TSP annual leave investment bill unveiled

Leaders of a House oversight subcommittee have officially introduced a bill that would allow federal employees to invest the cash value of unused annual leave in their Thrift Savings Plan retirement accounts.

The bill (H.R. 4865), sponsored by Reps. Stephen Lynch, D-Mass., and Jason Chaffetz, R-Utah, would let employees roll over the value of their leftover leave as long as it did not push them above the cap on annual retirement contributions of $16,500 for employees younger than 50 and $22,000 for those who are 50 or older.

The National Treasury Employees Union praised the measure.

"Many federal employees carry over the maximum amount of 240 hours of annual leave on a yearly basis, and this legislation could significantly boost their TSP accounts," NTEU President Colleen Kelley said.

The bill grew out of a September 2009 pledge from President Obama to make it easier for Americans to save money. One idea was to let workers roll leftover leave into retirement savings, but the Federal Thrift Retirement Board found that current law precludes this option for feds.

The Lynch-Chaffetz bill would remove that restriction. The legislation has been referred to the House Oversight and Government Reform Committee. Lynch and Chaffetz lead the panel's Subcommittee on the Federal Workforce, Postal Service and the District of Columbia.

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Sponsored by G Suite

    Cross-Agency Teamwork, Anytime and Anywhere

    Dan McCrae, director of IT service delivery division, National Oceanic and Atmospheric Administration (NOAA)

    Download
  • Data-Centric Security vs. Database-Level Security

    Database-level encryption had its origins in the 1990s and early 2000s in response to very basic risks which largely revolved around the theft of servers, backup tapes and other physical-layer assets. As noted in Verizon’s 2014, Data Breach Investigations Report (DBIR)1, threats today are far more advanced and dangerous.

    Download
  • Federal IT Applications: Assessing Government's Core Drivers

    In order to better understand the current state of external and internal-facing agency workplace applications, Government Business Council (GBC) and Riverbed undertook an in-depth research study of federal employees. Overall, survey findings indicate that federal IT applications still face a gamut of challenges with regard to quality, reliability, and performance management.

    Download
  • PIV- I And Multifactor Authentication: The Best Defense for Federal Government Contractors

    This white paper explores NIST SP 800-171 and why compliance is critical to federal government contractors, especially those that work with the Department of Defense, as well as how leveraging PIV-I credentialing with multifactor authentication can be used as a defense against cyberattacks

    Download
  • Toward A More Innovative Government

    This research study aims to understand how state and local leaders regard their agency’s innovation efforts and what they are doing to overcome the challenges they face in successfully implementing these efforts.

    Download
  • From Volume to Value: UK’s NHS Digital Provides U.S. Healthcare Agencies A Roadmap For Value-Based Payment Models

    The U.S. healthcare industry is rapidly moving away from traditional fee-for-service models and towards value-based purchasing that reimburses physicians for quality of care in place of frequency of care.

    Download
  • GBC Flash Poll: Is Your Agency Safe?

    Federal leaders weigh in on the state of information security

    Download

When you download a report, your information may be shared with the underwriters of that document.