[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1821 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                S. 1821

    To amend title 5, United States Code, to allow certain catch-up 
contributions to the Thrift Savings Plan to be made by participants age 
    50 or over, and to afford employees and members full immediate 
   participation in the Thrift Savings Plan upon commencing Federal 
                                service.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           December 13, 2001

 Mr. Akaka (for himself and Mr. Warner) introduced the following bill; 
  which was read twice and referred to the Committee on Governmental 
                                Affairs

_______________________________________________________________________

                                 A BILL


 
    To amend title 5, United States Code, to allow certain catch-up 
contributions to the Thrift Savings Plan to be made by participants age 
    50 or over, and to afford employees and members full immediate 
   participation in the Thrift Savings Plan upon commencing Federal 
                                service.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CATCH-UP CONTRIBUTIONS.

    (a) Civil Service Retirement System.--Paragraph (2) of section 
8351(b) of title 5, United States Code, is amended by adding at the end 
the following:
    ``(C) Notwithstanding any limitation under this paragraph, an 
eligible participant (as defined by section 414(v) of the Internal 
Revenue Code of 1986) may make such additional contributions to the 
Thrift Savings Fund as are permitted by such section 414(v) and 
regulations of the Executive Director consistent therewith.''.
    (b) Federal Employees' Retirement System.--
            (1) Provision applicable to employees generally.--
        Subsection (a) of section 8432 of title 5, United States Code, 
        is amended by adding at the end the following:
    ``(3) Notwithstanding any limitation under this subsection, an 
eligible participant (as defined by section 414(v) of the Internal 
Revenue Code of 1986) may make such additional contributions to the 
Thrift Savings Fund as are permitted by such section 414(v) and 
regulations of the Executive Director consistent therewith.''.
            (2) Provision applicable to certain other individuals.--
        Section 8440f of title 5, United States Code, is amended--
                    (A) by striking ``The maximum'' and inserting ``(a) 
                The maximum''; and
                    (B) by adding at the end the following:
    ``(b) Notwithstanding any limitation under this section, an 
eligible participant (as defined by section 414(v) of the Internal 
Revenue Code of 1986) may make such additional contributions to the 
Thrift Savings Fund as are permitted by such section 414(v) and 
regulations of the Executive Director consistent therewith.''.
    (c) Effective Date.--The amendments made by this section shall take 
effect as of the earliest practicable date, as determined by the 
Executive Director (appointed under section 8474(a) of title 5, United 
States Code) in regulations.

SEC. 2. FULL IMMEDIATE PARTICIPATION.

    (a) In General.--Section 8432(b)(4) of title 5, United States Code, 
is amended--
            (1) by striking subparagraph (C); and
            (2) by redesignating subparagraphs (D) and (E) as 
        subparagraphs (C) and (D), respectively.
    (b) Effective Date.--The amendments made by this section shall 
apply to contributions attributable to pay periods beginning on or 
after the first day of the first fiscal year beginning at least 3 
months after the date of the enactment of this Act.
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