H.R. 3031 · 115th Congress
TSP Modernization Act of 2017
- Stage
- Signed by the president
- Sponsor
- Elijah Cummings
- Introduced
- 2017-06-23
- Latest action
- 2017-11-17 · Signed by President.
Summary
TSP Modernization Act of 2017 (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.