[Code of Federal Regulations]
[Title 29, Volume 9]
[Revised as of July 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR2582.8478-3]

[Page 611]
 
                             TITLE 29--LABOR
 
 CHAPTER XXV--EMPLOYEE BENEFITS SECURITY ADMINISTRATION, DEPARTMENT OF 
                                  LABOR
 
PART 2582_RULES AND REGULATIONS FOR FIDUCIARY RESPONSIBILITY--Table 
of Contents
 
                    Subpart B_Permanent Bonding Rules
 
Sec. 2582.8478-3  Permanent bonding requirements.


    (a) General. Any fiduciary with respect to the Thrift Savings Fund 
(Fund) established under the Federal Employees' Retirement System Act of 
1986 (FERSA) or any person who handles funds or other property of the 
Fund shall be deemed to be in compliance with the bonding requirements 
of section 8478 of FERSA if he or she is bonded in compliance with the 
temporary bonding regulations under section 412 of the Employee 
Retirement Income Security Act of 1974 (ERISA) set forth in part 2580 of 
title 29 of the Code of Federal Regulations.
    (b) Application of ERISA temporary bonding rules. For purposes of 
this section:
    (1) Any reference to section 13 of the Welfare and Pension Plans 
Disclosure Act, as amended (WPPDA), or any section thereof in the ERISA 
temporary bonding regulations shall be deemed to refer to section 8478 
of FERSA or the corresponding subsection thereof;
    (2) Where the particular phrases set forth in FERSA are not 
identical to the phrases in the WPPDA, ERISA or the ERISA temporary 
bonding regulations, the phrases appearing in FERSA shall be substituted 
by operation of law; and
    (3) Where the phrases are identical but the meaning is different, 
the meaning given such phrases by FERSA shall govern. For example, the 
phrase ``every administrator, officer and employee of any employee 
welfare benefit plan or of any employee pension benefit plan subject to 
this Act who handles funds or other property of such plan'' which 
appears in the WPPDA and in the ERISA temporary bonding regulations 
shall be construed to mean, for purposes of this section ``each 
fiduciary and each person who handles funds or other property of the 
Thrift Savings Fund,'' which is the term appearing in section 8478 of 
FERSA; the terms ``employee benefit plan'' and ``plan'' which appear in 
the ERISA temporary bonding regulations shall be construed to mean, for 
purposes of this section, ``Thrift Savings Fund''; and the term 
``reporting year of the plan'' which appears in the ERISA temporary 
bonding regulations shall be construed to mean, for purposes of this 
section, ``fiscal year of the Thrift Savings Fund.''
    (c) Effective date. This section is effective January 1, 1990.

[54 FR 53609, Dec. 29, 1989]