To amend title 5, United States Code, to provide for flexibility in making withdrawals from a Thrift Savings Plan account, and for other purposes.
(Sec. 2) This bill modifies the rules relating to withdrawals from the Thrift Savings Plan accounts of former federal employees and Members of Congress. Under current law, such employees and Members may make only one partial withdrawal upon reaching age 59-1/2 while employed or one withdrawal after retirement. The bill permits an unlimited number of such withdrawals.
The bill also eliminates: (1) the automatic annuity as a default option if the plan participant does not make an election to establish an annuity, and (2) the limitation on age-based in-service withdrawals.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 260.
Ordered to be Reported by Voice Vote.
Reported by the Committee on Oversight and Government Reform. H. Rept. 115-343.
Reported by the Committee on Oversight and Government Reform. H. Rept. 115-343.
Placed on the Union Calendar, Calendar No. 248.
Mr. Russell moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H7954-7955)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3031.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7954)
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7954)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate, read twice.
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.(consideration: CR S7029)
Enacted as Public Law 115-84
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Passed Senate without amendment by Unanimous Consent. (consideration: CR S7029)
Message on Senate action sent to the House.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 115-84.
Became Public Law No: 115-84.