Federal Retirement Thrift Investment Board 2020 – Federal Register Recent Federal Regulation Documents
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Methods of Withdrawing Funds From the Thrift Savings Plan
The Federal Retirement Thrift Investment Board (FRTIB) is amending its regulations to remove certain restrictions with respect to the election of installment payments calculated based on life expectancy.
Simplification of Catch-Up Contribution Process
The Federal Retirement Thrift Investment Board (``FRTIB'') is reducing paperwork burdens on participants who are eligible to make catch-up contributions by removing the regulation that requires them to submit two different contribution election forms.
Availability of Records
The Federal Retirement Thrift Investment Board (FRTIB) is amending its regulations to update the procedures by which it makes its employees and records available in response to subpoenas in legal proceedings in which the FRTIB is not a party.
Hardship Withdrawals for Expenses Related to Natural Disasters
The Federal Retirement Thrift Investment Board (``FRTIB'') is amending its regulations to allow participants to take hardship withdrawals for expenses related to natural disasters.
Senior Executive Service Performance Review Board
This notice announces the appointment of the members of the Senior Executive Service Performance Review Board for the Federal Retirement Thrift Investment Board. The purpose of the Performance Review Board is to make written recommendations on each executive's annual summary ratings, performance-based pay adjustment, and performance awards to the appointing authority.
Automatic Enrollment Program; Correction
The Federal Retirement Thrift Investment Board (``FRTIB'') published a final rule in the Federal Register on September 16, 2020 concerning changes to the automatic enrollment percentage and a clarification regarding installment payments calculated based on life expectancy. This document contained effective dates for the changes but not for the rule itself.
Temporary Waiver of Notarization Requirement for Spousal Consent
With this final rule, the Federal Retirement Thrift Investment Board (``FRTIB'') is withdrawing its temporary waiver of the requirement to notarize a spouse's signature on withdrawal election forms.
Automatic Enrollment Program
The Federal Retirement Thrift Investment Board (``FRTIB'') is amending its regulations to increase the automatic enrollment percentage from 3 percent to 5 percent of basic pay for all participants who are automatically enrolled in the Thrift Savings Plan (TSP) on or after October 1, 2020 and for Blended Retirement Service (BRS) participants who are automatically re-enrolled in the TSP on or after January 1, 2021. In addition, the FRTIB is making a non- substantive clarification regarding installment payments calculated based on life expectancy.
Privacy Act of 1974; System of Records
Pursuant to the Privacy Act of 1974, the Federal Retirement Thrift Investment Board (FRTIB) proposes to modify an existing system of records. Records contained in this system are used to manage Thrift Savings Plan (TSP) accounts, including ensuring the integrity of the Plan, recording activity concerning the TSP account of each Plan participant, communicating with the participant, spouse, former spouse, and beneficiary concerning the account, ensuring that he or she receives a correct payment from the Plan.
Privacy Act of 1974; System of Records
Pursuant to the Privacy Act of 1974, the Federal Retirement Thrift Investment Board (FRTIB) proposes to establish a new system of records. Records contained in this system will be used to investigate and prevent potential intrusions into FRTIB network boundaries, to investigate and prevent misuse of information within FRTIB's network boundaries, and to investigate and prevent the compromise or misuse of FRTIB information.
Joint Federal Retirement Thrift Investment Board Member and Employee Thrift Advisory Council Meeting
Privacy Act of 1974; System of Records
Pursuant to the Privacy Act of 1974, the Federal Retirement Thrift Investment Board (FRTIB) proposes to modify multiple existing systems of records notices to provide updated routine uses in accordance with OMB Memorandum M-17-12, to update the format in accordance with OMB Circular A-108, and to provide descriptions of previously published routine uses for purposes of consistency and transparency. Contact information is also being provided for the system manager.
Correction of Administrative Errors; Required Minimum Distributions
The Federal Retirement Thrift Investment Board (FRTIB) is amending its regulations to make a non-substantive change to the constructed share price formula for a retired Lifecycle (L) Fund. The FRTIB uses a constructed share price to make error corrections involving a retired L Fund. In addition, due to a recent change in the Internal Revenue Code (Code), the FRTIB is amending its regulations to change the age by which TSP participants must begin receiving distributions from their TSP accounts from 70\1/2\ to 72.
Temporary Waiver of Notarization Requirement for Spousal Consent
In light of emergency stay-at-home and shelter-in-place orders issued all over the country, the Federal Retirement Thrift Investment Board (FRTIB) is temporarily waiving the requirement to notarize a spouse's signature on withdrawal election forms.
Notice of March 23, 2020 FRTIB Board Member Meeting: Correction
Due to the COVID-19 pandemic, the March 23, 2020 FRTIB Board Member meeting will be conducted telephonically and not at the Agency's 77 K St., Washington, DC location. Members of the public who are interested in the meeting can listen to the meeting by calling 1-877-446-3914 and using passcode 8249934. Issues caused by national higher-than-normal usage of phone lines may limit the number of individuals able to listen in on the meeting. Material relating to FRTIB Board meetings is available at frtib.gov. Contact Person for More Information: Kimberly Weaver, Director, Office of External Affairs, (202) 942-1640.
Cost-of-Living Adjustments and Identity Verification
The Federal Retirement Thrift Investment Board (FRTIB) is amending its regulations to change the cost-of-living adjustment rate used to calculate the annual increase for annuities with an increasing payment option and to clarify its requirements regarding identification verification and availability of announcements of meetings open to public observation.
Automatic Enrollment Program
The Federal Retirement Thrift Investment Board (FRTIB) is proposing to amend its regulations to increase the automatic enrollment percentage from 3 percent to 5 percent of basic pay for all participants who are automatically enrolled in the Thrift Savings Plan (TSP) on or after October 1, 2020 and for Blended Retirement Service (BRS) participants who are automatically re-enrolled in the TSP on or after January 1, 2021. In addition, the FRTIB is proposing a non- substantive clarification regarding installment payments calculated based on life expectancy.
Hardship Withdrawals for Expenses Related to Natural Disasters
The Federal Retirement Thrift Investment Board (``FRTIB'') proposes to allow participants to take hardship withdrawals for expenses related to natural disasters.
Simplification of Catch-Up Contribution Process
The FRTIB proposes to reduce paperwork burdens on participants who are eligible to make catch-up contributions, by removing the regulation that requires them to submit two different contribution election forms.
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