Aged Beneficiary Designation Forms
A Rule by the Federal Retirement Thrift Investment Board on
Agency: Federal Retirement Thrift Investment Board
Dates: This rule is effective on
Entry Type: Rule
Action: Final rule.
Document Citation: 79 FR 38747
Page: 38747 -38748 (2 pages)
CFR: 5 CFR 1651
Document Number: 2014-16043
Shorter URL: https://federalregister.gov/a/2014-16043
The Federal Retirement Thrift Investment Board (Agency) amends its regulations to provide that a beneficiary designation form is valid only if it is received by the TSP record-keeper not more than one year after the date of the participant's signature.
This rule is effective on
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
Prior to 1995, active Federal employees submitted TSP beneficiary designation forms to the personnel office at their employing agency. Upon a participant's death or separation from service, the employing agency would forward the participant's beneficiary designation form to the TSP record-keeper.
The TSP codified the policy of direct receipt by the TSP record-keeper in regulations on
These aged forms often do not reflect the participant's current intent. Under the current regulations, the Agency must honor these aged forms if they are otherwise valid. When the Agency processes these forms, participants often become confused and believe their accounts have been accessed fraudulently. Further, if a participant passes away after the Agency has received an aged beneficiary designation form but prior to clarifying his/her current intent, the Agency must honor the old form even though it may not reflect the participant's current intent.
[*Federal RegisterVJ 2014-07-09]
For more information about
TNS 22VistaJ-140709 gv-1167991
Most Popular Stories
- Cantwell Targets Gender Gap in Small-Business Loans
- Chrysler Gets Nod as a Top Employer for Hispanic Women
- Hispanic Entrepreneurs Set Pace in Florida
- Health-care Deal Aids Port Contract Talks
- FBI Probes JPMorgan Hack
- South Korea's Kia to Invest $1 Billion in Mexico
- Perry's Lawyers Try to Close Abuse Case
- Mario Lopez Inks New Clear Channel Deal
- What's the Law for Kids at Gun Ranges?
- Apple Loses Bid to Block Sales of 9 Samsung Phones