
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 5USC8437]

 
             TITLE 5--GOVERNMENT ORGANIZATION AND EMPLOYEES
 
                           PART III--EMPLOYEES
 
                   Subpart G--Insurance and Annuities
 
            CHAPTER 84--FEDERAL EMPLOYEES' RETIREMENT SYSTEM
 
                   SUBCHAPTER III--THRIFT SAVINGS PLAN
 
Sec. 8437. Thrift Savings Fund

    (a) There is established in the Treasury of the United States a 
Thrift Savings Fund.
    (b) The Thrift Savings Fund consists of the sum of all amounts 
contributed under section 8432 of this title and all amounts deposited 
under section 8479(b) of this title, increased by the total net earnings 
from investments of sums in the Thrift Savings Fund or reduced by the 
total net losses from investments of the Thrift Savings Fund, and 
reduced by the total amount of payments made from the Thrift Savings 
Fund (including payments for administrative expenses).
    (c) The sums in the Thrift Savings Fund are appropriated and shall 
remain available without fiscal year limitation--
        (1) to invest under section 8438 of this title;
        (2) to pay benefits or purchase annuity contracts under this 
    subchapter;
        (3) to pay the administrative expenses of the Federal Retirement 
    Thrift Investment Management System prescribed in subchapter VII of 
    this chapter;
        (4) to make distributions for the purposes of section 8440(b) of 
    this title;
        (5) to make loans to employees and Members as authorized under 
    section 8433(g) of this title; and
        (6) to purchase insurance as provided in section 8479(b)(2) of 
    this title.

    (d) Administrative expenses incurred to carry out this subchapter 
and subchapter VII of this chapter shall be paid first out of any sums 
in the Thrift Savings Fund forfeited under section 8432(g) of this title 
and then out of net earnings in such Fund.
    (e)(1) Subject to subsection (d) and paragraphs (2) and (3), sums in 
the Thrift Savings Fund credited to the account of an employee, Member, 
former employee, or former Member may not be used for, or diverted to, 
purposes other than for the exclusive benefit of the employee, Member, 
former employee, or former Member or his beneficiaries under this 
subchapter.
    (2) Except as provided in paragraph (3), sums in the Thrift Savings 
Fund may not be assigned or alienated and are not subject to execution, 
levy, attachment, garnishment, or other legal process. For the purposes 
of this paragraph, a loan made from such Fund to an employee or Member 
shall not be considered to be an assignment or alienation.
    (3) Moneys due or payable from the Thrift Savings Fund to any 
individual and, in the case of an individual who is an employee or 
Member (or former employee or Member), the balance in the account of the 
employee or Member (or former employee or Member) shall be subject to 
legal process for the enforcement of the individual's legal obligations 
to provide child support or make alimony payments as provided in section 
459 of the Social Security Act (42 U.S.C. 659) or relating to the 
enforcement of a judgment for physically, sexually, or emotionally 
abusing a child as provided under section 8467(a). For the purposes of 
this paragraph, an amount contributed for the benefit of an individual 
under section 8432(c)(1) (including any earnings attributable thereto) 
shall not be considered part of the balance in such individual's account 
unless such amount is nonforfeitable, as determined under applicable 
provisions of section 8432(g).
    (f) The sums in the Thrift Savings Fund shall not be appropriated 
for any purpose other than the purposes specified in this section and 
may not be used for any other purpose.
    (g) All sums contributed to the Thrift Savings Fund by an employee 
or Member or by an employing agency for the benefit of such employee or 
Member and all net earnings in such Fund attributable to investment of 
such sums are held in such Fund in trust for such employee or Member.

(Added Pub. L. 99-335, title I, Sec. 101(a), June 6, 1986, 100 Stat. 
550; amended Pub. L. 100-238, title I, Secs. 116, 117(a), Jan. 8, 1988, 
101 Stat. 1751; Pub. L. 103-226, Sec. 9(i)(16), Mar. 30, 1994, 108 Stat. 
122; Pub. L. 103-358, Sec. 2(b)(4), Oct. 14, 1994, 108 Stat. 3421.)


                               Amendments

    1994--Subsec. (c)(5). Pub. L. 103-226 substituted ``section 
8433(g)'' for ``section 8433(i)''.
    Subsec. (e)(3). Pub. L. 103-358 substituted ``or relating to the 
enforcement of a judgment for physically, sexually, or emotionally 
abusing a child as provided under section 8467(a).'' for period at end 
of first sentence.
    1988--Subsec. (d). Pub. L. 100-238, Sec. 117(a)(1), struck out 
``attributable to sums contributed to such Fund under section 8432(c) of 
this title'' after ``such Fund''.
    Subsec. (e)(1). Pub. L. 100-238, Sec. 117(a)(2), inserted 
``subsection (d) and'' after ``Subject to''.
    Subsec. (e)(3). Pub. L. 100-238, Sec. 116, inserted at end ``For the 
purposes of this paragraph, an amount contributed for the benefit of an 
individual under section 8432(c)(1) (including any earnings attributable 
thereto) shall not be considered part of the balance in such 
individual's account unless such amount is nonforfeitable, as determined 
under applicable provisions of section 8432(g).''


                    Effective Date of 1994 Amendments

    Amendment by Pub. L. 103-358 effective Oct. 14, 1994, and applicable 
with respect to any decree, order, or other legal process, or notice of 
agreement received by Office of Personnel Management or Executive 
Director of Federal Retirement Thrift Investment Board on or after Oct. 
14, 1994, see section 3 of Pub. L. 103-358, set out as a note under 
section 8345 of this title.
    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 1988 Amendment

    Section 117(b) of Pub. L. 100-238 provided that: ``The amendments 
made by subsection (a) [amending this section] shall take effect on the 
first day of the first month beginning on or after the date of the 
enactment of this Act [Jan. 8, 1988].''

                  Section Referred to in Other Sections

    This section is referred to in sections 8351, 8439, 8471 of this 
title.
