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Bill113th CongressFiled Mar 12, 2014Government Operations and Politics
S. 2117

Smart Savings Act

Bill journey · stage 1 of 5

Just introduced

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What it doesSummary passed senate amended (Sep 16, 2014)

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.

What just happenedSep 17, 2014

Held at the desk.

Who’s behind it

Sen. Warren, Elizabeth [D-MA](D-MA)Sponsor
4 cosponsors2 D2 R
Read on Congress.gov
4cosponsors1committees14actions1amendments1related bills4subjects
  • Engrossed in SenateSep 16, 2014
  • Reported to SenateJul 31, 2014
  • Introduced in SenateMar 12, 2014
  1. Sep 17, 2014FloorH15000

    Held at the desk.

  2. Sep 17, 2014Floor

    Message on Senate action sent to the House.

  3. Sep 17, 2014FloorH14000

    Received in the House.

  4. Sep 16, 2014Floor

    Passed Senate with an amendment by Unanimous Consent.

  5. Sep 16, 2014Floor17000

    Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.

  6. Sep 16, 2014Floor

    Measure laid before Senate by unanimous consent. (consideration: CR S5647)

  7. Aug 26, 2014Floor

    By Senator Carper from Committee on Homeland Security and Governmental Affairs filed written report under authority of the order of the Senate of 08/05/2014. Report No. 113-244.

  8. Aug 26, 2014Committee14900

    By Senator Carper from Committee on Homeland Security and Governmental Affairs filed written report under authority of the order of the Senate of 08/05/2014. Report No. 113-244.

  9. Jul 31, 2014Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 522.

  10. Jul 31, 2014Committee

    Committee on Homeland Security and Governmental Affairs. Reported by Senator Carper without amendment. Without written report.

  11. Jul 31, 2014Committee14000

    Committee on Homeland Security and Governmental Affairs. Reported by Senator Carper without amendment. Without written report.

  12. Jun 25, 2014Committee

    Committee on Homeland Security and Governmental Affairs. Ordered to be reported without amendment favorably.

  13. Mar 12, 2014IntroReferral

    Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

  14. Mar 12, 2014IntroReferral10000

    Introduced in Senate

Passed Senate amendedSep 16, 201435

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.

Reported to Senate without amendmentJul 31, 201480

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

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 sign a risk acknowledgement before beginning TSP contributions.

Introduced in SenateMar 12, 2014

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 sign a risk acknowledgement before beginning TSP contributions.

Smart Savings Act — Informed