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A10497 1 (2004-04-15)

handle is hein.gao/gaobacxlm0001 and id is 1 raw text is: im Accountability * Integrity * Reliability United States General Accounting Office Washington, DC 20548 April 15, 2004 Mr. Cyrus G. Lohfink Director, National Finance Center Office of Chief Financial Officer Department of Agriculture P.O. Box 60000 New Orleans, LA 70160-0001 Subject: Excess Agency Contributions to the Thrift Savings Plan Dear Mr. Lohfink: 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. As you recall, in the course of testing payroll transactions as part of our audit of IRS's fiscal years 2003 and 2002 financial statements1 we found that for some employees of IRS, NFC incorrectly computed agency mandatory contributions to the TSP of 2 percent of the employees' base pay instead of the statutorily required 1 percent.2 In discussing this matter with you and your staff, we 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. In further discussions of these matters with you and your staff, as well as representatives of IRS, we recommended that NFC take actions to (1) determine the magnitude of the overpayments, (2) correct the affected TSP accounts, and (3) implement procedures to prevent or detect such errors in the future. We are pleased that NFC immediately took effective action to resolve this problem and prevent a recurrence, in line with our recommendations. 1See U.S. General Accounting Office, Financial Audit: IRS's Fiscal Years 2003 and 2002 Financial Statements, GAO-04-126 (Washington, D.C.: Nov. 13, 2003). 2This requirement can be found in P. L. No. 99-335, 100 Stat. 514 (1986) (codified as amended largely at 5 U.S.C. § 8351 and §§ 8401-8479).

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