💰Proposed Rule on Curing Missed Loan Payments by FRTIB
The Federal Retirement Thrift Investment Board (FRTIB) proposes to update its regulations regarding the methods available to participants to cure missed loan payments. The proposed change will also clarify the number of missed payments which must be brought back into compliance by the last day of the quarter following the quarter in which the payment was missed to avoid triggering a deemed distribution.
Learn More📈Proposed Rule for Correcting Errors in Retired Lifecycle Funds
The Federal Retirement Thrift Investment Board (FRTIB) is proposing to amend its regulation regarding the method for correcting errors involving Lifecycle Funds that no longer exist. Specifically, it is reverting to the use of a constructed share price to calculate breakage and the value of negative adjustments for errors involving Lifecycle Funds that no longer exist as of June 1, 2022.
Learn More🚂Proposed Data Collection Regulations for Railroad Employers
In accordance with the requirement of Section 3506(c)(2)(A) of the Paperwork Reduction Act of 1995 which provides opportunity for public comment on new or revised data collections, the Railroad Retirement Board (RRB) will publish periodic summaries of proposed data collections. Comments are invited on: (a) Whether the proposed information collection is necessary for the proper performance of the functions of the agency, including whether the information has practical utility; (b) the accuracy of the RRB's estimate of the burden of the collection of the information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden related to the collection of information on respondents, including the use of automated collection techniques or other forms of information technology. 1. Title and purpose of information collection: Employer's Quarterly Report of Contributions under the Railroad Unemployment Insurance Act; OMB 3220-0012. Under Section 8 of the Railroad Unemployment Insurance Act (RUIA) (45 U.S.C. 358), the RRB determines the amount of an employer's contribution, primarily on the basis of the RUIA benefits paid, both unemployment and sickness, to the employees of the railroad employer. These experienced-based contributions take into account the frequency, volume, and duration of the employees' unemployment and sickness benefits. Each employer's contribution rate includes a component for administrative expenses as well as a component to cover costs shared by all employers. The regulations prescribing the manner and conditions for remitting the contributions and for adjusting overpayments or underpayments of contributions are contained in 20 CFR 345. RRB Form DC-1, Employer's Quarterly Report of Contributions under the Railroad Unemployment Insurance Act, is used by railroad employers to report and remit their quarterly contributions to the RRB. Employers can use either the manual version of the form or its internet equivalent. One response is requested quarterly of each respondent and completion is mandatory. The RRB proposes the following changes to the manual and electronic versions of Form DC-1: <bullet> Top of page: Changed "Employer Number" to "Employer BA Number". <bullet> Top of page: Changed "Calendar Year and Quarter" to "Reporting Period (Calendar Year and Quarter)". <bullet> Field 1: Changed "Current Reporting Period" to "Reporting Period Compensation". <bullet> Field 2: Changed "Compensation Adjustments reported on Form BA-4" to "Compensation Adjustments--Prior Year Compensation Adjustments Reported on Form(s) BA-4 in the Reporting Period". <bullet> Field 3: Changed "Total" to "Total Reporting Period Compensation". <bullet> Field 4: Changed "Total" to "Total Compensation and Corrections". <bullet> Form instruction: Updated the Paperwork Reduction Act section and instructions to match field name changes to the form.
Learn More📊Proposed Changes to TSP Loan Reamortization Procedures
The Federal Retirement Thrift Investment Board (FRTIB) proposes to amend a loan reamorization rule that requires payment of all accrued interest prior to allowing payments on the principal and current interest. Under the proposed rule, the Thrift Savings Plan (TSP) record keeper would combine the accrued interest with the outstanding principal when reamortizing a loan.
Learn More💰Final Rule on Late Contributions
The Federal Retirement Thrift Investment Board (FRTIB) adopts as final, without changes, the proposed rule permitting the TSP record keeper to calculate gains and losses on late contributions, makeup contributions, loan payments even when the total amount on a late payment record or total agency contributions on a current payment record is less than $1.00.
Learn More💼Notice on Refund Applications for Retirement Deductions Under FERS
Office of Personnel Management (OPM), Retirement Services, offers the general public and other Federal agencies the opportunity to comment on the review of a revised information collection request (ICR), Application for Refund of Retirement Deductions, Federal Employees Retirement System, SF 3106, and Current/Former Spouse's Notification of Application for Refund of Retirement Deductions under FERS, SF 3106A.
Learn More📅Public Meeting Notice
The Railroad Retirement Board is holding a public meeting to discuss legislative and budget updates. Members of the public must submit written requests to attend. The meeting aims to inform stakeholders about ongoing legislative affairs that could influence future railroad retirement policies.
Learn More💼New Methodology for Calculating Earnings on Court-Ordered TSP Payments
The Federal Retirement Thrift Investment Board (FRTIB) adopts as final, without changes, a proposed rule concerning the methodology used to calculate earnings and losses in connection with court-ordered payments to spouses, former spouses, children, or dependents (i.e., payees) of Thrift Savings Plan (TSP) participants.
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