[Congressional Record (Bound Edition), Volume 160 (2014), Part 10]
[Senate]
[Page 14757]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           SMART SAVINGS ACT

  Ms. HEITKAMP. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of Calendar No. 522, S. 2117.
  The ACTING PRESIDENT pro tempore. The clerk will report the bill by 
title.
  The assistant legislative clerk read as follows:

       A bill (S. 2117) to amend title 5, United States Code, to 
     change the default investment fund under the Thrift Savings 
     Plan, and for other purposes.

  There being no objection, the Senate proceeded to consider the bill.
  Ms. HEITKAMP. Mr. President, I ask unanimous consent that the Warren 
substitute amendment, which is at the desk, be agreed to, the bill, as 
amended, be read a third time and passed, and the motion to reconsider 
be considered made and laid upon the table, with no intervening action 
or debate.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.
  The amendment (No. 3821) was agreed to, as follows:

       Strike all after the enacting clause and insert the 
     following:

     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 is enrolled to 
     make contributions to the Thrift Savings Fund, or as soon as 
     practical thereafter, an individual who is automatically 
     enrolled under section 8432(b)(2) shall receive the risk 
     acknowledgment information described in 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 who enroll 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'''.

  The bill (S. 2117), as amended, was ordered to be engrossed for a 
third reading, was read the third time, and passed.

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