5 U.S.C. § 8432d — Qualified Roth contribution program
submitted 17 years ago by Pub. L. 111-31 to r/title-5-GOVERNMENT-ORGANIZATION-AND-EMPLOYEES · 227 words · no verdicts yet
The Thrift Savings Plan must include a Roth contribution option, following federal tax-code rules for Roth programs. The Executive Director writes rules letting eligible people choose Roth contributions instead of regular ones. The rules also clarify how 'account' references elsewhere in the law apply here.
(a) Definitions.
(1) "Qualified Roth contribution program" means a program described in section 402A(b)(1) of the Internal Revenue Code that meets the requirements of section 402A(b)(2) of that code.
(2) "Designated Roth contribution" and "elective deferral" mean the same things they mean in section 402A of the Internal Revenue Code.
(b) Authority to establish. The Executive Director* must, by regulation, add a qualified Roth contribution program to the Thrift Savings Plan, on terms the Board* sets.
(c) What the regulations must include.
(1) Rules letting people elect to make designated Roth contributions, both (A) anyone already eligible to contribute under sections 8351, 8432(a), 8440a, 8440b, 8440c, 8440d, or 8440e, and (B) anyone else who's otherwise eligible to make elective deferrals under the Thrift Savings Plan.
(2) Any provisions needed to clarify what "account*" means in sections 8432(f), 8433, 8434(d), 8435, 8437, or any other law, now that this Roth program exists.
(3) Any other provisions necessary to carry out this section.
For purposes of this section—
the term “qualified Roth contribution program” means a program described in paragraph (1) of section 402A(b) of the Internal Revenue Code of 1986 which meets the requirements of paragraph (2) of such section; and
the terms “designated Roth contribution” and “elective deferral” have the meanings given such terms in section 402A of the Internal Revenue Code of 1986.
The Executive Director* shall by regulation provide for the inclusion in the Thrift Savings Plan of a qualified Roth contribution program, under such terms and conditions as the Board* may prescribe.
The regulations under subsection (b) shall include—
provisions under which an election to make designated Roth contributions may be made—
by any individual who is eligible to make contributions under section 8351, 8432(a), 8440a, 8440b, 8440c, 8440d, or 8440e; and
by any individual, not described in subparagraph (A), who is otherwise eligible to make elective deferrals under the Thrift Savings Plan;
any provisions which may, as a result of enactment of this section, be necessary in order to clarify the meaning of any reference to an “account*” made in section 8432(f), 8433, 8434(d), 8435, 8437, or any other provision of law; and
any other provisions which may be necessary to carry out this section.
Source credit: (Added Pub. L. 111–31, div. B, title I, § 103(a), June 22, 2009, 123 Stat. 1853.)
- 2009Enacted · Pub. L. 111-31 · 123 Stat. 1853
A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-31 on 2009-06-22.
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