Overtime, TSP Bills May Yet Become Law

Also passed by the Senate was S-1691, to revamp the “administratively uncontrollable overtime” policy at Customs and Border Protection, replacing what has become a largely automatic overtime entitlement with a three-level system in which covered officers would choose to work either 100 hours (including 20 hours of overtime), 90 hours (10 hours of overtime), or 80 hours (no overtime) per pay period. The House has not taken up a counterpart but sponsors hope to gain final enactment in the post-election session. The Senate also approved (S-2117) a plan previously passed by the House, changing the default investment fund for newly hired employees who do not designate a fund for their investments. Under the bill, the default fund would change from the most conservative of the TSP’s offerings, the government securities G fund, to the lifecycle L fund most appropriate for the person’s age. However, because the House and Senate bills differ slightly, another vote will be needed to finalize the change. It would apply only to those hired after implementing rules were in place, projected to be about nine months after enactment.