[Federal Register Volume 59, Number 214 (Monday, November 7, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-27526]
Federal Register / Vol. 59, No. 214 / Monday, November 7, 1994 /
[[Page Unknown]]
[Federal Register: November 7, 1994]
VOL. 59, NO. 214
Monday, November 7, 1994
FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
5 CFR Part 1600
Employee Elections To Contribute to the Thrift Savings Plan
AGENCY: Federal Retirement Thrift Investment Board.
ACTION: Final rule.
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SUMMARY: The Federal Retirement Thrift Investment Board (Board) is
amending 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: This amendment is effective December 7, 1994.
FOR FURTHER INFORMATION CONTACT:
David L. Hutner at (202) 942-1661.
SUPPLEMENTARY INFORMATION: The Board published a notice of proposed
rulemaking in the Federal Register on August 16, 1994 (59 FR 41990). No
comments were received. After further review the Board has decided that
no changes in the proposed rule are necessary. Accordingly, the
proposed rule is published as a final rule.
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: October 27, 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 season 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. 94-27526 Filed 11-4-94; 8:45 am]
BILLING CODE 6760-01-M
