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Agency Updates Federal Retirement Plan Regs

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The Federal Retirement Thrift Investment Board has announced a package of Thrift Savings Plan rule changes.

One change declares that bankruptcy courts lack jurisdiction over savings plan participant loans, board officials say in a preamble to the final rule implementing the changes.

The final rule appears today in the Federal Register.

The TSP loan bankruptcy provision implements a provision of the Bankruptcy Abuse and Consumer Protection Act of 2005.

Some other sections in the new final rule will help federal employees determine whether they can roll money into the Thrift Savings Plan; sort out the problems facing plan members who have been misclassified; and change the rules governing what “non-spouse beneficiaries” can do with death benefit payments.

A copy of the final rule is available