§8432a Payment of lost earnings

Summary

The Executive Director must write rules that make an employing agency pay the Thrift Savings Fund for lost earnings when the agency makes mistakes (including leaving something out) in handling TSP accounts. If the mistake was the agency’s failure to take contributions from a person’s basic pay as required by section 8432(a), the rules cannot require payment of lost earnings tied to the missed contributions or to any related contributions under section 8432(c)(2) that the agency is not required to replace. The rules must explain how to figure lost earnings and how to credit the money to the right accounts. The rules may allow exceptions if fixing an error is not practical, may require the agency to repay fund costs for fixing errors, and may include other needed details. Any payment must come from the agency’s salary funds. If a legislative-branch participant is paid by the Chief Administrative Officer of the House of Representatives, that officer may use House accounts to make the payment.