Federal Retirement Thrift Investment Board May 26, 2011 – Federal Register Recent Federal Regulation Documents

Court Orders and Legal Processes Affecting Thrift Savings Plan Accounts
Document Number: 2011-13011
Type: Rule
Date: 2011-05-26
Agency: Federal Retirement Thrift Investment Board, Agencies and Commissions
The Federal Retirement Thrift Investment Board (Agency) is amending its regulations at 5 CFR part 1653. Based on the Agency's memorandum of understanding and data match program with the Department of Health and Human Services, Administration for Children and Families, Federal Office of Child Support Enforcement (OCSE), as well as a legislative amendment which subjects TSP accounts to orders issued pursuant to the Mandatory Victims Restitution Act (MVRA), the Agency's court order volume has significantly increased and will likely continue to increase significantly. In order to promote efficiency and equity in light of this current and likely future increase in the Agency's court order workload, the Agency is amending its regulations to shorten the time period in which child support orders and MVRA orders are payable. The amendments clarify that these payments are subject to Federal income tax withholding and that tax withholding cannot be waived. Further, the amendments provide that when payment of a qualifying retirement benefits order is to be made to a participant's current or former spouse, the payee may request to have the payment made as early as 30 days after the date of the TSP decision letter. The Agency considers these amendments to be procedural in character. As a result, no notice and comment period is required by the Administrative Procedure Act. See 5 U.S.C. 553(b)(A).
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