Participants' Choices of TSP Funds, 68169 [2010-28000]

Agencies

• Federal Retirement Thrift Investment Board

[Federal Register Volume 75, Number 214 (Friday, November 5, 2010)]
[Rules and Regulations]
[Page 68169]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-28000]



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Rules and Regulations
                                                Federal Register
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Federal Register / Vol. 75, No. 214 / Friday, November 5, 2010 / 
Rules and Regulations

[[Page 68169]]



FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

5 CFR Part 1601


Participants' Choices of TSP Funds

AGENCY: Federal Retirement Thrift Investment Board.

ACTION: Correcting amendment.

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SUMMARY: This document contains a correction to a final regulation that 
amended the Thrift Savings Plan regulations, which was published in the 
Federal Register of June 1, 2005 (70 FR 32208).

DATES: Effective on November 5, 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 regulation that is the subject of this correction was 
published in the Federal Register on June 1, 2005 (70 FR 32208). As 
published, the final regulation contains an error or omission that may 
be misleading and needs to be clarified.
    Section 1601.32 of 5 CFR states that contribution allocations or 
interfund transfer requests received at or before 12 noon eastern time 
of any business day will ordinarily be posted that business day. 
However, TSP participant publications all state that contribution 
allocations or interfund transfer requests received before 12 noon 
eastern time of any business day will ordinarily be posted that 
business day. Although the likelihood of the Agency receiving a request 
precisely at noon is low, and the modifier ``ordinarily'' would afford 
the Agency the opportunity to process the transaction the next business 
day, this final rule corrects the erroneous language to make the 
regulation consistent with TSP participant publications.

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 in 5 CFR Part 1601

    Government employees, Pensions, Retirement.

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

0
Accordingly, 5 CFR part 1601 is corrected by making the following 
correcting amendment:

PART 1601--PARTICIPANTS' CHOICES OF TSP FUNDS

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1. The authority citation for part 1601 continues to read as follows:

    Authority:  5 U.S.C. 8351, 8438, 8474(b)(5) and (c)(1).


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2. Revise Sec.  1601.32(a)(1) to read as follows:


Sec.  1601.32  Timing and posting dates.

    (a) * * *
    (1) A transaction request entered into the TSP record keeping 
system by a participant who uses the TSP Web site or the ThriftLine, or 
by a TSP Service Office participant service representative at the 
participant's request, before 12 noon eastern time of any business day, 
will ordinarily be posted that business day. A transaction request 
entered into the system at or after 12 noon eastern time of any 
business day will ordinarily be posted on the next business day.
* * * * *
[FR Doc. 2010-28000 Filed 11-4-10; 8:45 am]
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