Legal Process for the Enforcement of a Tax Levy or Criminal Restitution Order Against a Participant Account
A Proposed Rule by the Federal Retirement Thrift Investment Board on
Agency: Federal Retirement Thrift Investment Board
Dates: Comments must be received on or before
Entry Type: Proposed Rule
Action: Proposed rule with request for comments.
Document Citation: 79 FR 36438
Page: 36438 -36440 (3 pages)
CFR: 5 CFR 1653
Document Number: 2014-14937
Shorter URL: https://federalregister.gov/a/2014-14937
Proposed Rule With Request For Comments.
The Federal Retirement Thrift Investment Board (Agency) proposes to amend its regulations to explain the Board's procedures for responding to tax levies and criminal restitution orders that comply with statutory requirements.
Comments must be received on or before
You may submit comments using one of the following methods:
Federal Rulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments.
Hand Delivery/Courier: The address for sending comments by hand delivery or courier is the same as that for submitting comments by mail.
Facsimile: Comments may be submitted by facsimile at (202) 942-1676.
The most helpful comments explain the reason for any recommended change and include data, information, and the authority that supports the recommended change.
FOR FURTHER INFORMATION CONTACT:
The Agency administers the Thrift Savings Plan (TSP), which was established by the Federal Employees' Retirement System Act of 1986 (FERSA), 99, 100 Stat. 514. The TSP provisions of FERSA are codified, as amended, largely at 5 U.S.C. 8351 and 8401-79. The TSP is a tax-deferred retirement savings plan for Federal civilian employees and members of the uniformed services. The TSP is similar to cash or deferred arrangements established for private-sector employees under section 401(k) of the Internal Revenue Code (26 U.S.C. 401(k)).
Legal Process for the Enforcement of Internal Revenue Service Levies or Restitution Pursuant to the Mandatory Victims Restitution Act
The TSP's governing statute includes an anti-alienation provision that protects funds from execution, levy, attachment, garnishment, or other legal process, except for certain enumerated exceptions that, until recently, did not include federal tax levies. On
The Agency proposes to add a new section, Subpart D, to Part 1653, to explain the Agency's procedures for responding to legal process for the enforcement of a participant's levy or criminal restitution order.
Regulatory Flexibility Act
I certify that this regulation will not have a significant economic impact on a substantial number of small entities. This regulation will affect Federal employees, members of the uniformed services who participate in the Thrift Savings Plan, and their beneficiaries. The TSP is a Federal defined contribution retirement savings plan created FERSA and is administered by the Agency.
[*Federal RegisterVJ 2014-06-27]
For more information about
TNS 22VistaJ-140627 gv-1166669
Most Popular Stories
- Homeowners More Satisfied With Mortgage Servicers
- House Shelves Immigration Bill, Goes on Vacation
- Ford Tremor: Easy to Park, Hard to Pay For
- What Hamas and Israel Hope to Gain in Gaza
- Notorious RBG Tells All in Couric Interview
- Why Samsung Shares Plunged in the April-June Quarter
- House GOP Leaders Abandon Immigrant Bill
- NASA Plans to Make Oxygen on Mars
- Market Loses All of July's Gains in One Day
- Wisconsin Supreme Court: Voter IDs Must Be Free