[Code of Federal Regulations]
[Title 5, Volume 3]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR1605.1]

[Page 206-207]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
         CHAPTER VI--FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
 
PART 1605_CORRECTION OF ADMINISTRATIVE ERRORS--Table of Contents
 
                            Subpart A_General
 
Sec. 1605.1  Definitions.


    (a) Definitions generally applicable to the Thrift Savings Plan are 
set forth at 5 CFR 1690.1.
    (b) As used in this part:
    ``As of'' date means the date on which a TSP contribution or other 
transaction entailing acquisition of investment fund shares should have 
taken place. Employing agencies use this

[[Page 207]]

date on payment records to report makeup or late contributions or late 
loan payments.
    Attributable pay date ordinarily means the pay date of an erroneous 
contribution for which a negative adjustment is being made or, in the 
case of the uniformed services, the pay date of a contribution that is 
being recharacterized from tax-deferred to tax-exempt, or vice versa. 
However, if the erroneous contribution was a makeup or late 
contribution, the attributable pay date is the ``as of'' date of the 
erroneous makeup or late contribution.
    Breakage means the loss incurred or the gain realized on makeup or 
late contributions. It is the difference between the value of the shares 
of the applicable investment fund(s) that would have been purchased had 
the contribution been made on the ``as of'' date and the value of the 
shares of the same investment fund(s) on the date the contribution is 
posted to the account.
    Error means any act or omission by the Board, the TSP Record Keeper, 
or the participant's employing agency that is not in accordance with 
applicable statutes, regulations, or administrative procedures that are 
made available to employing agencies and/or TSP participants. It does 
not mean an act or omission caused by events that are beyond the control 
of the Board, the TSP Record Keeper, or the participant's employing 
agency.
    FERCCA correction means the correction of a retirement coverage 
error pursuant to the Federal Erroneous Retirement Coverage Corrections 
Act, title II, Public Law 106-265, 114 Stat. 770.
    Late contributions means:
    (1) Employee contributions that were timely deducted from a 
participant's basic pay but were not timely reported to the TSP record 
keeper for investment;
    (2) Employee contributions that were timely reported to the TSP but 
were not timely posted to the participant's account by the TSP because 
the payment record on which they were submitted contained errors;
    (3) Agency matching contributions attributable to employee 
contributions referred to in paragraphs (1) or (2) of this definition; 
and
    (4) Delayed agency automatic (1%) contributions.
    Makeup contributions are employee contributions that should have 
been deducted from a participant's basic pay or employer contributions 
that should have been charged to an employing agency on an earlier date, 
but were not deducted or charged and, consequently, are being deducted 
or charged currently.
    Negative adjustment means the removal of money from a participant's 
TSP account by an employing agency.
    Negative adjustment record means a data record submitted by an 
employing agency to remove from a participant's TSP account money that 
the agency had previously submitted in error.
    Pay date means the date established by an employing agency for 
paying its employees or service members.
    Payment record means a data record submitted by an employing agency 
to report contributions or loan payments to a participant's TSP account.

[68 FR 35497, June 13, 2003, as amended at 70 FR 32209, June 1, 2005]