[Federal Register Volume 59, Number 157 (Tuesday, August 16, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-20035]


[[Page Unknown]]

[Federal Register: August 16, 1994]


                                                   VOL. 59, NO. 157

                                           Tuesday, August 16, 1994

FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

5 CFR Part 1600

 

Employee Elections To Contribute to the Thrift Savings Plan

agency: Federal Retirement Thrift Investment Board.

action: Proposed rule.

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summary: The Federal Retirement Thrift Investment Board (Board) 
proposes to amend its regulations that describe the periods within 
which employees may make certain elections in regard to contributions 
to the Thrift Savings Plan (TSP) This amendment will establish a 
permanent schedule of TSP open seasons, thereby eliminating the 
regulatory requirement that the Board publish an advance notice in the 
Federal Register announcing the beginning and ending dates of each open 
season.

dates: Written comments must be received on or before October 17, 1994.

addresses: Comments may be sent to David L. Hutner, Assistant General 
Counsel (Programs), Federal Retirement Thrift Investment Board, 1250 H 
Street NW., Washington, DC 20005

for further information contact: David L. Hutner at (202) 942-1661.

supplementary information: Each year, there are two open seasons during 
which participants may elect to commence contributions to the TSP, 
change the amount of their contributions or the allocation of their 
contributions among the TSP investment funds, or terminate 
contributions without forfeiting the ability to resume contributing 
during the next open season. The regulatory notice requirement for open 
seasons was established by the Board in 1987 shortly after the Thrift 
Savings Plan came into existence. At that time, it was not clear 
whether open seasons would occur at the same time and for the same 
duration each year. However, since then, there have been two open 
seasons each year: May 15-July 31 and November 15-January 31. The last 
month of each open season has been designated the ``election period'', 
which is defined in 5 CFR Sec. 1600.1. Since the open seasons have not 
varied since 1988, the Board is now amending its regulations to 
establish a permanent schedule for the beginning and ending dates and 
to eliminate the requirement that an advance notice of each open season 
be published in the Federal Register.

Regulatory Flexibility Act

    I certify that these regulations will not have a significant 
economic impact on a substantial number of small entities. They will 
affect Board procedures relating to the requirement to publish advance 
notice of each open season.

EO 12291

    I certify that this is not a major rule.

Paperwork Reduction Act

    I certify that these regulations do not require additional 
reporting under the criteria of the Paperwork Reduction Act of 1980.

List of Subjects in 5 CFR Part 1600

    Employment benefit plans, Government employees, Retirement, 
Pensions.

    Dated: August 10, 1994.
Roger W. Mehle,
Executive Director, Federal Retirement Thrift Investment Board.

    For the reasons set out in the preamble, part 1600 of chapter VI of 
title 5 of the Code of Federal Regulations is amended as set forth 
below.

PART 1600--[AMENDED]

    1. The authority citation for 5 CFR part 1600 is revised to read as 
follows:

    Authority: 5 U.S.C. 8351, 8432(b)(1)(A), 8474(b)(5) and (c)(1).

    2. Section 1600.2 is amended by revising paragraph (b) to read as 
follows:


Sec. 1600.2 Periods for making elections.

* * * * *
    (b) Subsequent open season. An open season will begin on November 
15 of each year and end on January 31 of the following year and another 
open will begin on May 15 of each year and end on July 31 of the same 
year. If the last day of an open season falls on a Saturday, Sunday, or 
legal holiday, the open season shall be extended through the next 
business day.
* * * * *
[FR Doc. 94-20035 Filed 8-15-94; 8:45 am]
BILLING CODE 6760-01-M