[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4193 Received in Senate (RDS)]

113th CONGRESS
  2d Session
                                H. R. 4193


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 15, 2014

                                Received

_______________________________________________________________________

                                 AN ACT


 
To amend title 5, United States Code, to change the default investment 
      fund under the Thrift Savings Plan, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Smart Savings Act''.

SEC. 2. THRIFT SAVINGS PLAN DEFAULT INVESTMENT FUND.

    (a) In General.--Section 8438(c)(2) of title 5, United States Code, 
is amended to read as follows:
    ``(2)(A) Consistent with the requirements of subparagraph (B), if 
an election has not been made with respect to any sums available for 
investment in the Thrift Savings Fund, the Executive Director shall 
invest such sums in an age-appropriate target date asset allocation 
investment fund, as determined by the Executive Director. Such 
investment fund shall consist of any of the funds described in 
subsection (b).
    ``(B) 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.''.
    (b) Acknowledgment of Risk.--Section 8439(d) of title 5, United 
States Code, is amended--
            (1) by inserting ``(1)'' before ``Each employee''; and
            (2) by adding at the end the following new paragraph:
    ``(2) Prior to enrollment in the Thrift Savings Fund, or as soon as 
practicable thereafter, an individual who is automatically enrolled 
pursuant to section 8432(b)(2) shall receive the risk acknowledgment 
information described under paragraph (1).''.
    (c) Technical and Conforming Amendment.--Section 8472(g)(2) of 
title 5, United States Code, is amended by striking ``required by 
section 8438 of this title to be invested in securities of the 
Government'' and inserting ``under section 8438(c)(2)(B)''.
    (d) Guidance.--Not later than 9 months after the date of enactment 
of this Act, 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.
    (e) Effective Date and Application.--The amendments made by 
subsections (a) and (b) shall--
            (1) take effect on the date that the Executive Director 
        issues guidance under subsection (d); and
            (2) apply to individuals enrolled in the Thrift Savings 
        Plan on or after such date.

SEC. 3. CLARIFICATION OF FIDUCIARY PROTECTIONS.

    Section 8477(e)(1)(C)(ii) of title 5, United States Code, is 
amended--
            (1) in subclause (II)--
                    (A) by inserting ``or beneficiary'' after 
                ``participant''; and
                    (B) by inserting ``or option'' after ``fund''; and
            (2) in subclause (III)--
                    (A) by inserting ``or beneficiary'' after 
                ``participant''; and
                    (B) by inserting ``or beneficiaries''' after 
                ``participants'''.

            Passed the House of Representatives July 14, 2014.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.