5 U.S.C. § 8440f — Maximum percentage allowable for certain participants
submitted 26 years ago by Pub. L. 106-554 to r/title-5-GOVERNMENT-ORGANIZATION-AND-EMPLOYEES · 94 words · no verdicts yet
This law sets the highest share of pay certain judges and service members could contribute to the Thrift Savings Fund each year from 2001 to 2006. Starting in fiscal year 2006, they can contribute up to 100 percent. Some participants may also make extra "catch-up" contributions allowed by tax law.
(a) This section sets the maximum percentage of pay that certain participants — covered elsewhere in this subchapter, such as certain judges and uniformed service* members — could contribute to the Thrift Savings Fund*, by fiscal year:
- Pay periods beginning in fiscal year 2001: up to 6 percent.
- Fiscal year 2002: up to 7 percent.
- Fiscal year 2003: up to 8 percent.
- Fiscal year 2004: up to 9 percent.
- Fiscal year 2005: up to 10 percent.
- Fiscal year 2006 and every year after: up to 100 percent.
(b) Regardless of the limits in subsection (a), a participant who is an "eligible participant" under section 414(v) of the Internal Revenue Code of 1986 (generally, participants old enough to make catch-up contributions) may make the extra contributions that section 414(v) allows, following any related regulations the Executive Director* of the Thrift Savings Plan issues.
The maximum percentage allowable under this section shall be determined in accordance with the following table:
In the case of a pay period beginning in fiscal year: | The maximum percentage allowable is: |
|---|---|
2001 | 6 |
2002 | 7 |
2003 | 8 |
2004 | 9 |
2005 | 10 |
2006 or thereafter | 100. |
Notwithstanding any limitation under this section, an eligible participant (as defined by section 414(v) of the Internal Revenue Code of 1986) may make such additional contributions to the Thrift Savings Fund* as are permitted by such section 414(v) and regulations of the Executive Director* consistent therewith.
Source credit: (Added Pub. L. 106–554, § 1(a)(4) [div. B, title I, § 138(a)(7)(A)], Dec. 21, 2000, 114 Stat. 2763, 2763A–234; amended Pub. L. 107–304, § 1(b)(2), Nov. 27, 2002, 116 Stat. 2363.)
- 2000Enacted · Pub. L. 106-554 · 114 Stat. 2763, 2763
- 2002Amended · Pub. L. 107-304 · 116 Stat. 2363
A history note hasn’t been published yet. The record shows enactment by Pub. L. 106-554 on 2000-12-21.
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