Employee Contribution Election and Contribution Allocations; Correction of Administrative Errors; Availability of Records; Death Benefits; Loan Program; Thrift Savings Plan, 53413-53414 [E7-18463]
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Federal Register / Vol. 72, No. 181 / Wednesday, September 19, 2007 / Rules and Regulations
§ 553.202 Request for delegation of
authority to approve reemployment without
reduction or termination of annuity in
emergencies or other unusual
circumstances.
*
*
*
*
*
(b) * * *
(1) Description of the situations for
which authority is requested. The
situation must result from emergencies
posing immediate and direct threat to
life or property or from other unusual
circumstances.
*
*
*
*
*
I 5. Section 553.203 is revised to read
as follows:
§ 553.203 Status of individuals serving
without reduction.
Annuitants reemployed with full
salary and annuity under an exception
granted in accordance with this part are
not considered employees for purposes
of subchapter III of chapter 83 or
chapter 84 of title 5, United States Code.
They may not elect to have retirement
contributions withheld from their pay;
they may not use any employment for
which an exception is granted as a basis
for a supplemental or recomputed
annuity; and they may not participate in
the Thrift Savings Plan.
[FR Doc. E7–18377 Filed 9–18–07; 8:45 am]
BILLING CODE 6325–39–P
FEDERAL RETIREMENT THRIFT
INVESTMENT BOARD
5 CFR Parts 1600, 1605, 1631, 1651,
1655 and 1690
Employee Contribution Election and
Contribution Allocations; Correction of
Administrative Errors; Availability of
Records; Death Benefits; Loan
Program; Thrift Savings Plan
Federal Retirement Thrift
Investment Board
ACTION: Final rule.
yshivers on PROD1PC66 with RULES
AGENCY:
SUMMARY: The Federal Retirement Thrift
Investment Board (Agency) is amending
the Thrift Savings Plan (TSP)
regulations to provide additional means
to verify that an amount is eligible for
rollover to the TSP as authorized by the
Treasury Regulations interpreting I.R.C.
401(a)(31), to provide that the
procedures applicable to an employee
who was misclassified as either CSRS or
FERS and the retirement system is
corrected to FICA also apply to an
employee who elects retroactive nonappropriated fund retirement coverage,
and to provide that it will authenticate
records in a manner consistent with
Federal law and regulations. The
VerDate Aug<31>2005
16:34 Sep 18, 2007
Jkt 211001
Agency is also amending the TSP
regulations to provide that it will allow
a non-spouse beneficiary to transfer a
death benefit payment to an inherited
IRA as authorized by the Pension
Protection Act of 2006, to provide that
a bankruptcy court now lacks
jurisdiction over a TSP loan as provided
in the Bankruptcy Abuse and Consumer
Protection Act of 2005, and to eliminate
examples of general and special powers
of attorney (some of which are no longer
acceptable to the Agency) and, instead,
direct participants to a sample form at
the TSP Web site.
DATES: Effective September 19, 2007.
FOR FURTHER INFORMATION CONTACT:
Megan Graziano on (202) 942–1644.
SUPPLEMENTARY INFORMATION: The
Agency administers the TSP, which was
established by the Federal Employees’
Retirement System Act of 1986
(FERSA), Public Law 99–335, 100 Stat.
514. The TSP provisions of FERSA are
codified, as amended, largely at 5 U.S.C.
8351 and 8401–79. The TSP is a taxdeferred retirement savings plan for
Federal civilian employees and
members of the uniformed services. The
TSP is similar to cash or deferred
arrangements established for privatesector employees under section 401(k)
of the Internal Revenue Code (26 U.S.C.
401(k)).
On August 10, 2007, the Agency
published proposed rules with request
for comments in the Federal Register
(72 FR 44982). The Agency received one
comment which stated that the Agency
should accept any power of attorney
that is properly executed and verifiable
and that the Agency should not
encourage the use of general powers of
attorney. The Agency agrees and
believes that this is consistent with the
intent of the proposed rule. The
remainder of this comment dealt with
matters outside the scope of the
proposed rule change. Therefore, the
Executive Director is publishing the
proposed rules as final without change.
Regulatory Flexibility Act
53413
653, 1501–1571, the effects of this
regulation on State, local, and tribal
governments and the private sector have
been assessed. This regulation will not
compel the expenditure in any one year
of $100 million or more by State, local,
and tribal governments, in the aggregate,
or by the private sector. Therefore, a
statement under § 1532 is not required.
Submission to Congress and the
Government Accountability Office
Pursuant to 5 U.S.C. 810(a)(1)(A), the
Agency submitted a report containing
this rule and other required information
to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller
General of the United States before
publication of this rule in the Federal
Register. This rule is not a major rule as
defined at 5 U.S.C. 814(2).
List of Subjects
5 CFR Parts 1600, 1690
Government employees, Pensions,
Retirement.
5 CFR Parts 1605, 1651
Claims, Government employees,
Pensions, Retirement.
5 CFR Part 1631
Courts, Freedom of information,
Government employees.
5 CFR Part 1655
Credit, Government employees,
Pensions, Retirement.
Gregory T. Long,
Executive Director, Federal Retirement Thrift
Investment Board.
For the reasons set forth in the
preamble, the Agency is amending 5
CFR chapter VI as follows:
I
PART 1600—EMPLOYEE
CONTRIBUTION ELECTIONS AND
CONTRIBUTION
1. The authority citation for part 1600
continues to read as follows:
I
Authority: 5 U.S.C. 8351, 8432(a),
8432(b)(1)(A), 8432(j), 8474(b)(5) and (c)(1).
I certify that these regulations will not
have a significant economic impact on
a substantial number of small entities.
They will affect only employees of the
Federal Government.
I
Paperwork Reduction Act
§ 1600.32 Methods for transferring eligible
rollover distribution to TSP.
I certify that these regulations do not
require additional reporting under the
criteria of the Paperwork Reduction Act.
Unfunded Mandates Reform Act of
1995
Pursuant to the Unfunded Mandates
Reform Act of 1995, 2 U.S.C. 602, 632,
PO 00000
Frm 00003
Fmt 4700
Sfmt 4700
2. Amend § 1600.32 by removing the
second sentence of paragraph (a) and
adding two sentences in its place, and
revising paragraph (b)(2) to read as
follows:
*
*
*
*
*
(a) * * * The administrator or trustee
must either complete the appropriate
section of the form and forward the
completed form and the distribution to
the TSP record keeper or the Agency
must receive sufficient evidence from
E:\FR\FM\19SER1.SGM
19SER1
53414
Federal Register / Vol. 72, No. 181 / Wednesday, September 19, 2007 / Rules and Regulations
which to reasonably conclude that a
contribution is a valid rollover
contribution. By way of example,
sufficient evidence to conclude a
contribution is a valid rollover
contribution includes a copy of the
plan’s determination letter, a letter or
other statement from the plan indicating
that it is an eligible retirement plan, a
check indicating that the contribution is
a direct rollover or a tax notice from the
plan to the participant indicating that
the participant could receive a rollover
from the plan.
(b) * * *
(2) The administrator or trustee must
either complete the appropriate section
of the form and forward the completed
form and the distribution to the TSP
record keeper or the Agency must
receive sufficient evidence from which
to reasonably conclude that a
contribution is a valid rollover
contribution. By way of example,
sufficient evidence to conclude a
contribution is a valid rollover
contribution includes a copy of the
plan’s determination letter, a letter or
other statement from the plan indicating
that it is an eligible retirement plan, a
check indicating that the contribution is
a direct rollover or a tax notice from the
plan to the participant indicating that
the participant could receive a rollover
from the plan.
*
*
*
*
*
PART 1605—CORRECTION OF
ADMINISTRATIVE ERRORS
3. The authority citation for part 1605
is revised to read as follows:
I
Authority: 5 U.S.C. 8351, 8432a, and
8474(b)(5)(5) and (c)(1). Subpart B also issued
under section 1043(b) of Public Law 104–
106, 110 Stat. 186 and sec. 7202(m)(2) of
Public Law 101–508, 104 Stat. 1388.
4. Section 1605.14 is amended by
revising the third sentence of paragraph
(a)(1), revising paragraph (c)(2) and
adding paragraph (e) to read as follows:
I
yshivers on PROD1PC66 with RULES
§ 1605.14 Misclassified retirement system
coverage.
(a) * * *
(1) * * * If the participant requests a
refund of employee contributions, the
employing agency must submit a
negative adjustment record to remove
these funds under the procedure
described in § 1605.12.
*
*
*
*
*
(c) * * *
(2) Employer contributions in the
account are subject to the rules in
paragraph (a)(2) of this section.
*
*
*
*
*
(e) The provisions of paragraph (c) of
this section shall apply to any TSP
VerDate Aug<31>2005
15:05 Sep 18, 2007
Jkt 211001
contributions relating to a period for
which an employee elects retroactive
Nonappropriated Fund retirement
coverage.
PART 1631—AVAILABILITY OF
RECORDS
5. The authority citation for part 1631
continues to read as follows:
I
[Amended]
I 11. In § 1655.15 ‘‘or’’ is added to the
end of paragraph (a)(5), a period
replaces the semicolon at the end of
paragraph (a)(6), ‘‘or’’ is removed from
the end of paragraph (a)(6), and
paragraph (a)(7) is removed.
PART 1690—THRIFT SAVINGS PLANS
12. The authority citation for part
1690 continues to read as follows:
I
Authority: 5 U.S.C. 552.
I
§ 1655.15
6. Add § 1631.34 to read as follows:
§ 1631.34 Certification and authentication
of records.
(a) Upon request, the records
custodian or other qualified individual
shall authenticate copies of books,
records, papers, writings, and
documents by attaching a written
declaration that complies with current
Federal Rules of Evidence. No seal or
notarization shall be required. Copies of
any books, records, papers, or other
documents in the Federal Retirement
Thrift Investment Board shall be
admitted in evidence equally with the
originals thereof when authenticated in
this manner.
(b) Fees for copying and certification
are set forth in 5 CFR 1630.16.
PART 1651—DEATH BENEFITS
Authority: 5 U.S.C. 8474.
13. Amend § 1690.12 by revising the
second sentence in paragraph (b) and
the third sentence in paragraph (c) to
read as follows:
I
§ 1690.12
Power of attorney.
*
*
*
*
*
(b) * * * Additional information
regarding general powers of attorney can
be accessed at https://www.tsp.gov.
(c) * * * Additional information
regarding special powers of attorney, as
well as a sample form, can be accessed
at https://www.tsp.gov.
[FR Doc. E7–18463 Filed 9–18–07; 8:45 am]
BILLING CODE 6760–01–P
DEPARTMENT OF HOMELAND
SECURITY
7. The authority citation for part 1651
continues to read as follows:
U.S. Customs and Border Protection
Authority: 5 U.S.C. 8424] (d), 8432(j),
8433(e), 8435(c)(2), 8474(b)(5) and 8474
(c)(1).
19 CFR Part 12
I
[CBP Dec. 07–77; USCBP–2007–0075]
RIN 1505–AB86
8. In § 1651.14, redesignate
paragraphs (g) and (h) as paragraphs (h)
and (i), and add new paragraph (g) to
read as follows:
Extension of Import Restrictions
Imposed on Archaeological Material
from Mali
§ 1651.14
AGENCIES:
I
How payment is made.
*
*
*
*
*
(g) Payment to inherited IRA on
behalf of a non-spouse beneficiary. If
payment is to an inherited IRA on
behalf of a non-spouse beneficiary, the
check will be made payable to the
account. Information pertaining to the
inherited IRA must be submitted by the
IRA trustee.
*
*
*
*
*
PART 1655—LOAN PROGRAM
9. The authority citation for part 1655
continues to read as follows:
I
Authority: 5 U.S.C. 8433(g), 8439(a)(3) and
8474.
§ 1655.14
[Amended]
10. In § 1655.14, the third sentence of
paragraph (a) is removed.
I
PO 00000
Frm 00004
Fmt 4700
Sfmt 4700
U.S. Customs and Border
Protection, Department of Homeland
Security; Department of the Treasury.
ACTION: Final rule.
SUMMARY: This document amends U.S.
Customs and Border Protection (CBP)
regulations to reflect both continuing
and new import restrictions on certain
archaeological material from Mali.
Import restrictions that were previously
imposed by Treasury Decision (T.D.)
97–80 and extended by T.D. 02–55, that
are due to expire on September 19,
2007, are extended. The Acting
Assistant Secretary for Educational and
Cultural Affairs, United States
Department of State, has made the
requisite determination for the
extension of import restrictions that
previously existed and for amending the
agreement so that it applies also to
material from archaeological sites
E:\FR\FM\19SER1.SGM
19SER1
]]>Agencies
[Federal Register Volume 72, Number 181 (Wednesday, September 19, 2007)]
[Rules and Regulations]
[Pages 53413-53414]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-18463]
=======================================================================
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FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
5 CFR Parts 1600, 1605, 1631, 1651, 1655 and 1690
Employee Contribution Election and Contribution Allocations;
Correction of Administrative Errors; Availability of Records; Death
Benefits; Loan Program; Thrift Savings Plan
AGENCY: Federal Retirement Thrift Investment Board
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Federal Retirement Thrift Investment Board (Agency) is
amending the Thrift Savings Plan (TSP) regulations to provide
additional means to verify that an amount is eligible for rollover to
the TSP as authorized by the Treasury Regulations interpreting I.R.C.
401(a)(31), to provide that the procedures applicable to an employee
who was misclassified as either CSRS or FERS and the retirement system
is corrected to FICA also apply to an employee who elects retroactive
non-appropriated fund retirement coverage, and to provide that it will
authenticate records in a manner consistent with Federal law and
regulations. The Agency is also amending the TSP regulations to provide
that it will allow a non-spouse beneficiary to transfer a death benefit
payment to an inherited IRA as authorized by the Pension Protection Act
of 2006, to provide that a bankruptcy court now lacks jurisdiction over
a TSP loan as provided in the Bankruptcy Abuse and Consumer Protection
Act of 2005, and to eliminate examples of general and special powers of
attorney (some of which are no longer acceptable to the Agency) and,
instead, direct participants to a sample form at the TSP Web site.
DATES: Effective September 19, 2007.
FOR FURTHER INFORMATION CONTACT: Megan Graziano on (202) 942-1644.
SUPPLEMENTARY INFORMATION: The Agency administers the TSP, which was
established by the Federal Employees' Retirement System Act of 1986
(FERSA), Public Law 99-335, 100 Stat. 514. The TSP provisions of FERSA
are codified, as amended, largely at 5 U.S.C. 8351 and 8401-79. The TSP
is a tax-deferred retirement savings plan for Federal civilian
employees and members of the uniformed services. The TSP is similar to
cash or deferred arrangements established for private-sector employees
under section 401(k) of the Internal Revenue Code (26 U.S.C. 401(k)).
On August 10, 2007, the Agency published proposed rules with
request for comments in the Federal Register (72 FR 44982). The Agency
received one comment which stated that the Agency should accept any
power of attorney that is properly executed and verifiable and that the
Agency should not encourage the use of general powers of attorney. The
Agency agrees and believes that this is consistent with the intent of
the proposed rule. The remainder of this comment dealt with matters
outside the scope of the proposed rule change. Therefore, the Executive
Director is publishing the proposed rules as final without change.
Regulatory Flexibility Act
I certify that these regulations will not have a significant
economic impact on a substantial number of small entities. They will
affect only employees of the Federal Government.
Paperwork Reduction Act
I certify that these regulations do not require additional
reporting under the criteria of the Paperwork Reduction Act.
Unfunded Mandates Reform Act of 1995
Pursuant to the Unfunded Mandates Reform Act of 1995, 2 U.S.C. 602,
632, 653, 1501-1571, the effects of this regulation on State, local,
and tribal governments and the private sector have been assessed. This
regulation will not compel the expenditure in any one year of $100
million or more by State, local, and tribal governments, in the
aggregate, or by the private sector. Therefore, a statement under Sec.
1532 is not required.
Submission to Congress and the Government Accountability Office
Pursuant to 5 U.S.C. 810(a)(1)(A), the Agency submitted a report
containing this rule and other required information to the U.S. Senate,
the U.S. House of Representatives, and the Comptroller General of the
United States before publication of this rule in the Federal Register.
This rule is not a major rule as defined at 5 U.S.C. 814(2).
List of Subjects
5 CFR Parts 1600, 1690
Government employees, Pensions, Retirement.
5 CFR Parts 1605, 1651
Claims, Government employees, Pensions, Retirement.
5 CFR Part 1631
Courts, Freedom of information, Government employees.
5 CFR Part 1655
Credit, Government employees, Pensions, Retirement.
Gregory T. Long,
Executive Director, Federal Retirement Thrift Investment Board.
0
For the reasons set forth in the preamble, the Agency is amending 5 CFR
chapter VI as follows:
PART 1600--EMPLOYEE CONTRIBUTION ELECTIONS AND CONTRIBUTION
0
1. The authority citation for part 1600 continues to read as follows:
Authority: 5 U.S.C. 8351, 8432(a), 8432(b)(1)(A), 8432(j),
8474(b)(5) and (c)(1).
0
2. Amend Sec. 1600.32 by removing the second sentence of paragraph (a)
and adding two sentences in its place, and revising paragraph (b)(2) to
read as follows:
Sec. 1600.32 Methods for transferring eligible rollover distribution
to TSP.
* * * * *
(a) * * * The administrator or trustee must either complete the
appropriate section of the form and forward the completed form and the
distribution to the TSP record keeper or the Agency must receive
sufficient evidence from
[[Page 53414]]
which to reasonably conclude that a contribution is a valid rollover
contribution. By way of example, sufficient evidence to conclude a
contribution is a valid rollover contribution includes a copy of the
plan's determination letter, a letter or other statement from the plan
indicating that it is an eligible retirement plan, a check indicating
that the contribution is a direct rollover or a tax notice from the
plan to the participant indicating that the participant could receive a
rollover from the plan.
(b) * * *
(2) The administrator or trustee must either complete the
appropriate section of the form and forward the completed form and the
distribution to the TSP record keeper or the Agency must receive
sufficient evidence from which to reasonably conclude that a
contribution is a valid rollover contribution. By way of example,
sufficient evidence to conclude a contribution is a valid rollover
contribution includes a copy of the plan's determination letter, a
letter or other statement from the plan indicating that it is an
eligible retirement plan, a check indicating that the contribution is a
direct rollover or a tax notice from the plan to the participant
indicating that the participant could receive a rollover from the plan.
* * * * *
PART 1605--CORRECTION OF ADMINISTRATIVE ERRORS
0
3. The authority citation for part 1605 is revised to read as follows:
Authority: 5 U.S.C. 8351, 8432a, and 8474(b)(5)(5) and (c)(1).
Subpart B also issued under section 1043(b) of Public Law 104-106,
110 Stat. 186 and sec. 7202(m)(2) of Public Law 101-508, 104 Stat.
1388.
0
4. Section 1605.14 is amended by revising the third sentence of
paragraph (a)(1), revising paragraph (c)(2) and adding paragraph (e) to
read as follows:
Sec. 1605.14 Misclassified retirement system coverage.
(a) * * *
(1) * * * If the participant requests a refund of employee
contributions, the employing agency must submit a negative adjustment
record to remove these funds under the procedure described in Sec.
1605.12.
* * * * *
(c) * * *
(2) Employer contributions in the account are subject to the rules
in paragraph (a)(2) of this section.
* * * * *
(e) The provisions of paragraph (c) of this section shall apply to
any TSP contributions relating to a period for which an employee elects
retroactive Nonappropriated Fund retirement coverage.
PART 1631--AVAILABILITY OF RECORDS
0
5. The authority citation for part 1631 continues to read as follows:
Authority: 5 U.S.C. 552.
0
6. Add Sec. 1631.34 to read as follows:
Sec. 1631.34 Certification and authentication of records.
(a) Upon request, the records custodian or other qualified
individual shall authenticate copies of books, records, papers,
writings, and documents by attaching a written declaration that
complies with current Federal Rules of Evidence. No seal or
notarization shall be required. Copies of any books, records, papers,
or other documents in the Federal Retirement Thrift Investment Board
shall be admitted in evidence equally with the originals thereof when
authenticated in this manner.
(b) Fees for copying and certification are set forth in 5 CFR
1630.16.
PART 1651--DEATH BENEFITS
0
7. The authority citation for part 1651 continues to read as follows:
Authority: 5 U.S.C. 8424] (d), 8432(j), 8433(e), 8435(c)(2),
8474(b)(5) and 8474 (c)(1).
0
8. In Sec. 1651.14, redesignate paragraphs (g) and (h) as paragraphs
(h) and (i), and add new paragraph (g) to read as follows:
Sec. 1651.14 How payment is made.
* * * * *
(g) Payment to inherited IRA on behalf of a non-spouse beneficiary.
If payment is to an inherited IRA on behalf of a non-spouse
beneficiary, the check will be made payable to the account. Information
pertaining to the inherited IRA must be submitted by the IRA trustee.
* * * * *
PART 1655--LOAN PROGRAM
0
9. The authority citation for part 1655 continues to read as follows:
Authority: 5 U.S.C. 8433(g), 8439(a)(3) and 8474.
Sec. 1655.14 [Amended]
0
10. In Sec. 1655.14, the third sentence of paragraph (a) is removed.
Sec. 1655.15 [Amended]
0
11. In Sec. 1655.15 ``or'' is added to the end of paragraph (a)(5), a
period replaces the semicolon at the end of paragraph (a)(6), ``or'' is
removed from the end of paragraph (a)(6), and paragraph (a)(7) is
removed.
PART 1690--THRIFT SAVINGS PLANS
0
12. The authority citation for part 1690 continues to read as follows:
Authority: 5 U.S.C. 8474.
0
13. Amend Sec. 1690.12 by revising the second sentence in paragraph
(b) and the third sentence in paragraph (c) to read as follows:
Sec. 1690.12 Power of attorney.
* * * * *
(b) * * * Additional information regarding general powers of
attorney can be accessed at https://www.tsp.gov.
(c) * * * Additional information regarding special powers of
attorney, as well as a sample form, can be accessed at https://
www.tsp.gov.
[FR Doc. E7-18463 Filed 9-18-07; 8:45 am]
BILLING CODE 6760-01-P
