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Financial Management: Excess Agency Contributions to the Thrift Savings Plan

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Report Type Reports and Testimonies
Report Date April 15, 2004
Report No. 196011
Subject
Summary:

This letter summarizes the issue of overpayments to the Thrift Savings Plan (TSP) by the Internal Revenue Service (IRS) and several other federal agencies that resulted from payroll processing errors at the National Finance Center (NFC), and the resulting actions NFC took to address the issue. In the course of testing payroll transactions as part of our audit of the IRS's fiscal years 2003 and 2002 financial statements we found that for some employees of IRS, NFC incorrectly computed agency mandatory contributions to TSP of 2 percent on the employees' base pay instead of the statutorily required 1 percent. We also found that certain employees of other agencies had also been affected, and that these excess contributions had occurred from September 1999 through September 2003. As a result, IRS and these other agencies made contributions to TSP that exceeded statutory requirements for those employees during this period.

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