82 FR 15642 - Designation of Beneficiary

FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

Federal Register Volume 82, Issue 60 (March 30, 2017)

Page Range		15642-15642
FR Document		2017-06304

The Federal Retirement Thrift Investment Board (Agency) proposes to amend its death benefits regulations to modify the requirements necessary in order for a designation of beneficiary form to be valid.

Federal Register, Volume 82 Issue 60 (Thursday, March 30, 2017)

[Federal Register Volume 82, Number 60 (Thursday, March 30, 2017)]
[Proposed Rules]
[Page 15642]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-06304]


========================================================================
Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of 
the proposed issuance of rules and regulations. The purpose of these 
notices is to give interested persons an opportunity to participate in 
the rule making prior to the adoption of the final rules.

========================================================================


Federal Register / Vol. 82, No. 60 / Thursday, March 30, 2017 / 
Proposed Rules

[[Page 15642]]



FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

5 CFR Part 1651


Designation of Beneficiary

AGENCY: Federal Retirement Thrift Investment Board.

ACTION: Proposed rule.

-----------------------------------------------------------------------

SUMMARY: The Federal Retirement Thrift Investment Board (Agency) 
proposes to amend its death benefits regulations to modify the 
requirements necessary in order for a designation of beneficiary form 
to be valid.

DATES: Submit comments on or before May 1, 2017.

ADDRESSES: You may submit comments using one of the following methods:
     Federal Rulemaking Portal: http://www.regulations.gov at 
Docket ID number FRTIB-2017-0003. Follow the instructions for 
submitting comments.
     Mail: Office of General Counsel, Attn: Megan G. Grumbine, 
Federal Retirement Thrift Investment Board, 77 K Street NE., Suite 
1000, Washington, DC 20002.
     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: Austen Townsend at (202) 864-8647.

SUPPLEMENTARY INFORMATION: The Agency administers the Thrift Savings 
Plan (TSP), which was established by the Federal Employees' Retirement 
System Act of 1986 (FERSA), Public Law 99-335, 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, members of the uniformed services, and 
spouse beneficiaries. 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)).

Designation of Beneficiary Validity Requirements

    The Agency proposes to amend its regulations to modify the 
requirements necessary in order for a designation of beneficiary form 
to be valid. The Agency's guiding statute provides that a designation 
of beneficiary form need only be signed, witnessed, and received by the 
Agency on or before the participant's date of death in order to be 
valid. See 5 U.S.C. 8424(d). More detailed validity requirements are 
set forth in the Agency's regulations at 5 CFR 1651.3(c). Section 
1651.3(c) currently requires a TSP beneficiary designation form to be 
witnessed by two people and also requires each page of the form to be 
dated by the participant and both witnesses. The Agency proposes to 
amend section 1651.3(c) to require that all pages of a TSP beneficiary 
designation form be signed and dated by the participant and only one 
witness.
    The proposed amendment would reduce the number of witnesses 
required. The other validity requirements, including the requirement 
that the same witness sign and date all pages of the beneficiary 
designation form, remain unchanged.

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 civilian employees and spouse beneficiaries who 
participate in the Thrift Savings Plan, which is a Federal defined 
contribution retirement savings plan created under the Federal 
Employees' Retirement System Act of 1986 (FERSA), Public Law 99-335, 
100 Stat. 514, and which is administered by the Agency.

Paperwork Reduction Act

    I certify that these regulations do not require additional 
reporting under the criteria of the Paperwork Reduction Act.

Unfunded Mandates Reform Act of 1995

    Pursuant to the Unfunded Mandates Reform Act of 1995, 2 U.S.C. 602, 
632, 653, 1501-1571, the effects of this regulation on state, local, 
and tribal governments and the private sector have been assessed. This 
regulation will not compel the expenditure in any one year of $100 
million or more by state, local, and tribal governments, in the 
aggregate, or by the private sector. Therefore, a statement under 
section 1532 is not required.

List of Subjects in 5 CFR Part 1651

    Claims, Government employees, Pensions, Retirement.

Gregory T. Long,
Executive Director, Federal Retirement Thrift Investment Board.

    For the reasons stated in the preamble, the Agency proposes to 
amend 5 CFR chapter VI as follows:

PART 1651--DEATH BENEFITS

0
1. The authority citation for part 1651 continues to read as follows:

    Authority: 5 U.S.C. 8424(d), 8432d, 8432(j), 8433(e), 
8435(c)(2), 8474(b)(5) and 8474(c)(1).

0
2. Amend Sec.  1651.3 by revising paragraph (c)(3) to read as follows:


Sec.  1651.3  Designation of beneficiary.

* * * * *
    (c) * * *
    (3) Be signed and properly dated by the participant and signed and 
properly dated by one witness;
    (i) The participant must either sign the form in the presence of 
the witness or acknowledge his or her signature on the form to the 
witness;
    (ii) All submitted and attached pages of the form must be signed 
and dated by the participant;
    (iii) All submitted and attached pages of the form must be signed 
and dated by the same witness;
* * * * *
[FR Doc. 2017-06304 Filed 3-29-17; 8:45 am]
BILLING CODE 6760-01-P

15642

Proposed Rules Federal Register
Vol. 82, No. 60

Thursday, March 30, 2017

This section of the FEDERAL REGISTER civilian employees, members of the Unfunded Mandates Reform Act of
contains notices to the public of the proposed uniformed services, and spouse 1995
issuance of rules and regulations. The beneficiaries. The TSP is similar to cash
purpose of these notices is to give interested or deferred arrangements established for Pursuant to the Unfunded Mandates
persons an opportunity to participate in the Reform Act of 1995, 2 U.S.C. 602, 632,
rule making prior to the adoption of the final
private-sector employees under section
401(k) of the Internal Revenue Code (26 653, 1501–1571, the effects of this
rules.
U.S.C. 401(k)). regulation on state, local, and tribal
governments and the private sector have
Designation of Beneficiary Validity been assessed. This regulation will not
FEDERAL RETIREMENT THRIFT
Requirements compel the expenditure in any one year
INVESTMENT BOARD
The Agency proposes to amend its of $100 million or more by state, local,
5 CFR Part 1651 and tribal governments, in the aggregate,
regulations to modify the requirements
necessary in order for a designation of or by the private sector. Therefore, a
Designation of Beneficiary statement under section 1532 is not
beneficiary form to be valid. The
AGENCY: Federal Retirement Thrift Agency’s guiding statute provides that a required.
Investment Board. designation of beneficiary form need List of Subjects in 5 CFR Part 1651
ACTION: Proposed rule. only be signed, witnessed, and received
by the Agency on or before the Claims, Government employees,
SUMMARY: The Federal Retirement Thrift participant’s date of death in order to be Pensions, Retirement.
Investment Board (Agency) proposes to valid. See 5 U.S.C. 8424(d). More
amend its death benefits regulations to Gregory T. Long,
detailed validity requirements are set
modify the requirements necessary in forth in the Agency’s regulations at 5 Executive Director, Federal Retirement Thrift
order for a designation of beneficiary CFR 1651.3(c). Section 1651.3(c) Investment Board.
form to be valid. currently requires a TSP beneficiary For the reasons stated in the
DATES: Submit comments on or before designation form to be witnessed by two preamble, the Agency proposes to
May 1, 2017. people and also requires each page of amend 5 CFR chapter VI as follows:
ADDRESSES: You may submit comments the form to be dated by the participant
using one of the following methods: and both witnesses. The Agency PART 1651—DEATH BENEFITS
• Federal Rulemaking Portal: http:// proposes to amend section 1651.3(c) to
www.regulations.gov at Docket ID require that all pages of a TSP ■ 1. The authority citation for part 1651
number FRTIB–2017–0003. Follow the beneficiary designation form be signed continues to read as follows:
instructions for submitting comments. and dated by the participant and only
• Mail: Office of General Counsel, one witness. Authority: 5 U.S.C. 8424(d), 8432d, 8432(j),
Attn: Megan G. Grumbine, Federal 8433(e), 8435(c)(2), 8474(b)(5) and 8474(c)(1).
The proposed amendment would
Retirement Thrift Investment Board, 77
reduce the number of witnesses ■ 2. Amend § 1651.3 by revising
K Street NE., Suite 1000, Washington,
DC 20002. required. The other validity paragraph (c)(3) to read as follows:
• Hand Delivery/Courier: The address requirements, including the requirement
that the same witness sign and date all § 1651.3 Designation of beneficiary.
for sending comments by hand delivery
pages of the beneficiary designation * * * * *
or courier is the same as that for
submitting comments by mail. form, remain unchanged. (c) * * *
• Facsimile: Comments may be Regulatory Flexibility Act (3) Be signed and properly dated by
submitted by facsimile at (202) 942– the participant and signed and properly
1676. I certify that this regulation will not dated by one witness;
The most helpful comments explain have a significant economic impact on
the reason for any recommended change a substantial number of small entities. (i) The participant must either sign
and include data, information, and the This regulation will affect Federal the form in the presence of the witness
authority that supports the civilian employees and spouse or acknowledge his or her signature on
recommended change. beneficiaries who participate in the the form to the witness;
FOR FURTHER INFORMATION CONTACT: Thrift Savings Plan, which is a Federal (ii) All submitted and attached pages
Austen Townsend at (202) 864–8647. defined contribution retirement savings of the form must be signed and dated by
SUPPLEMENTARY INFORMATION: The plan created under the Federal the participant;
asabaliauskas on DSK3SPTVN1PROD with PROPOSALS

Agency administers the Thrift Savings Employees’ Retirement System Act of (iii) All submitted and attached pages
Plan (TSP), which was established by 1986 (FERSA), Public Law 99–335, 100 of the form must be signed and dated by
the Federal Employees’ Retirement Stat. 514, and which is administered by
the same witness;
System Act of 1986 (FERSA), Public the Agency.
* * * * *
Law 99–335, 100 Stat. 514. The TSP Paperwork Reduction Act [FR Doc. 2017–06304 Filed 3–29–17; 8:45 am]
provisions of FERSA are codified, as
BILLING CODE 6760–01–P
amended, largely at 5 U.S.C. 8351 and I certify that these regulations do not
8401–79. The TSP is a tax-deferred require additional reporting under the
retirement savings plan for Federal criteria of the Paperwork Reduction Act.

VerDate Sep<11>2014 17:18 Mar 29, 2017 Jkt 241001 PO 00000 Frm 00001 Fmt 4702 Sfmt 9990 E:\FR\FM\30MRP1.SGM 30MRP1

Document Created: 2017-03-30 01:35:34
Document Modified: 2017-03-30 01:35:34

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Proposed Rules
Action		Proposed rule.
Dates		Submit comments on or before May 1, 2017.
Contact		Austen Townsend at (202) 864-8647.
FR Citation		82 FR 15642
CFR Associated		Claims; Government Employees; Pensions and Retirement