[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1822 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                S. 1822

    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.


_______________________________________________________________________


                   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.

    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.
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