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Senate to act on bill that would allow IRS to dock TSP accounts

Lawmakers are planning to act on the legislation that would allow the Internal Revenue Service to tap federal workers' Thrift Savings Plan accounts for unpaid taxes before Congress adjourns this year.

Before Congress adjourns for the year, lawmakers are planning to act on the legislation that would allow the Internal Revenue Service to seize assets in federal workers' Thrift Savings Plan accounts for unpaid taxes, Government Executive reports.

The 1986 Federal Employees Retirement System Act protects some assets in TSP accounts from levy, but the Federal Retirement Thrift Investment Board, which oversees the TSP, has sought clarification from Congress about those protections, the article notes.

This summer, House passed legislation (H.R. 4365) which makes TSP accounts subject to a law that allows the IRS to collect unpaid federal taxes by levy; the Senate expects vote on its version of the bill by December, according to the report.

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