82 FR 21107 - Designation of Beneficiary

FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

Federal Register Volume 82, Issue 86 (May 5, 2017)

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

[Federal Register Volume 82, Number 86 (Friday, May 5, 2017)]
[Rules and Regulations]
[Page 21107]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-09153]



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Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 

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Federal Register / Vol. 82, No. 86 / Friday, May 5, 2017 / Rules and 
Regulations

[[Page 21107]]



FEDERAL RETIREMENT THRIFT INVESTMENT BOARD

5 CFR Part 1651


Designation of Beneficiary

AGENCY: Federal Retirement Thrift Investment Board.

ACTION: Final rule.

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

DATES: This rule is effective May 15, 2017.

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)).
    On March 30, 2017, the Agency published a proposed rule with 
request for comments in the Federal Register (82 FR 15642, March 30, 
2017). The proposed rule amended 5 CFR 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 Agency received no substantive 
comments and, therefore, is publishing the proposed rule as final 
without change.

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.

Submission to Congress and the General Accounting Office

    Pursuant to 5 U.S.C. 810(a)(1)(A), the Agency submitted a report 
containing this rule and other required information to the U.S. Senate, 
the U.S. House of Representatives, and the Comptroller General of the 
United States before publication of this rule in the Federal Register. 
The rule is not a major rule as defined in 5 U.S.C. 804(2).

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 amends 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. 2017-09153 Filed 5-4-17; 8:45 am]
 BILLING CODE 6760-01-P