[Federal Register Volume 59, Number 214 (Monday, November 7, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-27526]


  Federal Register / Vol. 59, No. 214 / Monday, November 7, 1994 /
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[[Page Unknown]]

[Federal Register: November 7, 1994]


                                                   VOL. 59, NO. 214

                                           Monday, November 7, 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: Final rule.

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SUMMARY: The Federal Retirement Thrift Investment Board (Board) is 
amending 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: This amendment is effective December 7, 1994.

FOR FURTHER INFORMATION CONTACT:
David L. Hutner at (202) 942-1661.

SUPPLEMENTARY INFORMATION: The Board published a notice of proposed 
rulemaking in the Federal Register on August 16, 1994 (59 FR 41990). No 
comments were received. After further review the Board has decided that 
no changes in the proposed rule are necessary. Accordingly, the 
proposed rule is published as a final rule.
    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: October 27, 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 season 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. 94-27526 Filed 11-4-94; 8:45 am]
BILLING CODE 6760-01-M