[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3031 Enrolled Bill (ENR)]

        H.R.3031

                     One Hundred Fifteenth Congress

                                 of the

                        United States of America


                          AT THE FIRST SESSION

          Begun and held at the City of Washington on Tuesday,
          the third day of January, two thousand and seventeen


                                 An Act


 
  To amend title 5, United States Code, to provide for flexibility in 
  making withdrawals from a Thrift Savings Plan account, 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 ``TSP Modernization Act of 2017''.
SEC. 2. THRIFT SAVINGS PLAN ACCOUNT WITHDRAWAL FLEXIBILITY.
    (a) Post-Separation Partial Withdrawals.--Section 8433(c) of title 
5, United States Code, is amended--
        (1) in paragraph (1)--
            (A) by striking ``and who has not made a withdrawal under 
        subsection (h)(1)(A) may make one withdrawal'' and inserting 
        ``may make one or more withdrawals''; and
            (B) by striking ``as a single payment'' and inserting ``in 
        the same manner as a single payment is made''; and
        (2) by adding at the end the following:
    ``(5) Withdrawals under this subsection shall be subject to such 
other limitations or conditions as the Executive Director may prescribe 
by regulation.''.
    (b) Limitation on Return of Payment Relating to a Change in 
Election.--Section 8433(d) of title 5, United States Code, is amended--
        (1) in paragraph (1), by inserting ``, except that in the case 
    of an election to receive an annuity, a former employee or Member 
    may not change an election under this section on or after the date 
    on which an annuity contract is purchased to provide for the 
    annuity elected by the former employee or Member'' after ``this 
    subchapter''; and
        (2) in paragraph (2)--
            (A) by striking ``change an'' and inserting ``return a 
        payment that was made pursuant to an''; and
            (B) by striking ``on or after'' and all that follows 
        through ``the former employee or Member''.
    (c) Elimination of Automatic Annuity in Absence of Election.--
Section 8433(f) of title 5, United States Code, is amended--
        (1) by striking ``(1) Notwithstanding'' and inserting 
    ``Notwithstanding'';
        (2) by striking ``this paragraph'' and inserting ``this 
    subsection''; and
        (3) by striking paragraph (2).
    (d) Allowance of Multiple Age-Based In-Service Withdrawals.--
Section 8433(h) of title 5, United States Code, is amended--
        (1) by striking paragraph (2);
        (2) by redesignating paragraphs (3), (4), and (5) as paragraphs 
    (2), (3), and (4), respectively; and
        (3) in paragraph (3), as so redesignated, by inserting 
    ``limitations or'' before ``conditions''.
    (e) Technical Amendment.--Section 8432b(h)(2)(A) of title 5, United 
States Code, is amended by striking ``section 8433(d), or paragraph (1) 
or (2) of section 8433(h)'' and inserting ``subsection (d) or (f) of 
section 8433''.
    (f) Regulations.--As soon as is practicable, as determined by the 
Executive Director of the Federal Retirement Thrift Investment Board, 
but not later than 2 years after the date of enactment of this Act, the 
Executive Director shall prescribe such regulations as are necessary to 
carry out the amendments made by this section.
    (g) Effective Date.--The amendments made by this section shall take 
effect on the date on which the regulations prescribed under subsection 
(f) take effect.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.