[Congressional Record Volume 150, Number 133 (Thursday, November 18, 2004)]
[Extensions of Remarks]
[Page E2045]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             THRIFT SAVINGS PLAN OPEN ELECTIONS ACT OF 2004

                                 ______
                                 

                           HON. JO ANN DAVIS

                              of virginia

                    in the house of representatives

                      Wednesday, November 17, 2004

  Mrs. JO ANN DAVIS of Virginia. Mr. Speaker, I rise in strong support 
of H.R. 4324, the Thrift Savings Plan Open Elections Act of 2004. This 
simple, but important legislation will allow eligible individuals the 
opportunity to elect or modify contributions to the Thrift Savings Plan 
(TSP) at any time, without penalty. The TSP is a voluntary, tax-
deferred defined contribution plan for Federal employees and members of 
the uniformed services, through which Federal agencies provide matching 
funds to an individual's own retirement contributions. However, under 
current law, an eligible employee has only two opportunities a year to 
join the TSP fund and receive matching contributions, or to adjust 
their individual contribution amount. The changes implemented by H.R. 
4324 will allow for greater participant access to the TSP, and will 
simplify administration. Given the hard work that our Federal employees 
and uniformed servicemen and women perform day in and day out, it is 
commonsense that they should have this increased control over their 
retirement contributions.

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