This bill lets amounts be moved electronically from an individual's account in the Thrift Savings Fund (TSP) to a qualified retirement plan at a brokerage firm if a transfer is otherwise allowed. The electronic transfer option takes effect one year after the bill becomes law. An individual must give the Executive Director of the Federal Retirement Thrift Investment Board the information needed to make the electronic transfer. The bill also requires the Executive Director, working with the Secretary of the Treasury, to send a report to Congress on implementing the electronic transfers one year after the bill becomes law. The bill defines "Thrift Savings Fund" by reference to 5 U.S.C. 8437 and "qualified retirement plan" by reference to section 4974(c) of the Internal Revenue Code.
If you have money in a TSP account and a transfer from TSP to a qualified retirement plan at a brokerage firm is already allowed for you, this bill would let that transfer be done electronically starting one year after enactment. You must provide the information the Executive Director needs to complete the electronic transfer. The bill does not change whether a transfer is permitted in the first place.
No publicly available information on fiscal costs or administrative expenses is in the bill text or metadata.
No publicly available information.
No publicly available information.