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Smart Savings Act

3/14/2024, 12:48 PM

Congressional Summary of S 2117

Smart Savings Act - Makes the default investment in the Thrift Savings Plan (TSP) an age-appropriate target date asset allocation portfolio (L Fund), instead of the Government Securities Investment Fund (G Fund), if no election has been made for the investment of available funds. Retains the Government Securities Investment Fund as the default fund for members of the Uniformed Services. Requires TSP participants whose default fund is an age-appropriate L Fund to receive a risk acknowledgement before being enrolled to make TSP contributions.

Makes this Act: (1) effective on the date the Executive Director of the Federal Retirement Thrift Investment Board issues guidance for implementing this Act, and (2) applicable to individuals who enroll in the Thrift Savings Plan on or after such date.

Extends requirements relating to fiduciary protections to TSP beneficiaries.

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Current Status of Bill S 2117

Bill S 2117 is currently in the status of Bill Introduced since March 12, 2014. Bill S 2117 was introduced during Congress 113 and was introduced to the Senate on March 12, 2014.  Bill S 2117's most recent activity was Held at the desk. as of September 17, 2014

Bipartisan Support of Bill S 2117

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
4
Democrat Cosponsors
2
Republican Cosponsors
2
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 2117

Primary Policy Focus

Government Operations and Politics

Potential Impact Areas

- Financial services and investments
- Government employee pay, benefits, personnel management
- Government trust funds
- Securities

Alternate Title(s) of Bill S 2117

Smart Savings Act
A bill to amend title 5, United States Code, to change the default investment fund under the Thrift Savings Plan, and for other purposes.
Smart Savings Act
Smart Savings Act
Smart Savings Act

Comments

Sponsors and Cosponsors of S 2117

Elizabeth Warren
Elizabeth Warren
MassachusettsDemocrat
Jon Tester
Jon Tester
MontanaDemocrat
Rob Portman
Rob Portman
OhioRepublican
Michael B. Enzi
Michael B. Enzi
WyomingRepublican
Mark Begich
Mark Begich
AlaskaDemocrat

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