Number: RS22933
Title: H.R. 6500, The Thrift Savings Plan Enhancement Act of 2008
Authors: Patrick Purcell, Domestic Social Policy Division 
Abstract: On July 16, 2008, the House Committee on Oversight and Government Reform approved H.R. 6500, the Thrift Savings Plan Enhancement Act of 2008, by voice vote. As ordered reported by the committee, H.R. 6500 would provide for newly hired federal employees to be enrolled automatically in the Thrift Savings Plan (TSP) at a default contribution rate of 3% of pay, which would be invested in the government securities ("G") fund; require the Federal Retirement Thrift Investment Board to establish within the Thrift Savings Plan a qualified Roth contribution program that provides for after-tax contributions and tax-free distributions; give the Federal Retirement Thrift Investment Board authority to include self-directed investment options in the TSP; and require the Board to submit to Congress an annual report that includes demographic information about TSP participants and fund managers. The text of The Thrift Savings Plan Enhancement Act was added to H.R. 1108, the Family Smoking Prevention and Tobacco Control Act, which was passed by the House of Representatives by a vote of 326 to 102 on July 30, 2008.
Pages: 6
Date: Updated July 31, 2008