    [United States Statutes at Large, Volume 128, 113th Congress, 2nd Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    Public Law 113-255
    113th Congress

    An Act

    To amend title 5, United States Code, to change the default investment
    fund under the Thrift Savings Plan, and for other purposes. <>

    Be it enacted by the Senate and House of Representatives of the
    United States of America in Congress assembled, <>
    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) <>  Consistent with the requirements
    of 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 investment fund, as determined by the Executive
    Director. Such investment fund shall consist of any of the funds
    described in subsection (b).

    ``(B) If an election has not been made by an eligible member 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 new paragraph:

    ``(2) Prior to enrollment in the Thrift Savings Fund, or as soon as
    practicable thereafter, an individual who is automatically enrolled
    pursuant to section 8432(b)(2) shall receive the risk acknowledgment
    information described under 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
    requirements of this Act.

    (e) <>  Effective Date and Application.--The
    amendments made by subsections (a) and (b) shall--
    (1) take effect on the date that the Executive Director
    issues guidance under subsection (d); and

    [[Page 2921]]

    (2) apply to individuals enrolled 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' ''.

    Approved December 18, 2014.

    LEGISLATIVE HISTORY--H.R. 4193 (S. 2117):
    ---------------------------------------------------------------------------

    HOUSE REPORTS: No. 113-507 (Comm. on Oversight and Government Reform).
    SENATE REPORTS: No. 113-244 (Comm. on Homeland Security and Governmental
    Affairs) accompanying S. 2117.
    CONGRESSIONAL RECORD, Vol. 160 (2014):
    July 14, considered and passed House.
    Dec. 10, considered and passed Senate.