[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR204.10]

[Page 206-207]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 204--RULES RELATING TO DEBT COLLECTION--Table of Contents
 
                    Subpart A--Administrative Offset
 
Sec. 204.10  Civil and Foreign Service Retirement Fund.

    (a) Unless otherwise prohibited by law, the Commission may request 
that monies due and payable to a debtor from the Civil Service 
Retirement and Disability Fund, the Foreign Service Retirement Fund or 
any other Federal retirement fund be administratively offset in 
reasonable amounts in order to collect in one full payment or a minimal 
number of payments, debts owed the United States by the debtor. Such 
requests shall be made to the appropriate officials of the respective 
fund servicing agency in accordance with such regulations as may be 
prescribed by the Chairperson of that agency. The requests for 
administrative offset will certify in writing the following:
    (1) The debtor owes the United States a debt and the amount of the 
debt;
    (2) The Commission has complied with applicable regulations and 
procedures; and
    (3) The Commission has followed the requirements of the Federal 
Claims Collection Standards as described in this subpart.
    (b) Once the Commission decides to request offset under paragraph 
(a) of this section, it will make the request as soon as practical after 
completion of the applicable procedures in order that the fund servicing 
agency may identify

[[Page 207]]

and flag the debtor's account in anticipation of the time when the 
debtor requests or becomes eligible to receive payments from the fund. 
This will satisfy any requirements that offset be initiated prior to 
expiration of the statute of limitations.
    (c) If the Commission collects part or all of the debt by other 
means before deductions are made or completed pursuant to paragraph (a) 
of this section, the Commission shall act promptly to modify or 
terminate its request for offset.
    (d) This section does not require or authorize the fund servicing 
agency to review the merits of Commission's determination relative to 
the debt.