Employee Elections To Contribute to the Thrift Savings Plan

summary: The Federal Retirement Thrift Investment Board (Board)

proposes to amend its regulations that describe the periods within

which employees may make certain elections in regard to contributions

to the Thrift Savings Plan (TSP) This amendment will establish a

permanent schedule of TSP open seasons, thereby eliminating the

regulatory requirement that the Board publish an advance notice in the

Federal Register announcing the beginning and ending dates of each open

season.

dates: Written comments must be received on or before October 17, 1994.

addresses: Comments may be sent to David L. Hutner, Assistant General

Counsel (Programs), Federal Retirement Thrift Investment Board, 1250 H

Street NW., Washington, DC 20005

for further information contact: David L. Hutner at (202) 942-1661.

supplementary information: Each year, there are two open seasons during

which participants may elect to commence contributions to the TSP,

change the amount of their contributions or the allocation of their

contributions among the TSP investment funds, or terminate

contributions without forfeiting the ability to resume contributing

during the next open season. The regulatory notice requirement for open

seasons was established by the Board in 1987 shortly after the Thrift

Savings Plan came into existence. At that time, it was not clear

whether open seasons would occur at the same time and for the same

duration each year. However, since then, there have been two open

seasons each year: May 15-July 31 and November 15-January 31. The last

month of each open season has been designated the ``election period'',

which is defined in 5 CFR Sec. 1600.1. Since the open seasons have not

varied since 1988, the Board is now amending its regulations to

establish a permanent schedule for the beginning and ending dates and

to eliminate the requirement that an advance notice of each open season

be published in the Federal Register.

Regulatory Flexibility Act

I certify that these regulations will not have a significant

economic impact on a substantial number of small entities. They will

affect Board procedures relating to the requirement to publish advance

notice of each open season.

EO 12291

I certify that this is not a major rule.

Paperwork Reduction Act

I certify that these regulations do not require additional

reporting under the criteria of the Paperwork Reduction Act of 1980.

List of Subjects in 5 CFR Part 1600

Employment benefit plans, Government employees, Retirement,

Pensions.

Dated: August 10, 1994.

Roger W. Mehle,

Executive Director, Federal Retirement Thrift Investment Board.

For the reasons set out in the preamble, part 1600 of chapter VI of

title 5 of the Code of Federal Regulations is amended as set forth

below.

PART 1600--[AMENDED]

1. The authority citation for 5 CFR part 1600 is revised to read as

follows:

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

2. Section 1600.2 is amended by revising paragraph (b) to read as

follows:

Sec. 1600.2 Periods for making elections.

* * * * *

(b) Subsequent open season. An open season will begin on November

15 of each year and end on January 31 of the following year and another

open will begin on May 15 of each year and end on July 31 of the same

year. If the last day of an open season falls on a Saturday, Sunday, or

legal holiday, the open season shall be extended through the next

business day.

* * * * *

[FR Doc. 94-20035 Filed 8-15-94; 8:45 am]

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