This Act may be cited as the TSP Modernization Act.

(a) Electronic transfer (1) In general Notwithstanding any other law, rule, or regulation, beginning on the date that is 1 year after the date of the enactment of this Act, if a transfer of funds is otherwise permitted from an individual’s account within the Thrift Savings Fund to a qualified retirement plan at a brokerage firm, such transfer shall be permitted to be made electronically. (2) Information Such electronic transfer may not be made until such individual provides the information necessary to the Executive Director of the Federal Retirement Thrift Investment Board to carry out such transfer. (b) Report On the date that is 1 year after the date of the enactment of this Act, the Executive Director, in consultation with the Secretary of the Treasury, shall submit a report to Congress on the implementation of subsection (a). (c) Definitions In this Act— (1) the term Thrift Savings Fund means the Thrift Savings Fund established under section 8437 of title 5, United States Code; and (2) the term qualified retirement plan has the meaning given that term in section 4974(c) of the Internal Revenue Code of 1986.