HR 3031 — TSP Modernization Act of 2017

Passed Senate
To President
Passed House
Resolving Differences
To President

Introduced by Elijah Cummings on 2017-6-23 • Last action on 2017-11-17

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TSP Modernization Act of 2017

This bill modifies the rules relating to withdrawals from the Thrift Saving Plan (TSP) 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.

When you give, they do whatever the hell you want them to do... I will tell you that our system is broken.

President Donald Trump

August 2015