5 U.S.C. § 8440b — Untitled legal text

Page 1167 TITLE 5—GOVERNMENT ORGANIZATION AND EMPLOYEES § 8440b 106–361, § 2(b)(6), Oct. 27, 2000, 114 Stat. 1401; Pub. L. 106–554, § 1(a)(4) [div. B, title I, § 138(a)(2)], Dec. 21, 2000, 114 Stat. 2763, 2763A–233; Pub. L. 108–469, § 1(d)(4), Dec. 21, 2004, 118 Stat. 3892.) Editorial Notes CODIFICATION Another section 8440a was renumbered section 8440b of this title. AMENDMENTS 2004—Subsec. (a)(2). Pub. L. 108–469 substituted ‘‘as’’ for ‘‘only during a period’’. 2000—Subsec. (a)(2). Pub. L. 106–361 substituted ‘‘this chapter’’ for ‘‘chapter 84 of this title: Provided, however, That a justice or judge may make the first such elec- tion within 60 days of the effective date of this sec- tion’’. Subsec. (b)(2). Pub. L. 106–554 amended par. (2) gen- erally. Prior to amendment, par. (2) read as follows: ‘‘The amount contributed by a justice or judge shall not exceed 5 percent of basic pay.’’ 1996—Subsec. (b)(7). Pub. L. 104–208 substituted ‘‘less than an amount that the Executive Director prescribes by regulation’’ for ‘‘$3,500 or less’’ and struck out ‘‘un- less the justice or judge elects, at such time and other- wise in such manner as the Executive Director pre- scribes, one of the options available under section 8433(b)’’ before period at end. 1994—Subsec. (b)(5). Pub. L. 103–226, § 9(e)(1), sub- stituted ‘‘Section 8433(b)’’ for ‘‘Section 8433(d)’’. Subsec. (b)(6). Pub. L. 103–226, § 9(i)(17), substituted ‘‘section 8351(b)(5)’’ for ‘‘section 8351(b)(7)’’. Subsec. (b)(7), (8). Pub. L. 103–226, § 9(e)(2), added par. (7) and struck out former pars. (7) and (8) which read as follows: ‘‘(7) Notwithstanding paragraph (5), if any justice or judge who elects to make contributions to the Thrift Savings Fund under subsection (a) resigns without hav- ing met the age and service requirements set forth in section 371(c) of title 28, and such justice’s or judge’s nonforfeitable account balance is $3,500 or less, the Ex- ecutive Director shall pay the nonforfeitable account balance to the participant in a single payment unless the justice or judge elects, at such time and otherwise in such manner as the Executive Director prescribes, to have the nonforfeitable account balance transferred to an eligible retirement plan as provided in section 8433(e). ‘‘(8) Notwithstanding paragraph (4), if any justice or judge retires under subsection (a) or (b) of section 371 or section 372(a) of title 28, and such justice’s or judge’s nonforfeitable account balance is $3,500 or less, the Ex- ecutive Director shall pay the nonforfeitable account balance to the participant in a single payment unless the justice or judge elects, at such time and otherwise in such manner as the Executive Director prescribes, one of the options available under section 8433(b).’’ 1992—Subsec. (b)(1). Pub. L. 102–378 substituted ‘‘this subchapter and subchapter VII’’ for ‘‘subchapters III and VII of chapter 84 of this title’’. 1990—Subsec. (b)(6). Pub. L. 101–335, § 3(b)(2), redesig- nated par. (7) as (6) and struck out former par. (6) which read as follows: ‘‘Sums contributed under this section and earnings attributable to such sums may be in- vested and reinvested only in the Government Securi- ties Investment Fund established under section 8438(b)(1)(A) of this title.’’ Subsec. (b)(7), (8). Pub. L. 101–335, § 6(b)(2), added pars. (7) and (8). Former par. (7) redesignated (6). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2000 AMENDMENT Amendment by Pub. L. 106–361 effective at the ear- liest practicable date after Sept. 30, 2000, as determined by the Executive Director in regulations, see section 2(c)(1) of Pub. L. 106–361, set out as a note under section 8432 of this title. EFFECTIVE DATE OF 1996 AMENDMENT Amendment by Pub. L. 104–208 effective Sept. 30, 1996, and withdrawals and elections as provided under such amendment to be made at earliest practicable date as determined by Executive Director in regulations, see section 101(f) [title VI, § 659 [title II, § 207]] of Pub. L. 104–208, set out as a note under section 5545a of this title. EFFECTIVE DATE OF 1994 AMENDMENT Amendment by Pub. L. 103–226 effective Mar. 10, 1995, see section 9(j) of Pub. L. 103–226, set out as a note under section 8351 of this title. EFFECTIVE DATE OF 1990 AMENDMENT Amendment by section 3(b)(2) of Pub. L. 101–335 effec- tive as of second election period described in section 8432(b) of this title beginning after July 17, 1990, or as of such earlier date as Executive Director may by regu- lation prescribe, see section 3(c) of Pub. L. 101–335, set out as a note under section 8351 of this title. Amendment by section 6(b)(2) of Pub. L. 101–335 effec- tive as of second election period described in section 8432(b) of this title beginning after July 17, 1990, or such earlier date as Executive Director may by regulation prescribe, and applicable with respect to separations occurring before, on, or after that effective date, see section 6(c) of Pub. L. 101–335, set out as a note under section 8351 of this title. § 8440b. Bankruptcy judges and magistrate judges (a)(1) A bankruptcy judge or magistrate judge who is covered by section 377 of title 28 or sec- tion 2(c) of the Retirement and Survivors’ Annu- ities for Bankruptcy Judges and Magistrates Act of 1988 may elect to contribute an amount of such individual’s basic pay to the Thrift Savings Fund. (2) An election may be made under paragraph (1) as provided under section 8432(b) for individ- uals subject to this chapter. (b)(1) Except as otherwise provided in this sub- section, the provisions of this subchapter and subchapter VII shall apply with respect to bank- ruptcy judges and magistrate judges who make contributions to the Thrift Savings Fund under subsection (a) of this section. (2) The amount contributed by a bankruptcy judge or magistrate judge for any pay period shall not exceed the maximum percentage of such bankruptcy judge’s or magistrate judge’s basic pay for such pay period allowable under section 8440f. (3) No contributions shall be made under sec- tion 8432(c) of this title for the benefit of a bank- ruptcy judge or magistrate judge making con- tributions under subsection (a) of this section. (4)(A) Section 8433(b) of this title applies to a bankruptcy judge or magistrate judge who elects to make contributions to the Thrift Sav- ings Fund under subsection (a) of this section and who retires entitled to an immediate annu- ity under section 377 of title 28 (including a dis- ability annuity under subsection (d) of such sec- tion) or section 2(c) of the Retirement and Sur- vivors’ Annuities for Bankruptcy Judges and Magistrates Act of 1988. (B) Section 8433(b) of this title applies to any bankruptcy judge or magistrate judge who elects to make contributions to the Thrift Sav- Page 1168 TITLE 5—GOVERNMENT ORGANIZATION AND EMPLOYEES § 8440b ings Fund under subsection (a) of this section and who retires before attaining age 65 but is en- titled, upon attaining age 65, to an annuity under section 377 of title 28 or section 2(c) of the Retirement and Survivors Annuities for Bank- ruptcy Judges and Magistrates Act of 1988. (C) Section 8433(b) of this title applies to any bankruptcy judge or magistrate judge who elects to make contributions to the Thrift Sav- ings Fund under subsection (a) of this section and who retires before becoming entitled to an immediate annuity, or an annuity upon attain- ing age 65, under section 377 of title 28 or section 2(c) of the Retirement and Survivors’ Annuities for Bankruptcy Judges and Magistrates Act of 1988. (5) With respect to bankruptcy judges and magistrate judges to whom this section applies, any of the actions described under paragraph (4)(A), (B), or (C) shall be considered a separa- tion from service for purposes of this subchapter and subchapter VII. (6) For purposes of this section, the terms ‘‘re- tirement’’ and ‘‘retire’’ include removal from of- fice under section 377(d) of title 28 on the sole ground of mental or physical disability. (7) In the case of a bankruptcy judge or mag- istrate judge who receives a distribution from the Thrift Savings Plan and who later receives an annuity under section 377 of title 28, that an- nuity shall be offset by an amount equal to the amount of the distribution which represents the Government’s contribution to that person’s Thrift Savings Account, without regard to earn- ings attributable to that amount. Where such an offset would exceed 50 percent of the annuity to be received in the first year, the offset may be divided equally over the first 2 years in which that person receives the annuity. (8) Notwithstanding paragraph (4), if any bankruptcy judge or magistrate judge retires under circumstances making such bankruptcy judge or magistrate judge eligible to make an election under subsection (b) of section 8433, and such bankruptcy judge’s or magistrate judge’s nonforfeitable account balance is less than an amount that the Executive Director prescribes by regulation, the Executive Director shall pay the nonforfeitable account balance to the partic- ipant in a single payment. (Added Pub. L. 100–659, § 7(a), Nov. 15, 1988, 102 Stat. 3919, § 8440a; renumbered § 8440b and amend- ed Pub. L. 101–335, §§ 3(b)(3), 6(b)(3), 9(a), July 17, 1990, 104 Stat. 320, 324, 326; Pub. L. 101–650, title III, § 321, Dec. 1, 1990, 104 Stat. 5117; Pub. L. 103–226, § 9(f), Mar. 30, 1994, 108 Stat. 120; Pub. L. 104–208, div. A, title I, § 101(f) [title VI, § 659 [title II, § 205(b)]], Sept. 30, 1996, 110 Stat. 3009–314, 3009–372, 3009–377; Pub. L. 106–554, § 1(a)(4) [div. B, title I, § 138(a)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–233; Pub. L. 108–469, §§ 1(d)(5), 3(2), Dec. 21, 2004, 118 Stat. 3892, 3893.) Editorial Notes REFERENCES IN TEXT Section 2(c) of the Retirement and Survivors’ Annu- ities for Bankruptcy Judges and Magistrates Act of 1988, referred to in subsecs. (a)(1) and (b)(4), is section 2(c) of Pub. L. 100–659, which is set out as a note under section 377 of Title 28, Judiciary and Judicial Proce- dure. CODIFICATION Another section 8440b was renumbered section 8440c of this title. AMENDMENTS 2004—Subsec. (a)(2). Pub. L. 108–469, § 1(d)(5), sub- stituted ‘‘as’’ for ‘‘only during a period’’. Subsec. (b)(2). Pub. L. 108–469, § 3(2)(A), substituted ‘‘bankruptcy judge’s or magistrate judge’s’’ for ‘‘bank- ruptcy judge’s or magistrate’s’’. Subsec. (b)(4)(B). Pub. L. 108–469, § 3(2)(B), substituted ‘‘bankruptcy judge or magistrate judge’’ for ‘‘bank- ruptcy judge or magistrate’’. Subsec. (b)(8). Pub. L. 108–469, § 3(2)(B), substituted ‘‘bankruptcy judge or magistrate judge’’ for ‘‘bank- ruptcy judge or magistrate’’ in two places. 2000—Subsec. (b)(2). Pub. L. 106–554 substituted ‘‘the maximum percentage of such bankruptcy judge’s or magistrate’s basic pay for such pay period allowable under section 8440f.’’ for ‘‘5 percent of basic pay for such pay period.’’ 1996—Subsec. (b)(7). Pub. L. 104–208, § 101(f) [title VI, § 659 [title II, § 205(b)(1)]], inserted ‘‘of the distribution’’ after ‘‘equal to the amount’’ in first sentence. Subsec. (b)(8). Pub. L. 104–208, § 101(f) [title VI, § 659 [title II, § 205(b)(2)(A)]], substituted ‘‘less than an amount that the Executive Director prescribes by regu- lation’’ for ‘‘$3,500 or less’’. Pub. L. 104–208, § 101(f) [title VI, § 659 [title II, § 205(b)(2)(B)]], which directed that par. (8) be amended by striking out ‘‘unless the bankruptcy judge or mag- istrate elects, at such time and otherwise in such man- ner as the Executive Director prescribes, one of the op- tions available under subsection (b)’’, was executed by striking out ‘‘unless the bankruptcy judge or mag- istrate elects, at such time and otherwise in such man- ner as the Executive Director prescribes, one of the op- tions available under such subsection (b)’’ before period at end, to reflect the probable intent of Congress. 1994—Subsec. (b)(4)(B). Pub. L. 103–226, § 9(f)(1), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: ‘‘Section 8433(c) of this title applies to any bankruptcy judge or magistrate who elects to make contributions to the Thrift Savings Fund under subsection (a) of this section and who re- tires before attaining age 65 but is entitled, upon at- taining age 65, to an annuity under section 377 of title 28 or section 2(c) of the Retirement and Survivors’ An- nuities for Bankruptcy Judges and Magistrates Act of 1988; except that the period described in paragraph (3) of section 8433(c) commences on or after the date on which payment of the bankruptcy judge’s or mag- istrate’s annuity under section 377 of title 28 com- mences.’’ Subsec. (b)(4)(C). Pub. L. 103–226, § 9(f)(2), substituted ‘‘Section 8433(b)’’ for ‘‘Section 8433(d)’’. Subsec. (b)(5). Pub. L. 103–226, § 9(f)(3), substituted ‘‘any of the actions described under paragraph (4)(A), (B), or (C) shall be considered’’ for ‘‘retirement under section 377 of title 28 is’’. Subsec. (b)(8). Pub. L. 103–226, § 9(f)(5)(B), which di- rected striking out ‘‘and (c), as applicable’’, was exe- cuted by striking out ‘‘or (c), as applicable’’ before pe- riod at end to reflect the probable intent of Congress. Pub. L. 103–226, § 9(f)(5)(A), substituted ‘‘Notwith- standing paragraph (4), if any bankruptcy judge or magistrate retires under circumstances making such bankruptcy judge or magistrate eligible to make an election under subsection (b)’’ for ‘‘Notwithstanding subparagraphs (A) and (B) of paragraph (4), if any bank- ruptcy judge or magistrate retires under circumstances making such bankruptcy judge or magistrate eligible to make an election under subsection (b) or (c)’’. Pub. L. 103–226, § 9(f)(4), redesignated par. (9) as (8) and struck out former par. (8) which read as follows: ‘‘Notwithstanding paragraph (4)(C), if any bankruptcy judge or magistrate who elects to make contributions to the Thrift Savings Fund under subsection (a) retires before becoming entitled to an immediate annuity, or Page 1169 TITLE 5—GOVERNMENT ORGANIZATION AND EMPLOYEES § 8440c an annuity upon attaining age 65, under section 377 of title 28 or section 2(c) of the Retirement and Survivors’ Annuities for Bankruptcy Judges and Magistrates Act of 1988, and such bankruptcy judge’s or magistrate’s nonforfeitable account balance is $3,500 or less, the Ex- ecutive Director shall pay the nonforfeitable account balance to the participant in a single payment unless the bankruptcy judge or magistrate elects, at such time and otherwise in such manner as the Executive Director prescribes, to have the nonforfeitable account balance transferred to an eligible retirement plan as provided in section 8433(e).’’ Subsec. (b)(9). Pub. L. 103–226, § 9(f)(4), redesignated par. (9) as (8). 1990—Pub. L. 101–335, § 9(a), renumbered section 8440a of this title as this section. Subsec. (b)(7). Pub. L. 101–335, § 3(b)(3), redesignated par. (8) as (7) and struck out former par. (7) which read as follows: ‘‘Sums contributed pursuant to this section by bankruptcy judges or magistrates, as well as all pre- vious contributions to the Thrift Savings Fund by those bankruptcy judges and magistrates, and earnings attributable to such sums and contributions, may be invested and reinvested only in the Government Securi- ties Investment Fund established under section 8438(b)(1)(A) of this title.’’ Subsec. (b)(8), (9). Pub. L. 101–335, § 6(b)(3), added pars. (8) and (9). Former par. (8) redesignated (7). Statutory Notes and Related Subsidiaries CHANGE OF NAME Words ‘‘magistrate judge’’, ‘‘magistrate judges’’, and ‘‘magistrate judge’s’’ substituted for ‘‘magistrate’’, ‘‘magistrates’’, and ‘‘magistrate’s’’, respectively, in section catchline and in subsecs. (a)(1) and (b)(1)–(3), (4)(A), (C), (5), (7), and (8), pursuant to section 321 of Pub. L. 101–650, set out as a note under section 631 of Title 28, Judiciary and Judicial Procedure. EFFECTIVE DATE OF 1996 AMENDMENT Amendment by Pub. L. 104–208 effective Sept. 30, 1996, and withdrawals and elections as provided under such amendment to be made at earliest practicable date as determined by Executive Director in regulations, see section 101(f) [title VI, § 659 [title II, § 207]] of Pub. L. 104–208, set out as a note under section 5545a of this title. EFFECTIVE DATE OF 1994 AMENDMENT Amendment by Pub. L. 103–226 effective Mar. 10, 1995, see section 9(j) of Pub. L. 103–226, set out as a note under section 8351 of this title. EFFECTIVE DATE OF 1990 AMENDMENT Amendment by section 3(b)(3) of Pub. L. 101–335 effec- tive as of second election period described in section 8432(b) of this title beginning after July 17, 1990, or as of such earlier date as Executive Director may by regu- lation prescribe, see section 3(c) of Pub. L. 101–335, set out as a note under section 8351 of this title. Amendment by section 6(b)(3) of Pub. L. 101–335 effec- tive as of second election period described in section 8432(b) of this title beginning after July 17, 1990, or such earlier date as Executive Director may by regulation prescribe, and applicable with respect to separations occurring before, on, or after that effective date, see section 6(c) of Pub. L. 101–335, set out as a note under section 8351 of this title. EFFECTIVE DATE Section effective Nov. 15, 1988, and applicable to bankruptcy judges and magistrate judges who retire on or after Nov. 15, 1988, with exception for judges and magistrate judges retiring on or after July 31, 1987, see section 9 of Pub. L. 100–659, as amended, set out as a note under section 377 of Title 28, Judiciary and Judi- cial Procedure. § 8440c. Court of Federal Claims judges (a)(1) A judge of the United States Court of Federal Claims who is covered by section 178 of title 28 may elect to contribute an amount of such individual’s basic pay to the Thrift Savings Fund. (2) An election may be made under paragraph (1) as provided under section 8432(b) for individ- uals subject to this chapter. (b)(1) Except as otherwise provided in this sub- section, the provisions of this subchapter and subchapter VII shall apply with respect to Court of Federal Claims judges who make contribu- tions to the Thrift Savings Fund under sub- section (a) of this section. (2) The amount contributed by a Court of Fed- eral Claims judge for any pay period shall not exceed the maximum percentage of such judge’s basic pay for such pay period allowable under section 8440f. (3) No contributions shall be made under sec- tion 8432(c) of this title for the benefit of a Court of Federal Claims judge making contributions under subsection (a) of this section. (4)(A) Section 8433(b) of this title applies to a Court of Federal Claims judge who elects to make contributions to the Thrift Savings Fund under subsection (a) of this section and who re- tires entitled to an annuity under section 178 of title 28 (including a disability annuity under subsection (c) of such section). (B) Section 8433(b) of this title applies to any Court of Federal Claims judge who elects to make contributions to the Thrift Savings Fund under subsection (a) of this section and who re- tires before becoming entitled to an annuity under section 178 of title 28. (5) With respect to Court of Federal Claims judges to whom this section applies, any of the actions described in paragraph (4)(A) or (B) shall be considered a separation from service for pur- poses of this subchapter and subchapter VII. (6) For purposes of this section, the terms ‘‘re- tirement’’ and ‘‘retire’’ include removal from of- fice under section 178(c) of title 28 on the sole ground of mental or physical disability. (7) In the case of a Court of Federal Claims judge who receives a distribution from the Thrift Savings Plan and who later receives an annuity under section 178 of title 28, such annu- ity shall be offset by an amount equal to the amount of the distribution which represents the Government’s contribution to that person’s Thrift Savings Account, without regard to earn- ings attributable to that amount. Where such an offset would exceed 50 percent of the annuity to be received in the first year, the offset may be divided equally over the first 2 years in which that person receives the annuity. (8) Notwithstanding paragraph (4), if any Court of Federal Claims judge retires under cir- cumstances making such judge eligible to make an election under section 8433(b), and such judge’s nonforfeitable account balance is less than an amount that the Executive Director prescribes by regulation, the Executive Director shall pay the nonforfeitable account balance to the participant in a single payment. (Added Pub. L. 101–650, title III, § 306(d)(1), Dec. 1, 1990, 104 Stat. 5110, § 8440b; renumbered § 8440c