,,ii  #aacth ,,congress  #b;d ,session  
,h4 ,r4 #daic  ,,in ,,the ,,senate ,,of 
,,the ,,united ,,states  ,july #ae1     
#bjad,received  ,,an ,,act  ,to amend   
title #e1 ,united ,states ,code1 to     
change the default investment fund under
 the ,thrift ,savings ,plan1 and for    
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,smart ,savings
 ,act4  #b4 ,thrift ,savings ,plan      
default investment fund  7a7 ,in general
 ,section #hdch7;c77#b7 of title #e1    
,united ,states ,code1 is amended to    
read as follows3  7#b7  7,a7 ,consistent
 with the requirements of subparagraph  
7,b71 if an election has not been made  
with respect to any sums available for  
investment in the ,thrift ,savings      
,fund1 the ,executive ,director shall   
invest such sums in an age-appropriate  
target date asset allocation investment 
fund1 as determined by the ,executive   
,director4 ,such investment fund shall  
consist of any of the funds described in
 subsection 7b74  7,b7 ,if an election  

has not been made by an eligible member 
under section #hddj;e with respect to   
any sums available for investment in    
such member's ,thrift ,savings ,fund    
account1 the ,executive ,director shall 
invest such sums in the ,government     
,securities ,investment ,fund4  4  7b7  
,acknowledgment of risk ,section        
#hdci7;d7 of title #e1 ,united ,states  
,code1 is amended--  7#a7 by inserting  
7#a7 before ,each employee2 and  7#b7 by
 adding at the end the following new    
paragraph3  7#b7 ,prior to enrollment in
 the ,thrift ,savings ,fund1 or as soon 
as practicable thereafter1 an individual
 who is automatically enrolled pursuant 
to section #hdcb7;b77#b7 shall receive  
the risk acknowledgment information     
described under paragraph 7#a74  4  7c7 
,technical and conforming amendment     
,section #hdgb7;g77#b7 of title #e1     
,united ,states ,code1 is amended by    
striking required by section #hdch of   
this title to be invested in securities 
of the ,government and inserting under  

section #hdch7;c77#b77;,b74  7d7        
,guidance ,not later than #i months     
after the date of enactment of this     
,act1 the ,executive ,director 7as that 
term is defined under section #hdja7ac7 
of title #e1 ,united ,states ,code7     
shall develop and issue guidance        
implementing the requirements of this   
,act4  7e7 ,effective date and          
application ,the amendments made by     
subsections 7a7 and 7b7 shall--  7#a7   
take effect on the date that the        
,executive ,director issues guidance    
under subsection 7d72 and  7#b7 apply to
 individuals enrolled in the ,thrift    
,savings ,plan on or after such date4   
#c4 ,clarification of fiduciary         
protections  ,section                   
#hdgg7;e77#a77;,c77ii7 of title #e1     
,united ,states ,code1 is amended--     
7#a7 in subclause 7,,ii7--  7,a7 by     
inserting or beneficiary after          
participant2 and  7,b7 by inserting or  
option after fund2 and  7#b7 in         
subclause 7,,iii7--  7,a7 by inserting  

or beneficiary after participant2 and   
7,b7 by inserting or beneficiaries'     
after participants'4  ,passed the ,house
 of ,representatives ,july #ad1         
#bjad4,karen ,l4 ,haas1,clerk