Thrift Savings Plan Open Elections Act of 2004

Thrift Savings Plan Open Elections Act of 2004 - Allows an election by a Federal employee or member to make contributions under the Thrift Savings Plan (TSP) of the Federal Employees' Retirement System to be made at any time. Provides that such an election shall take effect on the earliest date after the election that is administratively feasible and shall remain in effect until modified or terminated. Prohibits agency contributions from beginning to be made for an employee or member until the date that such contributions would have begun to be made in accordance with regulations as administered on the date preceding the enactment of this Act. Instructs the Federal Retirement Thrift Investment Board to: (1) periodically evaluate whether the tools available to participants provide the information needed to understand, evaluate, and compare financial products, services, and opportunities offered through the TSP; (2) use these evaluations to improve its existing program for TSP participants; and (3) annually report to the Committee on Governmental Affairs of the Senate and the Committee on Government Reform of the House of Representatives on its TSP education efforts on behalf of plan participants. Directs the Office of Personnel Management (OPM), as part of the retirement training offered by OPM, to: (1) develop and implement a retirement financial literacy and education strategy for Federal employees that educates Federal employees on the need for retirement savings and investment and that provides information related to how Federal employees can receive additional information on how to plan for retirement and calculate what their retirement investment should be in order to meet their retirement goals; and (2) submit a report on such strategy to such committees.

Amends Federal law governing the Thrift Savings Plan to allow plan participants to elect or modify their contributions in any pay period. Revises certain provisions relating to an employing agency's automatic one percent contribution to the Thrift Savings Fund and agency matching contributions generally. Requires the Executive Director appointed by the Federal Retirement Thrift Investment Board to prescribe regulations to ensure that provisions regarding agency contributions comparable to specified provisions repealed by this Act remain in effect for as long as necessary so that no person will be denied benefits as the result of such repeal.