Page:United States Statutes at Large Volume 100 Part 1.djvu/618

From Wikisource
Jump to: navigation, search
This page needs to be proofread.
PUBLIC LAW 99-000—MMMM. DD, 1986

100 STAT. 582

PUBLIC LAW 99-335—JUNE 6, 1986

"(e) The accrued annual leave of any employee who is a member of the Board or the Council shall not be charged for any time used in performing services for the Board or the Council. 5 USC 8477.

15 USC 78f.

"§ 8477. Fiduciary responsibilities; liability and penalties "(a) For the purposes of this section— "(1) the term 'account' is not limited by the definition provided in section 8401(1); "(2) the term 'adequate consideration' means— "(A) in the case of a security for which there is a generally recognized market— "(i) the price of the security prevailing on a national securities exchange which is registered under section 6 of the Securities Exchange Act of 1934; or "(ii) if the security is not traded on such a national securities exchange, a price not less favorable to the Thrift Savings Fund than the offering price for the security as established by the current bid and asked prices quoted by persons independent of the issuer and of any party in interest; and "(B) in the case of an asset other than a security for which there is a generally recognized market, the fair market value of the asset as determined in good faith by a fiduciary or fiduciaries in accordance with regulations prescribed by the Secretary of Labor; "(3) the term 'fiduciary' means— "(A) a member of the Board; "(B) the Executive Director; "(C) any person who has or exercises discretionary authority or discretionary control over the management or disposition of the assets of the Thrift Savings Fund; and ' (D) any person who, with respect to the Thrift Savings Fund, is described in section 3(21)(A) of the Employee Retirement Income Security Act of 1974 (29 U.S.C 1002(21)(A)); and "(4) the term 'party in interest' includes— "(A) any fiduciary; "(B) any counsel to a person who is a fiduciary, with respect to the actions of such person as a fiduciary; '(C) any participant; "(D) any person providing services to the Board and, with respect to the actions of the Executive Director as a fiduciary any person providing services to the Executive Director; "(E) a labor organization, the members of which are participants; "(F) a spouse, sibling, ancestor, lineal descendant, or spouse of a lineal descendant of a person described in subparagraph (A), (B), or (D); "(G) a corporation, partnership, or trust or estate of which, or in which, at least 50 percent of— "(i) the combined voting power of all classes of stock entitled to vote or the total value of shares of all classes of stock of such corporation; "(ii) the capital interest or profits interest of such partnership; or "(iii) the beneficial interest of such trust or estate.