CRS Report – Federal Employees’ Retirement System: Legislation Enacted in the 111th Congress

by Sabrina I. Pacifici on November 13, 2009

Federal Employees’ Retirement System: Legislation Enacted in the 111th Congress, Patrick Purcell, Specialist in Income Security, November 12, 2009: “On June 22, 2009, President Barack Obama signed into law H.R. 1256, the Family Smoking
Prevention and Tobacco Control Act of 2009 (P.L. 111-31). Title I of Division B of H.R. 1256 is the “Thrift Savings Plan Enhancement Act of 2009”. Among other provisions, P.L. 111-31:

  • provides for newly hired federal employees to be enrolled automatically in the Thrift Savings Plan (TSP) at a default contribution rate of 3% of pay;

  • requires the Federal Retirement Thrift Investment Board to establish within the TSP a qualified Roth contribution program that provides for after-tax contributions and tax-free distributions;
  • gives the Federal Retirement Thrift Investment Board authority to include mutual fund investment options in the TSP;
  • requires the Thrift Board to submit to Congress an annual report that includes demographic information about TSP participants and fund managers…”

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