Save More Tomorrow Act of 2012

Save More Tomorrow Act of 2012 - Directs the Executive Director of the Federal Retirement Thrift Investment Board to provide by regulation for federal employees to be automatically enrolled to increase their contributions to their Thrift Savings Plan accounts over the default contribution percentage amount (i.e., 3% of basic pay) by 1% in each of at least the two years following the first year of enrollment.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3175 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 3175

 To amend subchapter III of chapter 84 of title 5, United States Code, 
to authorize certain employees to be automatically enrolled to increase 
             contributions to Thrift Savings Plan accounts.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 14, 2012

   Mr. Akaka introduced the following bill; which was read twice and 
referred to the Committee on Homeland Security and Governmental Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend subchapter III of chapter 84 of title 5, United States Code, 
to authorize certain employees to be automatically enrolled to increase 
             contributions to Thrift Savings Plan accounts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Save More Tomorrow Act of 2012''.

SEC. 2. AUTOMATIC ESCALATIONS.

    Section 8432(b)(2) of title 5, United States Code, is amended--
            (1) in subparagraph (A), by striking ``enrolled to make'' 
        and all that follows and inserting the following: ``enrolled 
        to--
            ``(i) make contributions under subsection (a) at the 
        default percentage of basic pay; and
            ``(ii) increase the percentage of basic pay contributed 
        under subsection (a) by the eligible individual by 1 percent 
        each year beginning in the first year following the year in 
        which the eligible individual began making contributions under 
        clause (i) and each year thereafter for not less than 2 years 
        (which the Executive Director shall establish by 
        regulation).''; and
            (2) in subparagraph (C)--
                    (A) in the matter preceding clause (i), by 
                inserting ``and have the contributions of the 
                individual automatically increased'' after 
                ``automatically enrolled'';
                    (B) in clause (i), by inserting ``(which shall 
                terminate the automatic increases in the contributions 
                of the employee under subparagraph (A)(ii))'' after 
                ``automatic enrollment''; and
                    (C) in clause (ii), by inserting ``and an automatic 
                increase in contributions under subparagraph (A)(ii)'' 
                after ``automatic enrollment''.
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