[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2117 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2117

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 12, 2014

Ms. Warren (for herself and Mr. Portman) introduced the following bill; 
which was read twice and referred to the Committee on Homeland Security 
                        and Governmental Affairs

_______________________________________________________________________

                                 A BILL


 
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) Except as provided in 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 portfolio of the funds 
described in subsection (b), as determined by the Executive Director.
    ``(B) If an election has not been made by a member (as defined in 
section 211 of title 37) contributing to the Thrift Savings Fund 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:
    ``(2) Before the date on which an individual covered under section 
8438(c)(2)(A) begins contributing to the Thrift Savings Fund, the 
individual shall sign a risk acknowledgment 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 amendments made by this section.
    (e) Effective Date and Application.--The amendments made by this 
section shall--
            (1) take effect on the date on which the Executive Director 
        issues guidance under subsection (d); and
            (2) apply to individuals contributing to the Thrift Savings 
        Fund on or after such date.
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