Processing DOD Thrift Savings Plan Contributions.

Abstract

The Thrift Savings Plan (TSP) is a tax-deferred retirement savings plan for Federal employees and is similar to a corporate 401(k) 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.

Open PDF

Document Details

Document Type
Technical Report
Publication Date
Jun 06, 1996
Accession Number
ADA370938

Entities

People

  • F. J. Lane
  • James L. Kornides
  • John K. Issel
  • Melanie S. Steel
  • Melissa A. Sikora

Organizations

  • Office of the Inspector General, U.S. Department of Defense

Tags

DTIC Thesaurus Topics

  • Accounting
  • Air Force
  • Air Force Facilities
  • Comptrollers
  • Databases
  • Department Of Defense
  • Finance
  • Financial Management
  • Materials
  • National Security
  • Navy
  • Regulations
  • Security
  • South Carolina
  • Standards
  • Technical Information Centers
  • United States

Fields of Study

  • Business

Readers

  • Logistics and Supply Chain Management.
  • Organizational Process Management (OPM).
  • Personnel Management and Statistics in the Military and Department of Defense