Employee Contribution Elections and Contribution Allocations; Methods of Withdrawing Funds From the Thrift Savings Plan, 24785 [2010-10700]

Agencies

• Federal Retirement Thrift Investment Board

[Federal Register Volume 75, Number 87 (Thursday, May 6, 2010)]
[Rules and Regulations]
[Page 24785]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-10700]



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Federal Register / Vol. 75, No. 87 / Thursday, May 6, 2010 / Rules 
and Regulations

[[Page 24785]]



FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

5 CFR Parts 1600 and 1650


Employee Contribution Elections and Contribution Allocations; 
Methods of Withdrawing Funds From the Thrift Savings Plan

AGENCY: Federal Retirement Thrift Investment Board.

ACTION: Correcting amendments.

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SUMMARY: This document contains corrections to final regulations, which 
were published in the Federal Register of June 14, 2003 (68 FR 35492) 
and April 25, 2005 (70 FR 21290). As published, the final regulations 
contain errors or omissions that may be misleading and need to be 
clarified.

DATES: Effective on May 6, 2010.

FOR FURTHER INFORMATION CONTACT: Laurissa Stokes at 202-942-1645.

SUPPLEMENTARY INFORMATION: The Agency administers the Thrift Savings 
Plan (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)).
    The final regulations that are the subject of these corrections 
were published in the Federal Register on June 14, 2003 (68 FR 35492) 
and April 25, 2005 (70 FR 21290). As published, the final regulations 
contain errors or omissions that may be misleading and need to be 
clarified.
    Section 1600.11 of 5 CFR contains a cross-reference to section 
1600.14 of 5 CFR. Instead it should cross-reference section 1600.12. 
This final rule corrects the erroneous cross-reference in Sec.  
1600.11.
    Section 1650.31(b) of 5 CFR contains a typographical error. This 
final rule amends the word ``tradition'' to read ``traditional.''

Regulatory Flexibility Act

    I certify that this regulation will not have a significant economic 
impact on a substantial number of small entities. This regulation will 
affect Federal employees and members of the uniformed services who 
participate in the Thrift Savings Plan, which is a Federal defined 
contribution retirement savings plan created under the Federal 
Employees' Retirement System Act of 1986 (FERSA), Public Law 99-335, 
100 Stat. 514, and which is administered by the Agency.

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 
section 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. 804(2).

List of Subjects

5 CFR Part 1600

    Government employees, Pensions, Retirement.

5 CFR Part 1650

    Alimony, Claims, Government employees, Pensions, Retirement.

Gregory T. Long,
Executive Director, Federal Retirement Thrift Investment Board.

0
Accordingly, 5 CFR parts 1600 and 1650 are corrected by making the 
following correcting amendments:

PART 1600--EMPLOYEE CONTRIBUTION ELECTIONS AND CONTRIBUTION 
ALLOCATIONS

0
1. The authority citation for part 1600 continues to read as follows:

    Authority: 5 U.S.C. 8351, 8432(a), 8432(b), 8432(c), 8432(j), 
8474(b)(5) and (c)(1), Thrift Savings Plan Enhancement Act of 2009, 
section 102.


0
2. Revise paragraph (a) of Sec.  1600.11 to read as follows:


Sec.  1600.11  Types of elections.

    (a) Contribution elections. A contribution election must be made 
pursuant to Sec.  1600.12 and includes the following types of 
elections:
    (1) To make employee contributions;
    (2) To change the amount of employee contributions; or
    (3) To terminate employee contributions.
* * * * *

PART 1650--METHODS OF WITHDRAWING FUNDS FROM THE THRIFT SAVINGS 
PLAN

0
3. The authority citation for part 1650 continues to read as follows:

    Authority: 5 U.S.C. 8351, 8433, 8434, 8435, 8474(b)(5), and 
8474(c)(1).


0
4. Revise paragraph (b) of Sec.  1650.31 to read as follows:


Sec.  1650.31  Age-based withdrawals.

* * * * *
    (b) An age-based withdrawal is an eligible rollover distribution, 
so a participant may request that the TSP transfer all or a portion of 
the withdrawal to a traditional IRA or an eligible employer plan.
* * * * *
[FR Doc. 2010-10700 Filed 5-5-10; 8:45 am]
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