[Code of Federal Regulations]
[Title 5, Volume 3]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR1605.15]

[Page 206]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
         CHAPTER VI--FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
 
PART 1605_CORRECTION OF ADMINISTRATIVE ERRORS--Table of Contents
 
                    Subpart B_Employing Agency Errors
 
Sec.  1605.15  Reporting and processing late contributions and late loan 

payments.

    (a) The employing agency must promptly submit late contributions to 
the TSP record keeper on behalf of the affected participant on late 
payment records as soon as the error is discovered. For each pay date 
involved, the employing agency must submit a separate record showing the 
``as of'' date for the contributions. Breakage for both employee and 
agency contributions will be calculated, posted, and charged to the 
agency or forfeited to the TSP in accordance with Sec.  1605.2.
    (b) If an employing agency deducts loan payments from a 
participant's pay, but fails to submit those payments to the TSP for the 
pay date for which they were deducted (or submits them in a manner that 
prevents them from being timely credited to the participant's account), 
the employing agency will be responsible for paying breakage using the 
procedure described in Sec.  1605.2. The loan payment record must 
contain the ``as of'' date for which the loan payment was deducted.
    (c) All contributions or loan payments on payment records contained 
in a payroll submission that was received from an employing agency more 
than 30 days after the pay date associated with the payroll submission 
(as reported on the appropriate journal voucher), will be subject to 
breakage calculated, posted, and charged to the employing agency (or 
forfeited to the TSP) in accordance with Sec.  1605.2. The employing 
agency will be apprised of the breakage due for each record reported on 
the late submission.

[68 FR 35501, June 13, 2003]