretary](/usc/5/9901.md?p=2) will be unable to fully comply with the requirements of [subsection (e)](#e) of this section, the [Secretary](/usc/5/9901.md?p=2) shall immediately notify Congress and the [Executive Director](/usc/5/8401.md?p=13) of the determination. The notification shall be made in writing.

## Source credit

(Added Pub. L. 99–335, title I, § 101(a), June 6, 1986, 100 Stat. 551; amended Pub. L. 100–43, § 2, May 22, 1987, 101 Stat. 315; Pub. L. 100–366, § 2(a), July 13, 1988, 102 Stat. 826; Pub. L. 101–335, § 3(a), July 17, 1990, 104 Stat. 320; Pub. L. 102–378, § 2(68), Oct. 2, 1992, 106 Stat. 1355; Pub. L. 104–208, div. A, title I, § 101(f) [title VI, § 659 [title I, § 102]], Sept. 30, 1996, 110 Stat. 3009–314, 3009–372; Pub. L. 104–316, title I, § 103(i), Oct. 19, 1996, 110 Stat. 3829; Pub. L. 111–31, div. B, title I, § 104, June 22, 2009, 123 Stat. 1854; Pub. L. 113–255, § 2(a), Dec. 18, 2014, 128 Stat. 2920; Pub. L. 114–92, div. A, title VI, § 632(d), Nov. 25, 2015, 129 Stat. 847.)

## Notes

### Editorial Notes

### Amendments

2015—Subsec. (c)(2). Pub. L. 114–92 substituted “If an” for “(A) Consistent with the requirements of subparagraph (B), if an” and struck out subpar. (B) which read as follows: “If an election has not been made by an eligible member under section 8440e with respect to any sums available for investment in such member’s Thrift Savings Fund account, the Executive Director shall invest such sums in the Government Securities Investment Fund.”

2014—Subsec. (c)(2). Pub. L. 113–255 amended par. (2) generally. Prior to amendment, par. (2) read as follows: “If an election has not been made with respect to any sums in the Thrift Savings Fund available for investment, the Executive Director shall invest such sums in the Government Securities Investment Fund.”

2009—Subsec. (b)(1)(F). Pub. L. 111–31, § 104(a), added subpar. (F).

Subsec. (b)(5). Pub. L. 111–31, § 104(b), added par. (5).

Subsec. (d)(1). Pub. L. 111–31, § 104(c), inserted “and options” after “investment funds”.

1996—Subsec. (a). Pub. L. 104–208, § 101(f) [title VI, § 659 [title I, § 102(1)]], added par. (5), redesignated former pars. (5) to (8) as (6) to (9), respectively, in par. (9) substituted “paragraph (8)(D)” for “paragraph (7)(D)” in two places, and added par. (10).

Subsec. (b). Pub. L. 104–208, § 101(f) [title VI, § 659 [title I, § 102(2)]], in par. (1) added subpars. (D) and (E) and added pars. (3) and (4).

Subsec. (h)(1). Pub. L. 104–316 struck out “and the Comptroller General of the United States” before period at end.

1992—Subsec. (a)(7)(B). Pub. L. 102–378 substituted “Deposit” for “Savings and Loan”.

1990—Subsec. (b)(1)(A). Pub. L. 101–335, § 3(a)(2), substituted “subsection (e)” for “subsection (f)”.

Subsec. (c)(1). Pub. L. 101–335, § 3(a)(3), substituted “The” for “Subject to subsection (e), the”.

Subsec. (d)(1). Pub. L. 101–335, § 3(a)(4), struck out “and not subject to subsection (e)” after “individual’s account”.

Subsec. (e). Pub. L. 101–335, § 3(a)(1), redesignated subsec. (f) as (e) and struck out former subsec. (e) which related to minimum percentages to be invested in Government Securities Investment Fund and limitations on reinvestment of sums invested in Government Securities Investment Fund prior to years 1992 and 1997.

Subsec. (f). Pub. L. 101–335, § 3(a)(1), redesignated subsec. (g) as (f). Former subsec. (f) redesignated (e).

Subsec. (g). Pub. L. 101–335, § 3(a)(1), (5), (6), redesignated subsec. (h) as (g) and substituted “subsection (e)” for “subsection (f)” in pars. (1) and (2), “subsection (e)(2)” for “subsection (f)(2)” in par. (3), and “subsection (h)” for “subsection (i)” in par. (6). Former subsec. (g) redesignated (f).

Subsecs. (h), (i). Pub. L. 101–335, § 3(a)(1), (7), redesignated subsec. (i) as (h) and substituted “subsection (g)” for “subsection (h)” in par. (1) and “subsection (e)” for “subsection (f)” in par. (2). Former subsec. (h) redesignated (g).

1988—Subsec. (e)(3)(A). Pub. L. 100–366 struck out “and the earnings attributable to the investment of such sums” after “paragraph (1)”.

1987—Subsecs. (h), (i). Pub. L. 100–43 added subsecs. (h) and (i).

### Statutory Notes and Related Subsidiaries

### Effective Date of 2015 Amendment; Implementation

Amendment by Pub. L. 114–92 effective Jan. 1, 2018, with certain implementation requirements, see section 635 of Pub. L. 114–92, set out as a note under section 8432 of this title.

### Effective Date of 2014 Amendment

Pub. L. 113–255, § 2(e), Dec. 18, 2014, 128 Stat. 2920, provided that: “The amendments made by subsections (a) and (b) [amending this section and section 8439 of this title] shall— take effect on the date that the Executive Director issues guidance under subsection (d) [guidance published Aug. 28, 2015, effective Sept. 5, 2015, see section 2(d) of Pub. L. 113–255, set out as a Guidance note below]; and apply to individuals enrolled in the Thrift Savings Plan on or after such date.”

### Effective Date of 1996 Amendment

Section 101(f) [title VI, § 659 [title I, § 104]] provided that: “This title [title I (§§ 101–104) of section 659 of section 101(f) of Pub. L. 104–208, amending this section and section 8439 of this title and enacting provisions set out as a note under section 8401 of this title] shall take effect on the date of enactment of this Act [Sept. 30, 1996], and the Funds established under this title shall be offered for investment at the earliest practicable election period (described in section 8432(b) of title 5, United States Code) as determined by the Executive Director in regulations.”

### Effective Date of 1990 Amendment

Amendment by Pub. L. 101–335 effective as of second election period described in section 8432(b) of this title beginning after July 17, 1990, or as of such earlier date as Executive Director may by regulation prescribe, see section 3(c) of Pub. L. 101–335, set out as a note under section 8351 of this title.

### Effective Date of 1988 Amendment

Pub. L. 100–366, § 2(b), July 13, 1988, 102 Stat. 826, provided that: “The amendment made by subsection (a) [amending this section] shall apply with respect to earnings attributable to contributions made to the Thrift Savings Fund on or after April 1, 1987.”

### Guidance

Pub. L. 113–255, § 2(d), Dec. 18, 2014, 128 Stat. 2920, provided that: “Not later than 9 months after the date of enactment of this Act [Dec. 18, 2014], the Executive Director (as that term is defined under section 8401(13) of title 5, United States Code) shall develop and issue guidance implementing the requirements of this Act [see section 1 of Pub. L. 113–255, set out as a Short Title of 2014 Amendment note under section 101 of this title].”

[Guidance issued in the form of a final rule published Aug. 28, 2015, effective Sept. 5, 2015, see 80 F.R. 52173.]

### Removal of Investment Restrictions

Pub. L. 101–335, § 3(b)(4), July 17, 1990, 104 Stat. 320, provided that: “Any other provision of law, in effect on the date of enactment of this Act [July 17, 1990], which provides that any amounts contributed to the Thrift Savings Fund, or earnings thereon, may be invested or reinvested only in the Government Securities Investment Fund established under section 8438(b)(1)(A) of title 5, United States Code, shall cease to be effective.”