[Congressional Record Volume 150, Number 99 (Friday, July 16, 2004)]
[Senate]
[Page S8400]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             THRIFT SAVINGS PLAN OPEN ELECTIONS ACT OF 2004

  Mr. FRIST. Mr. President, I ask unanimous consent that the Senate 
proceed to the consideration of Calendar No. 606, S. 2479.
  The PRESIDING OFFICER. The clerk will state the bill by title.
  The legislative clerk read as follows:

       A bill (S. 2479) to amend chapter 84 of title 5, United 
     States Code, to provide for Federal employees to make 
     elections to make, modify, and terminate contributions to the 
     Thrift Savings Fund at any time, and for other purposes.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. FRIST. Mr. President, I ask unanimous consent that the bill be 
read the third time and passed, the motion to reconsider be laid upon 
the table, and that any statements relating to the bill be printed in 
the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (S. 2479) was read the third time and passed, as follows:

                                S. 2479

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

     SECTION 1. ELECTIONS FOR THRIFT SAVINGS PLAN CONTRIBUTIONS.

       (a) Short Title.--This Act may be cited as the ``Thrift 
     Savings Plan Open Elections Act of 2004''.
       (b) In General.--Section 8432(b)(1)(A) of title 5, United 
     States Code, is amended--
       (1) in the first sentence--
       (A) by inserting ``(i)'' before ``The Executive Director''; 
     and
       (B) by striking ``shall be afforded a reasonable period 
     every 6 months to elect to'' and inserting ``may'';
       (2) by striking the second sentence; and
       (3) by adding at the end the following:
       ``(ii) An election to make contributions under this 
     paragraph--
       ``(I) may be made at any time;
       ``(II) shall take effect on the earliest date after the 
     election that is administratively feasible; and
       ``(III) shall remain in effect until modified or 
     terminated.''.
       (c) Continuation of Not Making Immediate Agency 
     Contributions.--Section 8432(b)(4)(C) of title 5, United 
     States Code, is amended--
       (1) by inserting ``(i)'' after ``(C)''; and
       (2) by adding at the end the following:
       ``(ii) Notwithstanding subparagraph (A) or (B), 
     contributions under paragraphs (1) and (2) of subsection (c) 
     shall not begin to be made with respect to an employee or 
     Member described under paragraph (2)(A) or (B) until the date 
     that such contributions would have begun to be made in 
     accordance with this paragraph as administered on the date 
     preceding the date of enactment of the Thrift Savings Plan 
     Open Elections Act of 2004.''.
       (d) Technical and Conforming Amendments.--
       (1) Civil service retirement system participation.--Section 
     8351(a)(2) of title 5, United States Code, is amended by 
     striking ``only during a period'' and inserting ``as''.
       (2) Contributions by previously ineligible employees.--
     Section 8432(b)(2) of title 5, United States Code, is 
     amended--
       (A) in subparagraph (A), by striking ``second period'' and 
     inserting ``date'';
       (B) in subparagraph (C), by striking ``second period'' and 
     inserting ``date''; and
       (C) in subparagraph (D) by striking ``other than during a 
     period afforded'' and inserting ``as provided''.
       (3) Provision of information.--Section 8439(c)(2) of title 
     5, United States Code, is amended by striking ``at least 30 
     calendar days before the beginning of each election period 
     under section 8432(b)(1)(A) of this title'' and inserting 
     ``on a regular basis''.
       (4) Justices and judges.--Section 8440a(a)(2) of title 5, 
     United States Code, is amended by striking ``only during a 
     period'' and inserting ``as''.
       (5) Bankruptcy judges and magistrate judges.--Section 
     8440b(a)(2) of title 5, United States Code, is amended by 
     striking ``only during a period'' and inserting ``as''.
       (6) Court of federal claims judges.--Section 8440c(a)(2) of 
     title 5, United States Code, is amended by striking ``only 
     during a period'' and inserting ``as''.
       (7) Judges of the united states court of appeals for 
     veterans claims.--Section 8440d(a)(2) of title 5, United 
     States Code, is amended by striking ``only during a period'' 
     and inserting ``as''.
       (8) Members of the uniformed services.--Section 
     8440e(b)(2)(A) of title 5, United States Code, is amended--
       (A) by striking ``only during a period'' and inserting 
     ``as''; and
       (B) by striking all after section ``8432(b)'' and inserting 
     a period.

     SEC. 2. ENHANCING FINANCIAL LITERACY.

       (a) In General.--The Federal Retirement Thrift Investment 
     Board (in this section referred to as the ``Board'') shall 
     periodically evaluate whether the tools available to 
     participants provide the information needed to understand, 
     evaluate, and compare financial products, services, and 
     opportunities offered through the Thrift Savings Plan. The 
     Board shall use these evaluations to improve its existing 
     education program for Thrift Savings Plan participants.
       (b) Report on Financial Literacy Efforts.--The Board shall 
     annually report to the Committee on Governmental Affairs of 
     the Senate and the Committee on Government Reform of the 
     House of Representatives on its Thrift Savings Plan education 
     efforts on behalf of plan participants.
       (c) Strategy.--As part of the retirement training offered 
     by Office of Personnel Management under section 8350 of title 
     5, United States Code, the Office, in consultation with the 
     Board, shall--
       (1) not later than 6 months after the date of enactment of 
     this Act, develop and implement a retirement financial 
     literacy and education strategy for Federal employees that--
       (A) shall educate Federal employees on the need for 
     retirement savings and investment; and
       (B) provide information related to how Federal employees 
     can receive additional information on how to plan for 
     retirement and calculate what their retirement investment 
     should be in order to meet their retirement goals; and
       (2) submit a report to the Committee on Governmental 
     Affairs of the Senate and the Committee on Government Reform 
     of the House of Representatives on the strategy described 
     under paragraph (1).

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