To amend title 5, United States Code, to allow certain catch-up contributions to the Thrift Savings Plan to be made by participants age 50 or over, and to afford employees and Members full immediate participation in the Thrift Savings Plan upon commencing Federal service.

Allows certain eligible participants to make such additional contributions to the Thrift Savings Plan as are permitted by: (1) provisions of the Internal Revenue Code pertaining to catch-up contributions to pension, profit-sharing, and/or stock bonus plans for individuals age 50 and over; and (2) consistent regulations of the Executive Director of the Federal Retirement Thrift Investment Board.

Repeals provisions limiting the pay periods with respect to which agency contributions shall be payable (thus affording employees and members full immediate participation in the Plan upon commencing Federal service).