Real Estate Investment Thrift Savings Act of 2006

Real Estate Investment Thrift Savings Act of 2006 - Amends Federal law relating to the Federal Employees' Retirement System to provide for the establishment of a Real Estate Stock Investment Fund under the Thrift Savings Plan.

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 2490 Introduced in Senate (IS)]








109th CONGRESS
  2d Session
                                S. 2490

  To amend title 5, United States Code, to provide for a real estate 
      stock index investment option under the Thrift Savings Plan.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 3, 2006

  Mr. Coleman introduced the following bill; which was read twice and 
referred to the Committee on Homeland Security and Governmental Affairs

_______________________________________________________________________

                                 A BILL


 
  To amend title 5, United States Code, to provide for a real estate 
      stock index investment option under the Thrift Savings Plan.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    (a) Short Title.--This Act may be cited as the ``Real Estate 
Investment Thrift Savings Act of 2006''.

SEC. 2. REAL ESTATE STOCK INDEX INVESTMENT FUND.

    (a) Definition.--Section 8438(a) of title 5, United States Code, is 
amended--
            (1) in paragraph (9), by striking ``and'' at the end;
            (2) in paragraph (10), by striking the period at the end 
        and inserting ``; and''; and
            (3) by adding at the end the following:
            ``(11) the term `Real Estate Stock Index Investment Fund' 
        means the Real Estate Stock Index Investment Fund established 
        under subsection (b)(1)(F).''.
    (b) Establishment.--
            (1) In general.--Section 8438(b)(1) of title 5, United 
        States Code, is amended--
                    (A) in subparagraph (D), by striking ``and'' at the 
                end;
                    (B) in subparagraph (E), by striking the period at 
                the end and inserting ``; and''; and
                    (C) by adding at the end the following:
            ``(F) a Real Estate Stock Index Investment Fund as provided 
        in paragraph (5).''.
            (2) Fund requirements.--Section 8438(b) of title 5, United 
        States Code, is amended by adding at the end the following:
    ``(5)(A) The Board shall select an index which is a commonly 
recognized index comprised of common stock the aggregate market value 
of which is a reasonably complete representation of the United States 
real estate equity markets.
    ``(B) The Real Estate Stock Index Investment Fund shall be invested 
in a portfolio designed to replicate the performance of the index 
selected under subparagraph (A). The portfolio shall be designed such 
that, to the extent practicable, the percentage of the Real Estate 
Stock Index Investment Fund that is invested in each stock is the same 
as the percentage determined by dividing the aggregate market value of 
all shares of that stock by the aggregate market value of all shares of 
all stocks included in such index.''.
    (c) Acknowledgment of Risk.--Section 8439(d) of title 5, United 
States Code, is amended--
            (1) by striking ``or the Small Capitalization Stock Index 
        Investment Fund,'' and inserting ``the Small Capitalization 
        Stock Index Investment Fund, or the Real Estate Stock Index 
        Investment Fund,''; and
            (2) by striking ``and (10),'' and inserting ``(10), and 
        (11),''.
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