5 C.F.R. § 1605.1 Definitions.
Title 5 - Administrative Personnel
(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 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]
Title 5: Administrative Personnel
PART 1605—CORRECTION OF ADMINISTRATIVE ERRORS
Subpart A—General
§ 1605.1 Definitions.
