Designation of Beneficiary, 15642 [2017-06304]
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15642
Proposed Rules
Federal Register
Vol. 82, No. 60
Thursday, March 30, 2017
This section of the FEDERAL REGISTER
contains notices to the public of the proposed
issuance of rules and regulations. The
purpose of these notices is to give interested
persons an opportunity to participate in the
rule making prior to the adoption of the final
rules.
Designation of Beneficiary Validity
Requirements
FEDERAL RETIREMENT THRIFT
INVESTMENT BOARD
5 CFR Part 1651
Designation of Beneficiary
Federal Retirement Thrift
Investment Board.
ACTION: Proposed rule.
AGENCY:
The Federal Retirement Thrift
Investment Board (Agency) proposes to
amend its death benefits regulations to
modify the requirements necessary in
order for a designation of beneficiary
form to be valid.
DATES: Submit comments on or before
May 1, 2017.
ADDRESSES: You may submit comments
using one of the following methods:
• Federal Rulemaking Portal: http://
www.regulations.gov at Docket ID
number FRTIB–2017–0003. Follow the
instructions for submitting comments.
• Mail: Office of General Counsel,
Attn: Megan G. Grumbine, Federal
Retirement Thrift Investment Board, 77
K Street NE., Suite 1000, Washington,
DC 20002.
• Hand Delivery/Courier: The address
for sending comments by hand delivery
or courier is the same as that for
submitting comments by mail.
• Facsimile: Comments may be
submitted by facsimile at (202) 942–
1676.
The most helpful comments explain
the reason for any recommended change
and include data, information, and the
authority that supports the
recommended change.
FOR FURTHER INFORMATION CONTACT:
Austen Townsend at (202) 864–8647.
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
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SUMMARY:
VerDate Sep<11>2014
17:18 Mar 29, 2017
Jkt 241001
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)).
The Agency proposes to amend its
regulations to modify the requirements
necessary in order for a designation of
beneficiary form to be valid. The
Agency’s guiding statute provides that a
designation of beneficiary form need
only be signed, witnessed, and received
by the Agency on or before the
participant’s date of death in order to be
valid. See 5 U.S.C. 8424(d). More
detailed validity requirements are set
forth in the Agency’s regulations at 5
CFR 1651.3(c). Section 1651.3(c)
currently requires a TSP beneficiary
designation form to be witnessed by two
people and also requires each page of
the form to be dated by the participant
and both witnesses. The Agency
proposes to amend section 1651.3(c) to
require that all pages of a TSP
beneficiary designation form be signed
and dated by the participant and only
one witness.
The proposed amendment would
reduce the number of witnesses
required. The other validity
requirements, including the requirement
that the same witness sign and date all
pages of the beneficiary designation
form, remain unchanged.
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
Frm 00001
Fmt 4702
Sfmt 9990
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.
List of Subjects in 5 CFR Part 1651
Claims, Government employees,
Pensions, Retirement.
Gregory T. Long,
Executive Director, Federal Retirement Thrift
Investment Board.
For the reasons stated in the
preamble, the Agency proposes to
amend 5 CFR chapter VI as follows:
PART 1651—DEATH BENEFITS
1. 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).
2. Amend § 1651.3 by revising
paragraph (c)(3) to read as follows:
■
§ 1651.3
Designation of beneficiary.
*
*
*
*
*
(c) * * *
(3) Be signed and properly dated by
the participant and signed and properly
dated by one witness;
(i) The participant must either sign
the form in the presence of the witness
or acknowledge his or her signature on
the form to the witness;
(ii) All submitted and attached pages
of the form must be signed and dated by
the participant;
(iii) All submitted and attached pages
of the form must be signed and dated by
the same witness;
*
*
*
*
*
[FR Doc. 2017–06304 Filed 3–29–17; 8:45 am]
I certify that these regulations do not
require additional reporting under the
criteria of the Paperwork Reduction Act.
PO 00000
Unfunded Mandates Reform Act of
1995
BILLING CODE 6760–01–P
E:\FR\FM\30MRP1.SGM
30MRP1
Agencies
[Federal Register Volume 82, Number 60 (Thursday, March 30, 2017)]
[Proposed Rules]
[Page 15642]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-06304]
========================================================================
Proposed Rules
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
========================================================================
Federal Register / Vol. 82, No. 60 / Thursday, March 30, 2017 /
Proposed Rules
[[Page 15642]]
FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
5 CFR Part 1651
Designation of Beneficiary
AGENCY: Federal Retirement Thrift Investment Board.
ACTION: Proposed rule.
-----------------------------------------------------------------------
SUMMARY: The Federal Retirement Thrift Investment Board (Agency)
proposes to amend its death benefits regulations to modify the
requirements necessary in order for a designation of beneficiary form
to be valid.
DATES: Submit comments on or before May 1, 2017.
ADDRESSES: You may submit comments using one of the following methods:
Federal Rulemaking Portal: http://www.regulations.gov at
Docket ID number FRTIB-2017-0003. Follow the instructions for
submitting comments.
Mail: Office of General Counsel, Attn: Megan G. Grumbine,
Federal Retirement Thrift Investment Board, 77 K Street NE., Suite
1000, Washington, DC 20002.
Hand Delivery/Courier: The address for sending comments by
hand delivery or courier is the same as that for submitting comments by
mail.
Facsimile: Comments may be submitted by facsimile at (202)
942-1676.
The most helpful comments explain the reason for any recommended
change and include data, information, and the authority that supports
the recommended change.
FOR FURTHER INFORMATION CONTACT: Austen Townsend at (202) 864-8647.
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, 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)).
Designation of Beneficiary Validity Requirements
The Agency proposes to amend its regulations to modify the
requirements necessary in order for a designation of beneficiary form
to be valid. The Agency's guiding statute provides that a designation
of beneficiary form need only be signed, witnessed, and received by the
Agency on or before the participant's date of death in order to be
valid. See 5 U.S.C. 8424(d). More detailed validity requirements are
set forth in the Agency's regulations at 5 CFR 1651.3(c). Section
1651.3(c) currently requires a TSP beneficiary designation form to be
witnessed by two people and also requires each page of the form to be
dated by the participant and both witnesses. The Agency proposes to
amend section 1651.3(c) to require that all pages of a TSP beneficiary
designation form be signed and dated by the participant and only one
witness.
The proposed amendment would reduce the number of witnesses
required. The other validity requirements, including the requirement
that the same witness sign and date all pages of the beneficiary
designation form, remain unchanged.
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.
List of Subjects in 5 CFR Part 1651
Claims, Government employees, Pensions, Retirement.
Gregory T. Long,
Executive Director, Federal Retirement Thrift Investment Board.
For the reasons stated in the preamble, the Agency proposes to
amend 5 CFR chapter VI as follows:
PART 1651--DEATH BENEFITS
0
1. 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
2. Amend Sec. 1651.3 by revising paragraph (c)(3) to read as follows:
Sec. 1651.3 Designation of beneficiary.
* * * * *
(c) * * *
(3) Be signed and properly dated by the participant and signed and
properly dated by one witness;
(i) The participant must either sign the form in the presence of
the witness or acknowledge his or her signature on the form to the
witness;
(ii) All submitted and attached pages of the form must be signed
and dated by the participant;
(iii) All submitted and attached pages of the form must be signed
and dated by the same witness;
* * * * *
[FR Doc. 2017-06304 Filed 3-29-17; 8:45 am]
BILLING CODE 6760-01-P