[Federal Register Volume 59, Number 9 (Thursday, January 13, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-861]
Federal Register / Vol. 59, No. 9 / Thursday, January 13, 1994 /
[[Page Unknown]]
[Federal Register: January 13, 1994]
VOL. 59, NO. 9
Thursday, January 13, 1994
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FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
5 CFR Part 1620
Removal of Investment Restrictions for Judges, Justices, and
Magistrates
AGENCY: Federal Retirement Thrift Investment Board.
ACTION: Interim rule with request for comments.
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SUMMARY: The Executive Director of the Federal Retirement Thrift
Investment Board (Board) is publishing amendments to interim
regulations on participation in the Thrift Savings Plan (TSP) by
certain justices, judges, and magistrates. These amendments reflect the
provisions of the Thrift Savings Plan Technical Amendments Act of 1990,
which removed a previously existing requirement that these judges,
justices, and magistrates invest their entire TSP accounts in the
Government Securities Investment Fund (G Fund). The amendments conform
part 1620 with the provisions of 5 CFR part 1601, which also provide
that such judges, justices, and magistrates may now invest in all three
TSP investment funds in a manner similar to participants covered by the
Civil Service Retirement System (CSRS).
DATES: Effective Date: These interim rules are effective on January 13,
1994. Comments: Comments must be received on or before March 14, 1994.
ADDRESSES: Comments may be sent to: David L. Hutner, Federal Retirement
Thrift Investment Board, 1250 H Street NW, Washington, DC 20005.
FOR FURTHER INFORMATION CONTACT:
David L. Hutner, (202) 942-1661.
SUPPLEMENTARY INFORMATION: With respect to choice of Thrift Savings
Plan (TSP) investment funds, judges and justices covered by 5 U.S.C.
8440a (added by the Federal Employees Health Benefits Amendments Act of
1988, Public Law 100-654, November 14, 1988) and bankruptcy judges and
magistrates covered by 5 U.S.C. 8440b (added by the Retirement and
Survivors' Annuities for Bankruptcy Judges and Magistrates Act of 1988,
Public Law 100-659, November 15, 1988) are subject to the same rules as
those applicable to participants covered by the Civil Service
Retirement System (CSRS). At the time of enactment of 5 U.S.C. 8440a
and 5 U.S.C. 8440b, CSRS employees were required to invest their entire
TSP account balances in the Government Securities Investment Fund
established under 5 U.S.C. 8438(b)(1)(A). Thus, justices, judges and
magistrates covered by those provisions were similarly limited to
investment in the G Fund. The restrictions were reflected in the
regulations at 5 CFR 1620.83(c) and 5 CFR 1620.72(d), which provided
that new TSP contributions by participants covered by 5 U.S.C. 8440a
and 5 U.S.C. 8440b, respectively, must be invested in the G Fund; and
in the regulations at 5 CFR 1620.84 and 5 CFR 1620.73, which provided
that the accounts of participants invested in the C or F Funds prior to
becoming covered by 5 U.S.C. 8440a or 5 U.S.C. 8440b, respectively,
shall, upon the participant becoming so covered, be transferred
entirely to the G Fund.
The requirement that CSRS participants invest their entire TSP
accounts in the G Fund was eliminated by amendments to 5 U.S.C. 8438
contained in section 3 of the Thrift Savings Plan Technical Amendments
Act of 1990, Pub. L. 101-335, July 17, 1990. The lifting of the
investment restrictions was made effective as of the second TSP
election period commencing after enactment, or such earlier date as
prescribed in regulations by the Executive Director. The Executive
Director issued regulations, published in the Federal Register on
January 7, 1991, implementing the removal of the investment
restrictions effective as of December 31, 1990. Those regulations,
found at 5 CFR part 1601, provided that the lifting of the investment
restrictions applied to participants covered by 5 U.S.C. 8440a and 5
U.S.C. 8440b, and that such participants could invest their TSP
accounts in all three TSP investment funds in the same manner as other
TSP participants. The present amendments, by deleting the investment
restrictions previously contained in 5 CFR 1620.72(d), 1620.73,
1620.83(c), and 1620.84, conform the provisions of part 1620 with the
regulations implementing Public Law 101-335 that resulted in the
elimination of the investment restrictions previously applicable to
participants covered by 5 U.S.C. 8440a and 8440b.
Regulatory Flexibility Act
I certify that these regulations will not have a significant
economic impact on a substantial number of small entities.
Paperwork Reduction Act
I certify that these regulations do not require additional
reporting under the criteria of the Paperwork Reduction Act of 1980.
Waiver of Notice of Proposed Rulemaking
Pursuant to 5 U.S.C. 553(b)(B), I find that because of the need for
TSP participants to be fully advised of their statutory investment
options, good cause exists for waiving the general notice of proposed
rulemaking.
List of Subjects in 5 CFR Part 1620
Employee benefit plans, Government employees, Retirement, Pensions.
Federal Retirement Thrift Investment Board.
Francis X. Cavanaugh,
Executive Director.
Part 1620 of chapter VI of title 5 of the Code of Federal
Regulations is amended as set forth below:
PART 1620--[AMENDED]
1. The authority citation for part 1620 continues to read as
follows:
Authority: 5 U.S.C. 8474, 5 U.S.C. 2101.
Sec. 1620.72 [Amended]
2. Section 1620.72 is amended by removing paragraph (d).
Sec. 1620.73 [Removed]
3. Section 1620.73 is removed and Secs. 1620.74, 1620.75, and
1620.76 are redesignated as Secs. 1620.73, 1620.74, and 1620.75.
Sec. 1620.83 [Amended]
4. Section 1620.83 is amended by removing paragraph (c).
Sec. 1620.84 [Removed]
5. Section 1620.84 is removed and Secs. 1620.85 and 1620.86 are
redesignated as Secs. 1620.84 and 1620.85.
[FR Doc. 94-861 Filed 1-12-94; 8:45 am]
BILLING CODE 6760-01-M
