§8432a Payment of Lost Earnings

Summary

Executive Director must write rules that make an employing agency pay the Thrift Savings Fund for lost earnings when the agency makes errors (including leaving something out). If the error was failing to take contributions as required under section 8432(a), the rules must not require payment of lost earnings that come from (A) the contributions the agency failed to take under 8432(a) or (B) related contributions under section 8432(c)(2) that the agency is not required to make up. The rules must explain how to calculate lost earnings and how to credit payments. They may allow exceptions if fixing an error is not practical, may require agencies to repay the Fund’s costs to fix errors, and may include other needed provisions. Agencies must pay required amounts from the appropriation or fund used to pay the participant’s office salaries. If a legislative branch participant is paid by the Chief Administrative Officer of the House of Representatives, that officer may pay from House accounts instead.