Thrift Savings Plan Open Elections Act of 2004

THRIFT SAVINGS PLAN OPEN ELECTIONS ACT OF 2004 -- (House of Representatives - November 19, 2004)

Mr. TOM DAVIS of Virginia. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 4324) to amend title 5, United States Code, to eliminate the provisions limiting certain election opportunities available to individuals participating in the Thrift Savings Plan, and for other purposes, as amended.

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Mr. DAVIS of Illinois. Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, the Thrift Savings Plan, TSP, is a retirement savings and investment plan for Federal employees that is governed by the Federal Retirement Thrift Investment Board. The TSP has approximately 3 million participants. It is the largest retirement savings and investment program in the Nation.

H.R. 4324 would make two significant changes to the rules that govern participation in the TSP. First, it would allow Federal employees to alter their TSP contributions at any time instead of limiting such changes to biannual open-season periods.

Secondly, the bill would require the Federal Retirement Thrift Investment Board, the agency that administers the TSP, to evaluate and report on efforts to increase education programs for TSP participants.

Overall, H.R. 4324 would allow TSP enrollees to have more control over their investments and financial future. With better education initiatives, participants would be better informed when changing contributions to their TSP.

With these changes designed to be helpful to those who would participate, I am pleased to join the chairman, the gentleman from Virginia (Mr. Tom Davis), and the gentlewoman from Virginia (Mrs. Jo Ann Davis) in supporting this legislation and urge its passage.

Mr. Speaker, I yield back the balance of my time.

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