[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: 5CFR1605.22]

[Page 208-209]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
         CHAPTER VI--FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
 
PART 1605_CORRECTION OF ADMINISTRATIVE ERRORS--Table of Contents
 
               Subpart C_Board or TSP Record Keeper Errors
 
Sec.  1605.22  Claims for correction of Board or TSP record keeper errors; 

time limitations.

    (a) Filing claims. Claims for correction of Board or TSP record 
keeper errors under this subpart may be submitted initially either to 
the TSP record keeper or the Board. The claim must be in writing and may 
be from the affected participant or beneficiary.
    (b) Board's or TSP record keeper's discovery of error. (1) Upon 
discovery of an error made within the past six months involving a 
receipt or a disbursement, the Board or TSP record keeper must promptly 
correct the error on its own initiative. If the error was made more than 
six months before its discovery, the Board or the TSP record keeper may 
exercise sound discretion in deciding whether to correct the error, but, 
in any event, must act promptly in doing so.
    (2) For errors concerning contribution allocations or interfund 
transfers, the Board or the TSP record keeper must promptly correct the 
error if it is discovered before 30 days after the issuance of the 
earlier of the most recent TSP participant (or loan) statement or 
transaction confirmation that reflected the error. If it is discovered 
after that time, the Board or TSP record keeper may use its sound 
discretion in deciding whether to correct it, but, in any event, must 
act promptly in doing so.
    (c) Participant's or beneficiary's discovery of error. (1) If the 
Board or TSP record keeper fails to discover an error of which a 
participant or beneficiary has knowledge involving a receipt or a 
disbursement, the participant or beneficiary may file a claim for 
correction of the error with the Board or the TSP record keeper without 
time limit. The Board or the TSP record keeper must promptly correct any 
such error for which the participant or beneficiary filed a claim within 
six months of its occurrence; the correction of any such error for which 
the participant or beneficiary filed a claim after that time is in the 
sound discretion of the Board or TSP record keeper.
    (2) For errors involving contribution allocations or interfund 
transfers of which a participant or beneficiary has knowledge, he or she 
may file a claim for correction with the Board or TSP record keeper no 
later than 30 days after the TSP provides the participant with a 
transaction confirmation reflecting the error, or makes available on its 
Web site a participant statement detailing the error. The Board or TSP 
record keeper must promptly correct such errors.
    (3) If a participant or beneficiary fails to file a claim for 
correction of contribution allocations or interfund transfers in a 
timely manner, the Board or TSP record keeper may nevertheless, in its 
sound discretion, correct any such error that is brought to its 
attention.
    (d) Processing claims. (1) If the initial claim is submitted to the 
TSP record keeper, the TSP record keeper may either respond directly to 
the claimant, or may forward the claim to the Board for response. If the 
TSP record keeper responds to a claim, and all or any part of the claim 
is denied, the claimant may request review by the Board within 90 days 
of the date of the record keeper's response.
    (2) If the Board denies all or any part of a claim (whether upon 
review of a TSP record keeper denial or upon an initial review by the 
Board), the claimant will be deemed to have exhausted his or her 
administrative remedy and may file suit under 5 U.S.C. 8477. If the 
claimant does not submit a request to the Board for review of a claim 
denial

[[Page 209]]

by the TSP record keeper within the 90 days permitted under paragraph 
(d)(1) of this section, the claimant will be deemed to have accepted the 
TSP record keeper's decision.

[66 FR 44277, Aug. 22, 2001, as amended at 70 FR 32212, June 1, 2005]