[Federal Register Volume 60, Number 245 (Thursday, December 21, 1995)]
[Rules and Regulations]
[Page 66061]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-31016]
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Rules and Regulations
Federal Register
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having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
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Federal Register / Vol. 60, No. 245 / Thursday, December 21, 1995 /
Rules and Regulations
[[Page 66061]]
FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
5 CFR Part 1653
Legal Process for the Enforcement of a Participant's Legal
Obligations To Provide Child Support or Make Alimony Payments
AGENCY: Federal Retirement Thrift Investment Board.
ACTION: Final rule.
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SUMMARY: The Executive Director of the Federal Retirement Thrift
Investment Board (Board) is adopting as a final rule without change an
interim regulation which explains the Board's procedures for responding
to legal process for the enforcement of a participant's legal
obligations to provide child support or make alimony payments.
EFFECTIVE DATE: These final rules are effective December 21, 1995.
FOR FURTHER INFORMATION CONTACT:
Patrick J. Forrest (202) 942-1662, Federal Retirement Thrift Investment
Board, 1250 H Street, NW., Suite 400, Washington, DC 20005.
SUPPLEMENTARY INFORMATION: The Board administers the Thrift Savings
Plan (TSP), which was established by the Federal Employees' Retirement
System Act of 1986 (FERSA), Public Law 99-335, 101 Stat. 514 (1986),
which has been codified, as amended, largely at 5 U.S.C. 8401-8479
(1994). The TSP is a tax-deferred retirement savings plan for Federal
employees that is similar to cash or deferred arrangements established
under section 401(k) of the Internal Revenue Code. Sums in a TSP
participant's account are held in trust for that participant. 5 U.S.C.
8437(g).
FERSA provides that payments from the TSP that would otherwise be
made to any participant ``shall be subject to legal process for the
enforcement of the individual's legal obligations to provide child
support or make alimony payments as provided in section 459 of the
Social Security Act (42 U.S.C. 659).'' 5 U.S.C. 8437(e)(3).
These regulations address only legal process for the enforcement of
a participant's legal obligations to provide child support or make
alimony payments. The Board also must honor a court decree of divorce,
annulment, or legal separation or a court order or court-approved
property settlement agreement incident to such decree that expressly
awards a portion of a participant's TSP account to a spouse, former
spouse, child or other dependent of the participant, or to the attorney
for the spouse, former spouse, child or other dependent of the
participant for attorney fees. 5 U.S.C. 8467 and 8435(c). The Board
refers to these documents as ``retirement benefits court orders,'' and
regulations governing them can be found at 60 FR 13604 (1995) (to be
codified at 5 CFR part 1653, subpart A).
On August 31, 1995, the Board published an interim rule with
request for comment in the Federal Register (60 FR 45624) relating to
the Board's procedures for responding to legal process for the
enforcement of participant's legal obligations to provide child support
or make alimony payments. The Board received no comments on the interim
rule. Therefore, we are adopting the provisions of the interim rule as
a final rule without change.
Federal Retirement Thrift Investment Board.
Roger W. Mehle,
Executive Director.
Accordingly, the interim rule amending 5 CFR part 1653, which was
published at 60 FR 45624 on August 31, 1995, is adopted as a final rule
without change.
[FR Doc. 95-31016 Filed 12-20-95; 8:45 am]
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