Page:United States Statutes at Large Volume 100 Part 3.djvu/123

 PUBLIC LAW 99-509—OCT. 21, 1986

100 STAT. 1931

"(2) An election made by an employee or Member as provided in Effective date, paragraph (1) shall take effect on the first day of the employee's or Member's first pay period which begins on or after the date of such election. "(3) Notwithstanding section 8351(b)(2) of title 5, United States Ante, p. 593. Code (as added by subsection (a)(1)), the maximum amount that an employee or Member may contribute during any pay period which begins on or after April 1, 1987, and before October 1, 1987, pursuant to an election made during the election period provided under paragraph (1) is the amount equal to 7.5 percent of such individual's basic pay for such pay period.". (c) INAPPLICABILITY OF LIMITATION ON NUMBER OF ELECTIONS 5 USC 8432 note. WITHIN A SIX-MONTH PERIOD.—(1) The requirement to make contributions for a 6-month period after an election, as provided in subsection (a) of section 8432 of title 5, United States Code, shall not Ante, p. 541. apply to contributions made pursuant to an election made during the period provided in subsection (b)(4) of such section or 206(b) of - * ' «• » the Federal Employees' Retirement System Act of 1986. Ante, p. 1930. (2) The first election period prescribed under section 8432(b)(1) of title 5, United States Code, shall commence on July 1, 1987. (3) Each employee or Member who makes an election referred to in paragraph (1) may make an election under section 8432(b)(1) of title 5, United States Code, during the election period that begins on July 1, 1987. (d) REGULATIONS.—The Executive Director of the Federal Retire- 5 USC 8432 note, ment Thrift Investment Board may prescribe regulations to carry out subsections (a), (b), and (c) and the amendments made by subsections (a) and (b). (e)

BUDGET OF THE FEDERAL EMPLOYEES' THRIFT INVESTMENT

BOARD.—Section 8472 of title 5, United States Code, is amended by Ante, p. 578. adding at the end thereof the following: "(i) The Board shall prepare and submit to the President, and, at the same time, to the appropriate committees of Congress, an annual budget of the expenses and other items relating to the Board which shall be included as a separate item in the budget required to be transmitted to the Congress under section 1105 of title 31. "(j) The Board may submit to the President, and, at the same time, shall submit to each House of the Congress, any legislative recommendations of the Board relating to any of its functions under this title or any other provision of law,". (f) EFFECTIVE DATE.—This section, other than subsection (d), and 5 USC 8432 note, the amendments made by this section shall take effect on January 1, 1987. SEC. 6002. CIVIL SERVICE RETIREMENT AND DISABILITY FUND.

(a) INVESTMENT AND RESTORATION OF THE FUND.—Section 8348 of title 5, United States Code, is amended by adding at the end the following new subsection: "(j)(l) Notwithstanding subsection (c) of this section, the Secretary Public debt limit, of the Treasury may suspend additional investment of amounts in the Fund if such additional investment could not be made without «!• q: r; causing the public debt of the United States to exceed the public debt limit. "(2) Any amounts in the Fund which, solely by reason of the Public debt limit, public debt limit, are not invested shall be invested by the Secretary of the Treasury as soon as such investments can be made A^ithout exceeding the public debt limit.

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