[United States Statutes at Large, Volume 131, 115th Congress, 1st Session]
[From the U.S. Government Publishing Office, www.gpo.gov]


Public Law 115-84
115th Congress

An Act


 
To amend title 5, United States Code, to provide for flexibility in
making withdrawals from a Thrift Savings Plan account, 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 ``TSP Modernization Act of 2017''.
SEC. 2. THRIFT SAVINGS PLAN ACCOUNT WITHDRAWAL FLEXIBILITY.

(a) Post-Separation Partial Withdrawals.--Section 8433(c) of title
5, United States Code, is amended--
(1) in paragraph (1)--
(A) by striking ``and who has not made a withdrawal
under subsection (h)(1)(A) may make one withdrawal'' and
inserting ``may make one or more withdrawals''; and
(B) by striking ``as a single payment'' and
inserting ``in the same manner as a single payment is
made''; and
(2) by adding at the end the following:

``(5) Withdrawals under this subsection shall be subject to such
other limitations or conditions as the Executive Director may prescribe
by regulation.''.
(b) Limitation on Return of Payment Relating to a Change in
Election.--Section 8433(d) of title 5, United States Code, is amended--
(1) in paragraph (1), by inserting ``, except that in the
case of an election to receive an annuity, a former employee or
Member may not change an election under this section on or after
the date on which an annuity contract is purchased to provide
for the annuity elected by the former employee or Member'' after
``this subchapter''; and
(2) in paragraph (2)--
(A) by striking ``change an'' and inserting ``return
a payment that was made pursuant to an''; and
(B) by striking ``on or after'' and all that follows
through ``the former employee or Member''.

(c) Elimination of Automatic Annuity in Absence of Election.--
Section 8433(f) of title 5, United States Code, is amended--
(1) by striking ``(1) Notwithstanding'' and inserting
``Notwithstanding'';
(2) by striking ``this paragraph'' and inserting ``this
subsection''; and
(3) by striking paragraph (2).

[[Page 1273]]

(d) Allowance of Multiple Age-Based In-Service Withdrawals.--Section
8433(h) of title 5, United States Code, is amended--
(1) by striking paragraph (2);
(2) by redesignating paragraphs (3), (4), and (5) as
paragraphs (2), (3), and (4), respectively; and
(3) in paragraph (3), as so redesignated, by inserting
``limitations or'' before ``conditions''.

(e) Technical Amendment.--Section 8432b(h)(2)(A) of title 5, United
States Code, is amended by striking ``section 8433(d), or paragraph (1)
or (2) of section 8433(h)'' and inserting ``subsection (d) or (f) of
section 8433''.
(f) <>  Regulations.--As soon
as is practicable, as determined by the Executive Director of the
Federal Retirement Thrift Investment Board, but not later than 2 years
after the date of enactment of this Act, the Executive Director shall
prescribe such regulations as are necessary to carry out the amendments
made by this section.

(g) <>  Effective Date.--The amendments
made by this section shall take effect on the date on which the
regulations prescribed under subsection (f) take effect.

Approved November 17, 2017.

LEGISLATIVE HISTORY--H.R. 3031 (S. 873):
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HOUSE REPORTS: No. 115-343 (Comm. on Oversight and Government Reform).
SENATE REPORTS: No. 115-183 (Comm. on Homeland Security and Governmental
Affairs) accompanying S. 873.
CONGRESSIONAL RECORD, Vol. 163 (2017):
Oct. 11, considered and passed House.
Nov. 6, considered and passed Senate.