Accession Number:

ADA370938

Title:

Processing DOD Thrift Savings Plan Contributions.

Descriptive Note:

Audit rept.,

Corporate Author:

INSPECTOR GENERAL DEPT OF DEFENSE ARLINGTON VA

Report Date:

1996-06-06

Pagination or Media Count:

15.0

Abstract:

The Thrift Savings Plan TSP is a tax-deferred retirement savings plan for Federal employees and is similar to a corporate 401k plan. Employees covered by the Civil Service Retirement System and the Federal Employees Retirement System contribute to the TSP. The Thrift Savings Fund has grown annually since it was established in 1987 as of January 31, 1996, it contained 36 billion. The Defense Finance and Accounting Service DFAS manages DoD participants contributions to the TSP. This part of our audit focused on the processing of individual contributions to the TSP at two DFAS payroll offices at the DFAS Columbus Center, Columbus, Ohio, and Bolling Air Force Base AFB, Washington, D.C. suits of Audit Payroll offices at the DFAS Columbus Center and Bolling AFB transmitted participants contributions to the TSP within prescribed time limits in more than 99.9 percent of the cases we examined. The two offices also took appropriate actions to ensure that earnings lost because of delayed contributions were credited to participants accounts. We identified no material management control weaknesses at either payroll office. The audit results are not necessarily indicative of TSP operations at other DFAS payroll offices, or the efficiency of TSP operations DoD-wide. Edit Objectives The audit objectives were to determine whether TSP operations at the two DFAS payroll offices complied with TSP regulations. Specifically, we determined whether TSP contributions were processed on time, and whether lost earnings were paid when contributions were not made on time, as required by TSP regulations. We also evaluated the adequacy of the management control program as it applied to the audit objectives.

Subject Categories:

  • Administration and Management
  • Economics and Cost Analysis

Distribution Statement:

APPROVED FOR PUBLIC RELEASE