Default Investment Fund, 52173-52174 [2015-21302]

Download as PDF 52173 Rules and Regulations Federal Register Vol. 80, No. 167 Friday, August 28, 2015 This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. Prices of new books are listed in the first FEDERAL REGISTER issue of each week. Paperwork Reduction Act I certify that these regulations do not require additional reporting under the criteria of the Paperwork Reduction Act. FEDERAL RETIREMENT THRIFT INVESTMENT BOARD Unfunded Mandates Reform Act of 1995 5 CFR Parts 1600, 1601, and 1651 Default Investment Fund Federal Retirement Thrift Investment Board. ACTION: Final rule. AGENCY: The Federal Retirement Thrift Investment Board (Agency) is amending its regulations to change the default investment fund for certain participants in the Thrift Savings Plan (TSP). DATES: This rule is effective September 5, 2015. FOR FURTHER INFORMATION CONTACT: Austen Townsend at (202) 864–8647. 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, members of the uniformed services, and spouse beneficiaries. 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 July 13, 2015, the Agency published a proposed rule with request for comments in the Federal Register (80 FR 39974, July 13, 2015). The Agency received no comments and, therefore, is publishing the proposed rule as final without change. Lhorne on DSK5TPTVN1PROD with RULES SUMMARY: 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 civilian employees and spouse beneficiaries who participate in the VerDate Sep<11>2014 12:56 Aug 27, 2015 Jkt 235001 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. 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 General Accounting 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. The rule is not a major rule as defined in 5 U.S.C. 804(2). List of Subjects in 5 CFR Parts 1600, 1601, and 1651 Government employees, Pensions, Retirement. Gregory T. Long, Executive Director, Federal Retirement Thrift Investment Board. For the reasons stated in the preamble, the Agency amends 5 CFR chapter VI as follows: PART 1600—EMPLOYEE CONTRIBUTION ELECTIONS, CONTRIBUTION ALLOCATIONS, AND AUTOMATIC ENROLLMENT PROGRAM 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), 8432d, 8474(b)(5) and (c)(1). PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 2. Amend § 1600.37 by revising the heading, the introductory text, and paragraphs (c) and (d), and by adding paragraph (e) to read as follows: ■ § 1600.37 Notice. The Board shall furnish all new employees and all rehired employees covered by the automatic enrollment program a notice that accurately describes: * * * * * (c) The fund in which the default employee and agency contributions will be invested unless the employee makes a contribution allocation; (d) The employee’s ability to request a refund of any default employee contributions (adjusted for allocable gains and losses) and the procedure to request such a refund; and (e) That an investment in any fund other than the G Fund is made at the employee’s risk, that the employee is not protected by the United States Government or the Board against any loss on the investment, and that neither the United States Government nor the Board guarantees any return on the investment. PART 1601—PARTICIPANTS’ CHOICES OF TSP FUNDS 3. The authority citation for part 1601 continues to read as follows: ■ Authority: 5 U.S.C. 8351, 8432d, 8438, 8474(b)(5) and (c)(1). 4. Amend § 1601.13, by revising paragraphs (a)(3) and (4), redesignating paragraph (a)(5) as (a)(6) and revising it, and adding a new paragraph (a)(5) to read as follows: ■ § 1601.13 Elections. (a) * * * (3) A uniformed services participant or a participant enrolled prior to September 5, 2015 who elects for the first time to invest in a TSP Fund other than the G Fund must execute an acknowledgement of risk in accordance with § 1601.33; (4) All deposits made on behalf of a participant enrolled prior to September 5, 2015 or a uniformed services participant who does not have a contribution allocation in effect will be invested in the G Fund. A participant who is enrolled prior to September 5, 2015 and subsequently rehired on or after September 5, 2015 and has a E:\FR\FM\28AUR1.SGM 28AUR1 52174 Federal Register / Vol. 80, No. 167 / Friday, August 28, 2015 / Rules and Regulations positive account balance will be considered enrolled prior to September 5, 2015 for purposes of this paragraph; (5) All deposits made on behalf of a participant first enrolled on or after September 5, 2015 who does not have a contribution allocation in effect will be invested in the age-appropriate TSP Lifecycle Fund; and (6) Once a contribution allocation becomes effective, it remains in effect until it is superseded by a subsequent contribution allocation or the participant’s account balance is reduced to zero. If a rehired participant has a positive account balance and a contribution allocation in effect, then the participant’s contribution allocation will remain in effect until a new allocation is made. If, however, the participant has a zero account balance, then the participant’s contributions will be allocated to the age-appropriate TSP Lifecycle Fund until a new allocation is made. * * * * * § 1601.22 [Amended] 5. Amend § 1601.22 by removing paragraph (a)(3). ■ 6. Amend § 1601.33 by revising the first sentence of paragraph (a), to read as follows: ■ § 1601.33 Establishment of FOIA Fee Schedule. PART 1651—DEATH BENEFITS ACTION: 7. The authority citation for part 1651 continues to read as follows: SUMMARY: ■ Authority: 5 U.S.C. 8424(d), 8432d, 8432(j), 8433(e), 8435(c)(2), 8474(b)(5) and 8474(c)(1). 8. Amend § 1651.2 by revising the last sentence of paragraph (d) to read as follows: ■ § 1651.2 Entitlement to funds in a deceased participant’s account. * * * * * (d) * * * The account will accrue earnings at the G Fund rate in accordance with 5 CFR part 1645 until it is paid out or a beneficiary participant account is established under this part. ■ 3. Amend § 1651.19, by revising the first sentence of paragraph (a) to read as follows: § 1651.19 Beneficiary participant accounts. * * * * * (a) * * * Regardless of the allocation of the deceased participant’s account balance at the time of his or her death, each beneficiary participant account, once established, will be allocated 100 percent to the age-appropriate TSP Lifecycle Fund based on the beneficiary participant’s date of birth. * * * * * * * * [FR Doc. 2015–21302 Filed 8–27–15; 8:45 am] BILLING CODE 6760–01–P The Defense Nuclear Facilities Safety Board is publishing its Freedom of Information Act (FOIA) Fee Schedule Update pursuant to the Board’s regulations. DATES: Effective September 1, 2015. FOR FURTHER INFORMATION CONTACT: Mark T. Welch, General Manager, Defense Nuclear Facilities Safety Board, 625 Indiana Avenue NW., Suite 700, Washington, DC 20004–2901, (202) 694– 7060. The FOIA requires each Federal agency covered by the Act to specify a schedule of fees applicable to processing of requests for agency records. 5 U.S.C. 552(a)(4)(A)(i). On July 9, 2015 the Board published for comment in the Federal Register its Proposed FOIA Fee Schedule, 80 FR 39389. No comments were received in response to that notice, and the Board is now establishing the Fee Schedule. SUPPLEMENTARY INFORMATION: Pursuant to 10 CFR 1703.107(b)(6) of the Board’s regulations, the Board’s General Manager will update the FOIA Fee Schedule once every 12 months. The previous Fee Schedule Update went into effect on June 1, 2014. 79 FR 31848. Board Action Acknowledgement of risk. (a) A uniformed services participant or a participant enrolled prior to September 5, 2015 who wants to invest in a TSP Fund other than the G Fund must execute an acknowledgement of risk for that fund. * * * * * * * * DEFENSE NUCLEAR FACILITIES SAFETY BOARD 10 CFR Part 1703 Accordingly, the Board issues the following schedule of updated fees for services performed in response to FOIA requests: FOIA Fee Schedule Update Defense Nuclear Facilities Safety Board. AGENCY: DEFENSE NUCLEAR FACILITIES SAFETY BOARD SCHEDULE OF FEES FOR FOIA SERVICES [Implementing 10 CFR 1703.107(b)(6)] Search or Review Charge ........................................................................ Copy Charge (paper) ................................................................................ Lhorne on DSK5TPTVN1PROD with RULES Electronic Media ....................................................................................... Copy Charge (audio and video cassette) ................................................ Duplication of DVD ................................................................................... Copy Charge for large documents (e.g., maps, diagrams) ..................... $85.00 per hour. $.05 per page, if done in-house, or generally available commercial rate approximately $.10 per page). $5.00 per electronic media. Actual commercial rates. $25.00 for each individual DVD; $16.50 for each duplicate DVD. Actual commercial rates. Dated: August 21, 2015. Mark T. Welch, General Manager. [FR Doc. 2015–21413 Filed 8–27–15; 8:45 am] BILLING CODE 3670–01–P VerDate Sep<11>2014 15:49 Aug 27, 2015 Jkt 235001 PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 E:\FR\FM\28AUR1.SGM 28AUR1

Agencies

[Federal Register Volume 80, Number 167 (Friday, August 28, 2015)]
[Rules and Regulations]
[Pages 52173-52174]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-21302]



========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 
Prices of new books are listed in the first FEDERAL REGISTER issue of each 
week.

========================================================================


Federal Register / Vol. 80, No. 167 / Friday, August 28, 2015 / Rules 
and Regulations

[[Page 52173]]



FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

5 CFR Parts 1600, 1601, and 1651


Default Investment Fund

AGENCY: Federal Retirement Thrift Investment Board.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: The Federal Retirement Thrift Investment Board (Agency) is 
amending its regulations to change the default investment fund for 
certain participants in the Thrift Savings Plan (TSP).

DATES: This rule is effective September 5, 2015.

FOR FURTHER INFORMATION CONTACT: Austen Townsend at (202) 864-8647.

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, members of the uniformed services, and spouse beneficiaries. 
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 July 13, 2015, the Agency published a proposed rule with request 
for comments in the Federal Register (80 FR 39974, July 13, 2015). The 
Agency received no comments and, therefore, is publishing the proposed 
rule as final without change.

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 civilian employees and spouse beneficiaries 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 General Accounting 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. 
The rule is not a major rule as defined in 5 U.S.C. 804(2).

List of Subjects in 5 CFR Parts 1600, 1601, and 1651

    Government employees, Pensions, Retirement.

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

    For the reasons stated in the preamble, the Agency amends 5 CFR 
chapter VI as follows:

PART 1600--EMPLOYEE CONTRIBUTION ELECTIONS, CONTRIBUTION 
ALLOCATIONS, AND AUTOMATIC ENROLLMENT PROGRAM

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), 
8432d, 8474(b)(5) and (c)(1).


0
2. Amend Sec.  1600.37 by revising the heading, the introductory text, 
and paragraphs (c) and (d), and by adding paragraph (e) to read as 
follows:


Sec.  1600.37  Notice.

    The Board shall furnish all new employees and all rehired employees 
covered by the automatic enrollment program a notice that accurately 
describes:
* * * * *
    (c) The fund in which the default employee and agency contributions 
will be invested unless the employee makes a contribution allocation;
    (d) The employee's ability to request a refund of any default 
employee contributions (adjusted for allocable gains and losses) and 
the procedure to request such a refund; and
    (e) That an investment in any fund other than the G Fund is made at 
the employee's risk, that the employee is not protected by the United 
States Government or the Board against any loss on the investment, and 
that neither the United States Government nor the Board guarantees any 
return on the investment.

PART 1601--PARTICIPANTS' CHOICES OF TSP FUNDS

0
3. The authority citation for part 1601 continues to read as follows:

    Authority: 5 U.S.C. 8351, 8432d, 8438, 8474(b)(5) and (c)(1).


0
4. Amend Sec.  1601.13, by revising paragraphs (a)(3) and (4), 
redesignating paragraph (a)(5) as (a)(6) and revising it, and adding a 
new paragraph (a)(5) to read as follows:


Sec.  1601.13  Elections.

    (a) * * *
    (3) A uniformed services participant or a participant enrolled 
prior to September 5, 2015 who elects for the first time to invest in a 
TSP Fund other than the G Fund must execute an acknowledgement of risk 
in accordance with Sec.  1601.33;
    (4) All deposits made on behalf of a participant enrolled prior to 
September 5, 2015 or a uniformed services participant who does not have 
a contribution allocation in effect will be invested in the G Fund. A 
participant who is enrolled prior to September 5, 2015 and subsequently 
rehired on or after September 5, 2015 and has a

[[Page 52174]]

positive account balance will be considered enrolled prior to September 
5, 2015 for purposes of this paragraph;
    (5) All deposits made on behalf of a participant first enrolled on 
or after September 5, 2015 who does not have a contribution allocation 
in effect will be invested in the age-appropriate TSP Lifecycle Fund; 
and
    (6) Once a contribution allocation becomes effective, it remains in 
effect until it is superseded by a subsequent contribution allocation 
or the participant's account balance is reduced to zero. If a rehired 
participant has a positive account balance and a contribution 
allocation in effect, then the participant's contribution allocation 
will remain in effect until a new allocation is made. If, however, the 
participant has a zero account balance, then the participant's 
contributions will be allocated to the age-appropriate TSP Lifecycle 
Fund until a new allocation is made.
* * * * *


Sec.  1601.22  [Amended]

0
5. Amend Sec.  1601.22 by removing paragraph (a)(3).

0
6. Amend Sec.  1601.33 by revising the first sentence of paragraph (a), 
to read as follows:


Sec.  1601.33  Acknowledgement of risk.

    (a) A uniformed services participant or a participant enrolled 
prior to September 5, 2015 who wants to invest in a TSP Fund other than 
the G Fund must execute an acknowledgement of risk for that fund. * * *
* * * * *

PART 1651--DEATH BENEFITS

0
7. The authority citation for part 1651 continues to read as follows:

    Authority: 5 U.S.C. 8424(d), 8432d, 8432(j), 8433(e), 
8435(c)(2), 8474(b)(5) and 8474(c)(1).


0
8. Amend Sec.  1651.2 by revising the last sentence of paragraph (d) to 
read as follows:


Sec.  1651.2  Entitlement to funds in a deceased participant's account.

* * * * *
    (d) * * * The account will accrue earnings at the G Fund rate in 
accordance with 5 CFR part 1645 until it is paid out or a beneficiary 
participant account is established under this part.

0
3. Amend Sec.  1651.19, by revising the first sentence of paragraph (a) 
to read as follows:


Sec.  1651.19  Beneficiary participant accounts.

* * * * *
    (a) * * * Regardless of the allocation of the deceased 
participant's account balance at the time of his or her death, each 
beneficiary participant account, once established, will be allocated 
100 percent to the age-appropriate TSP Lifecycle Fund based on the 
beneficiary participant's date of birth. * * *
* * * * *
[FR Doc. 2015-21302 Filed 8-27-15; 8:45 am]
BILLING CODE 6760-01-P