Page:United States Statutes at Large Volume 114 Part 2.djvu/576

 114 STAT. 1400 PUBLIC LAW 106-361—OCT. 27, 2000 Public Law 106-361 106th Congress An Act To amend title 5, United States Code, to allow for the contribution of certain Oct. 27, 2000 rollover distributions to accounts in the Thrift Savings Plan, to eliminate certain [H R 208] waiting-period requirements for participating in the Thrift Savings Plan, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. ELIGIBLE ROLLOVER DISTRIBUTIONS. (a) IN GENERAL. —Section 8432 of title 5, United States Code, is amended by adding at the end the following: "(j)(l) For the purpose of this subsection— "(A) the term 'eligible rollover distribution' has the meaning given such term by section 402(c)(4) of the Internal Revenue Code of 1986; and "(B) the term 'qualified trust' has the meaning given such term by section 402(c)(8) of the Internal Revenue Code of 1986. "(2) An employee or Member may contribute to the Thrift Savings Fund an eligible rollover that a qualified trust could accept under the Internal Revenue Code of 1986. A contribution made under this subsection shall be made in the form described in section 401(a)(31) of the Internal Revenue Code of 1986. In the case of an eligible rollover distribution, the maximum amount transferred to the Thrift Savings Fund shall not exceed the amount which would otherwise have been included in the employee's or Member's gross income for Federal income tax purposes. Regulations. "(3) The Executive Director shall prescribe regulations to carry out this subsection.". 5 USC 8432 note. (b) EFFECTIVE DATE. —The amendment made by this section shall take effect at the earliest practicable date sifter September 30, 2000, as determined by the Executive Director in regulations. SEC. 2. IMMEDIATE PARTICIPATION IN THE THRIFT SAVINGS PLAN. (a) ELIMINATION OF CERTAIN WAITING PERIODS FOR PURPOSES OF EMPLOYEE CONTRIBUTIONS. —Paragraph (4) of section 8432(b) of title 5, United States Code, is amended to read as follows: "(4) The Executive Director shall prescribe such regulations as may be necessary to carry out the following: "(A) Notwithstanding subparagraph (A) of paragraph (2), an employee or Member described in such subparagraph shall be afforded a reasonable opportunity to first make an election under this subsection beginning on the date of commencing service or, if that is not administratively feasible, beginning on the earliest date thereafter that such an election becomes

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