Source: https://www.federalregister.gov/documents/2005/04/25/05-8078/various-changes-to-the-thrift-savings-plan
Timestamp: 2017-08-23 05:21:03
Document Index: 52255080

Matched Legal Cases: ['ART 1653', 'art 1606', 'art 1605', '§\u20091601', 'art 1600', '§\u20091604', '§\u20091605', 'art 1650', '§\u20091605', 'art 1606', '§\u20091645', '§\u20091645', '§\u20091650', 'art 1645']

A Proposed Rule by the Federal Retirement Thrift Investment Board on 04/25/2005
Comments must be received on or before May 25, 2005.
70 FR 21289
21289-21304 (16 pages)
05-8078
Subpart C—Board or Record Keeper Errors
PART 1653—COURT ORDERS AND LEGAL PROCESSES AFFECTING TSP ACCOUNTS
https://www.federalregister.gov/d/05-8078 https://www.federalregister.gov/d/05-8078
Start Preamble Start Printed Page 21290
Comments may be sent to Patrick J. Forrest, Federal Retirement Thrift Investment Board, 1250 H Street, NW., Washington, DC 20005. The Board's Fax number is (202) 942-1676.
The Executive Director proposes to amend TSP regulations to include references to the TSP “lifecycle funds,” which the TSP will offer to participants in mid-2005. In general, lifecycle funds are “target asset allocation portfolios” which hold a variety of investments including stable value, bond, and stock funds. The mix of these funds is chosen based on the date the investor expects to need the money in his or her account for retirement.
The assumption underlying lifecycle funds is that people with longer time horizons for investment are both willing and able to tolerate risk while seeking higher rates of return. A further assumption is that as people approach the time when they will begin to withdraw their assets from the Plan, their portfolios should be adjusted to reflect a lower tolerance for risk. Thus, a young person who is many years from retirement would have more of his or her account invested in a lifecycle fund containing investments with higher risk and higher potential returns (such as stocks), and less in low-risk, lower-return investments (such as Government securities). The investments in a lifecycle fund would be adjusted gradually and automatically to lower risk portfolios as the need for withdrawal approaches. This process is referred to as rebalancing.
Our analysis of TSP data shows that some TSP participants appear either to be “chasing” the latest returns or to be leaving their accounts unattended altogether, never rebalancing their portfolios. Some participants leave their entire account in the most conservative fund, the G Fund, when they may need the higher potential returns of the other funds to give them the retirement income they want. The evidence therefore suggests that many TSP participants could benefit from automatic professional asset allocation offered by a lifecycle fund.
Participation in the TSP lifecycle funds is voluntary, although the TSP strongly encourages every participant to consider the option. The TSP will make information available to participants that explain lifecycle funds in detail. Participants should read these materials closely before investing in one of the TSP lifecycle funds.
On December 21, 2004, the President signed into law the Thrift Savings Plan Open Seasons Act of 2004 (Pub. L. No. 108-469). That new law eliminates open seasons for the TSP and the restrictions on contribution elections that are tied to open seasons. The TSP will implement that law on July 1, 2005, and the Executive Director proposes to amend TSP regulations to explain the new rules under which participants can make TSP contribution elections after open seasons are eliminated.
The last TSP open season will run from April 15 through June 30, 2005. This means that participants may file contribution elections with their agencies or uniformed services at any time beginning April 15. Through June 30, these elections will be processed under the current rules. Beginning July 1, contribution elections will be processed under the new rules ú that is, an election will be effective the first full pay period after it is filed.
Participants will continue to file contribution elections with their agencies or services, and the agencies and services will continue to implement the elections by deducting contributions from participants' pay and reporting these amounts to the TSP each pay period.
The Open Season Act does not affect the waiting period that new employees covered by the Federal Employees' Retirement System must serve before they become eligible for agency contributions to their accounts. The Act also does not affect contribution allocations or interfund transfers, which can be made at any time by using the TSP Web site or the ThriftLine or by submitting an investment allocation form to the TSP.
Federal law requires the TSP to pay a deceased participant's account to the beneficiary or beneficiaries identified in a statutory order of precedence codified at 5 U.S.C. 8242(d). See 5 U.S.C. 8433(e). The participant's designated beneficiary or beneficiaries are first in the order of precedence. A participant must use a specially designed paper designation of beneficiary form (a Form TSP-3) to designate a TSP beneficiary and TSP regulations explain the validity requirements for the form at 5 CFR 1651.3.
Before 1995, a participant who was still employed by the Federal government was required to submit Form TSP-3 to his or her employing agency. Beginning on January 1, 1995, all TSP participants were required to submit Forms TSP-3 to the TSP record keeper; to be valid, the form must be received by the record keeper on or before the date of the participant's death. 5 CFR 1651.3(a). In addition to requiring all participants to submit the forms to the TSP record keeper, the new policy also required employing agencies Start Printed Page 21291to search their records and forward all Forms TSP-3 in their possession to the TSP record keeper.
The TSP codified the new policy in TSP regulations at 5 CFR 1651.3 on June 13, 1997 (62 FR 32429), after proposing the regulation on March 27, 1997, and seeking public comment (61 FR 14653). The TSP also directly announced the new policy to employing agencies and participants. Specifically, the TSP mailed two “Thrift Savings Plan Bulletins” (Bulletins) to the TSP representatives of every employing agency and three editions of “Highlights for Thrift Savings Plan Participants” (Highlights) to every participant.
The Bulletins, dated November 22, 1994, and November 16, 1995, instructed employing agencies to search their files for Forms TSP-3 and to forward them to the TSP record keeper.
The Highlights, dated November 1994, November 1995, and May 1996, notified each participant of the policy change, including the requirement that employing agencies forward their Forms TSP-3 to the TSP record keeper. The Highlights also advised participants to review their participant statements to learn if their employing agencies had forwarded their forms to the record keeper. (Beginning in November 1995, every TSP participant statement states, on page 1, whether the TSP has received a Form TSP-3 for the participant, and if so, the date it was signed.) The Highlights also advised participants that they could file a new Form TSP-3 and that the TSP would honor the valid form with the latest date.
TSP regulations currently provide that the TSP will honor a Form TSP-3 if the participant's employing agency received it before 1995, as long as the TSP receives it before paying a death benefit. The TSP continued to accept the agency-filed forms to allow employing agencies sufficient opportunity to send them to the TSP. Employing agencies have had sufficient time to accomplish this task. In addition, in any case where an employing agency has not forwarded a participant's Form TSP-3 to the TSP, the TSP has informed the participant at least twice a year for 10 years on participant statements that it does not possess a beneficiary form for the participant. A reasonable participant who received that information and wished to designate a beneficiary would have filed a new Form TSP-3. Therefore, the Executive Director proposes to amend 5 CFR 1651.3(a) to provide that all TSP beneficiary designations must be made with a valid Form TSP-3 received by the TSP record keeper on or before the date of the participant's death.
The Executive Director proposes to remove obsolete provisions from the regulations, such as 5 CFR part 1606, which was no longer effective after August 31, 2003, and 5 CFR 1620.33, which regulated retirement plan decisions pertaining to employment changes made before August 10, 1996. The Executive Director also proposes to remove references to TSP form numbers from the regulations because they do not aid the reader and because the references require the TSP to amend its regulations whenever it changes form numbers. In addition, the Executive Director proposes to remove discussions of Federal income tax code provisions from the regulations because the TSP provides comprehensive tax information to participants and beneficiaries elsewhere, and because the references require the TSP to amends its regulations whenever TSP-related provisions of the tax laws are amended.
The Executive Director also proposes to simplify the regulations and make them more easily understood. For example, this proposed rule would simplify several provisions in Part 1605 of the TSP regulations to more clearly explain how the TSP and the employing agencies correct errors.
The TSP has established a new mailing address for use by participants to mail loan repayment checks to the TSP. The proposed regulations inform participants that they should use this address only for loan repayments and not mail correspondence to that address. The proposed regulations also inform participants that the TSP does not agree to accept less than the total amount due on the loan by negotiating an instrument such as a check, share draft or money order with a restrictive legend on it (such as “payment in full” or “submitted in full satisfaction of claims”), or by negotiating an instrument that is conditionally tendered to the TSP with an offer of compromise.
Finally, the Executive Director proposes to remove from the TSP regulations the references in section 1655.18(d) to the TSP's investigation of fraud and forgery allegations by spouses of participants. The TSP will continue to investigate these allegations, and may refer them to the United States Department of Justice for criminal prosecution and to an appropriate administrative agency for administrative action. However, it is not necessary to explain this process in the TSP regulations. This is because the TSP regulations explain to participants and beneficiaries their rights and obligations. The TSP investigates allegations of fraud or forgery only to preserve the integrity of the TSP loan and withdrawal programs, not to recover benefits for the individual who makes the allegation.
, 1601, 1606, 1620, 1645, 1650, 1651, 1653, 1690
, 1655
For the reasons set forth in the preamble, the Board proposes to amend 5 CFR chapter VI as follows:
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(a) Regular employee contributions. A participant's regular TSP contributions are subject to the following limitations:
(2) Elections to make catch-up contributions shall be separate from the participant's regular contribution election.
11. Amend § 1601.1 by removing “the F Fund, C Fund, S Fund or I” from paragraph (b) and by inserting in its place “a TSP Fund other than the G”.
(a) Contribution allocation. Each participant may indicate his or her choice of TSP Funds for the allocation of future deposits by using the TSP Web site or the ThriftLine, or by completing and filing the appropriate paper TSP Start Printed Page 21293form with the TSP record keeper in accordance with the form's instructions. The following rules apply to contribution allocations:
(b) Effect of rejection of contribution allocation. If a participant does correctly complete a contribution allocation, the attempted allocation will have no effect. The TSP will provide the participant with a written statement of the reason the transaction was rejected.
(a) Posting dates. The date on which the TSP processes or posts a contribution allocation or interfund transfer request (transaction request) is subject to a number of factors, including some that are outside of the control of the TSP, such as power outages, the failure of telephone service, acts of God, and unusually heavy transaction volume. These factors also could affect the availability of the TSP Web site and the ThriftLine. Therefore, the TSP cannot guarantee that a transaction request will be processed on a particular day. However, the TSP will process transaction requests under ordinary circumstances according to the following rules:
(1) A transaction request entered into the TSP record keeping system by a participant who uses the TSP Web site or the ThriftLine, or by a TSP Service Office participant service representative at the participant's request, at or before 12 noon eastern time of any business day, will ordinarily be posted that business day. A transaction request entered into the system after 12 noon eastern time of any business day will ordinarily be posted on the next business day.
(c) Multiple contribution allocations or interfund transfer requests. If two or more contribution allocations or two or more interfund transfer requests (transaction requests) are received for a participant and would be posted on the same day, the following rules will apply:
(1) A transaction request submitted through the TSP Web site or the ThriftLine will take precedence over one that is submitted on a paper form.
(2) If one or more transaction requests are made through the TSP Web site or the ThriftLine, only the request entered by the participant at the latest time will be posted. The date and time of a transaction request made through the TSP Web site or the ThriftLine is the date and time (in Eastern time) that the participant confirms the percentages.
(3) If the transaction requests are submitted using paper TSP forms, the forms will be posted in the order the TSP record keeper receives them.
(d) Cancellation of contribution allocation or interfund transfer request. A participant may cancel a contribution allocation or an interfund transfer request (transaction cancellation request) through the TSP Web site or the ThriftLine, through written correspondence, or by contacting a participant service representative.
(1) A transaction cancellation request may be made on the TSP Web site or the ThriftLine only up to the deadline, described in paragraph (a) of this section, which applies to the original request. If the cancellation request is not received until after the deadline, the original transaction request will be processed as scheduled.
(2) A participant may also make a transaction cancellation request by submitting a letter to the TSP record keeper. To be effective, the TSP must receive and process the letter before the cutoff for the day the relevant transaction is submitted for processing. The letter must contain the following information to be processed: Start Printed Page 21294
(i) It must be signed, dated, contain the participant's name, Social Security number, and date of birth; and
(ii) It should state unambiguously the specific transaction the participant seeks to cancel.
(A) If the letter does not identify the specific transaction the participant seeks to cancel, the cancellation request will apply to any pending contribution allocation or interfund transfer request with a date (as determined under this paragraph (d)(2)) before the date of the cancellation letter.
(B) If the date of a cancellation letter is the same as the date of a pending transaction that was made on a paper TSP form, the form will be cancelled.
(C) A letter will be effective to cancel a Web site or ThriftLine transaction request only if the cancellation request specifies the date of the TSP Web site or ThriftLine transaction request.
(D) If there is no contribution allocation or interfund transfer pending when the written cancellation is processed by the TSP record keeper, the cancellation will have no effect. Cancellation letters will not be held until a contribution allocation or interfund transfer request is received.
(a) Employee contributions. Subject to the regulations at 5 CFR part 1600 and the following limitations, a service member may make regular contributions to the TSP from basic pay. If the service member makes regular contributions, he or she also may contribute all or a portion of incentive pay and special pay (including bonuses) to the TSP. The maximum TSP regular employee contribution (including contributions from pay earned in a combat zone) a service member may make for 2005 is 10 percent of basic pay. After 2005 the percentage of basic pay limit will not apply and the maximum contribution will be limited only by the provisions of the Internal Revenue Code (26 U.S.C.).
29. Amend § 1604.10 by removing paragraph (a)(4).
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(i) Use the participant's contribution allocation on file for the “as of” date to determine how the funds would have been invested. If there is no contribution allocation on file, or one cannot be derived based on the investment of contributions, the TSP will consider the finds to have been invested in the G Fund;
(5) Employee makeup contributions will be invested in accordance with the participant's current contribution allocation. The number of shares of each TSP Fund that will be purchased will be determined by dividing the amount of the makeup contributions by the share price of the applicable fund(s) on the posting date.
(8) A participant may elect to terminate a schedule of employee makeup contributions at any time, but a Start Printed Page 21296termination is irrevocable. If a participant separates from Federal service, the participant may elect to accelerate the payment schedule by a lump sum contribution from his or her final paycheck.
(b) Method of correction. Negative adjustment records must be submitted by employing agencies in accordance with this part and with any other procedures provided by the Board.
(2) A negative adjustment record may be for any part of the contributions made for the attributable pay date. However, for each source of contributions, the negative adjustment may not exceed the amount of contributions made for that date, less any prior negative adjustments for the same date.
(i) Determine the dollar value of the amount to be removed by using the monthly returns for the applicable TSP Fund;
(ii) Determine the number of shares the dollar value determined in paragraph (c)(1)(i) of this section would have purchased on the conversion date; and
(2) If, on the posting date, the amount calculated under paragraph (c) of this section is less than the amount of the proposed negative adjustment, the amount of the adjustment, reduced by the investment loss, will be removed from the participants account and returned to the employing agency. However, the employing agency must refund to the participant the full amount of the erroneous contribution;
(4) If the erroneous contribution has been in the participant's account for less than one year when the negative adjustment record is posted and the amount computed under paragraph (c) of this section is less than the amount of the adjustment, the employing agency will receive the amount of the erroneous contribution reduced by the investment loss; and
(f)(1) If multiple negative adjustments for the same attributable pay date for a participant are posted on the same business day, the amount removed from the participant's account and used to offset TSP administrative expenses or returned to the employing agency will be determined separately for each adjustment. Earnings and losses for erroneous contributions made on different dates will not be netted against each other. In addition, for a negative adjustment for any attributable pay date, gains and losses from different sources of contributions or different TSP Funds will not be netted against each other. Instead, for each attributable pay date each source of contributions and each TSP Fund will be treated separately for purposes of these calculations. The amount computed by application of the Start Printed Page 21297rules in this section will be removed from the participant's account pro rata from all funds, by source, based on the allocation of the participant's account among the TSP Funds when the transaction is posted; and
(d) Prior withdrawal of TSP account. If a participant has withdrawn his or her TSP account other than by purchasing an annuity, and the separation from Federal service upon which the withdrawal was based is reversed, resulting in reinstatement of the participant without a break in service, the participant will have the option to restore the amount withdrawn to his or her TSP account. The right to restore the withdrawn funds will expire if the participant does not provide notice to the Board within 90 days of reinstatement. If the participant returns the funds that were withdrawn, the number of shares purchased will be determined by using the share price of the applicable investment fund on the posting date. No breakage will be incurred on any restored funds.
36. Amend § 1605.14 by removing the word “excess” from the last sentence of paragraph (a)(1) and by revising paragraphs (b)(4), (b)(5), and (c)(3) to read as follows:
(5) If employee contributions were made up before [the date Office of Personnel Management (OPM) implemented its regulations on FERCCA correction], and the correction is considered to be a FERCCA correction, OPM may calculate pursuant to its regulations a dollar amount to replicate breakage, and transmit the dollar amount to the employing agency for transmission to the TSP record keeper.
(3) The TSP will deem a participant to be separated from Federal service for all TSP purposes and the employing agency must submit an employee data record to reflect separation from Federal service. If the participant has an outstanding loan, it will be subject to the provisions of 5 CFR 1655.13. The participant may make a TSP post-employment withdrawal election pursuant to 5 CFR part 1650, subpart B, and the withdrawal will be subject to the provisions of 5 CFR 1650.60(b).
Claims for correction of employing agency errors; time limitations.
(a) Agency's discovery of error. Upon discovery of an error made within the past six months involving the correct or timely remittance of payments to the TSP (other than a retirement system misclassification error, as covered in paragraph (c) of this section), an employing agency must promptly correct the error on its own initiative. If the error was made more than six months before its discovery, the agency may exercise sound discretion in deciding whether to correct it, but, in any event, the agency must act promptly in doing so.
(b) Participant's discovery of error. If an agency fails to discover an error of which a participant has knowledge involving the correct or timely remittance of a payment to the TSP (other than a retirement system misclassification error as covered by paragraph (c) of this section), the participant may file a claim for correction of the error with his or her employing agency without a time limit. The agency must promptly correct any such error for which the participant files a claim within six months of its occurrence; the correction of any such error for which the participant files a claim after that time is in the agency's sound discretion.
(a) Plan-paid breakage. (1) Subject to paragraph (a)(3) of this section, if, because of an error committed by the Board or the TSP record keeper, a participant's account is not credited or charged with the investment gains or losses that he or she would have received had the error not occurred, the participant's TSP account will be so credited.
(2) Errors warranting the crediting of breakage under paragraph (a)(1) of this section include, but are not limited to:
(i) Delay in crediting contributions or other monies to a participant's account;
(4) If the participant continued to have a TSP account, or would have continued to have a TSP account but for the Board or TSP record keeper error, the TSP will compute gains or losses under paragraph (a)(1) of this section for the relevant period based upon the Start Printed Page 21298investment funds in which the affected monies would have been invested had the error not occurred. If the participant did not have, and should not have had, an account in the TSP during this period, then the TSP will use the G Fund rate of return for the relevant period and return the monies to the participant.
(2) For errors involving contribution allocations or interfund transfers of which a participant or beneficiary has knowledge, he or she may file a claim for correction with the Board or TSP record keeper no later than 30 days after the TSP provides the participant with a transaction confirmation reflecting the error or makes available on its Web site a participant statement detailing the error. The Board or TSP record keeper must promptly correct such errors.
(1) The employee is entitled to receive the agency automatic (1%) contributions that he or she would have received had the employee remained in civilian service or pay status. Within 60 days of the employee's reemployment or restoration to pay status, the employing agency must calculate the agency automatic (1%) makeup contributions and report those contributions to the record keeper.
(d) Breakage. The employee is entitled to breakage on agency contributions made under paragraph (c) of this section. The employee will elect to have the calculation based on either the contribution allocation(s) on file for the participant during the period of military service or the G Fund; the participant must make this election at the same time his or her makeup schedule is established pursuant to § 1605.11(c).
41. Remove and reserve part 1606.
(b) Makeup contribution election. Upon reemployment or return to pay status, an employee has 60 days to elect to make up missed contributions. An employee's right to make retroactive TSP contributions will expire if an election is not made within 60 days of the participant's reemployment or return to pay status. Start Printed Page 21299
(1) If the employee had a valid contribution election on file when he or she separated or entered nonpay status to perform military service, that election form will be reinstated for purposes of determining the makeup contributions, unless the employee submits a new contribution election which he or she otherwise could have made but for the performance of military service.
(2) An employee who terminated contributions within two months of entering military service also will be eligible to make a retroactive contribution election to be effective on the date the contributions were terminated.
(1) Interest will accrue on the loan balance during the period of suspension. When the employee returns to civilian pay status, the employing agency will resume the deduction of loan payments from the participant's basic pay and the TSP will reamortize the loan (which will include interest accrued during the period of military service). The maximum loan repayment term will be extended by the employee's period of military service. Consequently, when the employee returns to pay status, the TSP record keeper must receive documentation to show the beginning and ending dates of military service.
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(a) Calculation of share price. The share price for each TSP Fund for each business day will apply to all sources of contributions for that fund. The total net earnings (as computed under § 1645.3) for each fund will be divided by the total fund basis (as computed under § 1645.6) for that fund. The resulting number, computed to ten decimal places, represents the incremental change for the current business day in the value of that fund from the last business day. The share price for that fund for the current business day is the sum of the incremental change in the share price for the current business day plus the share price for the prior business day, truncated to two decimal places.
(b) Residual net earnings. When the total net earnings for each business day for each TSP Fund are divided by the total fund basis in that fund, there will be residual net earnings attributable to the truncation described in paragraph (a) of this section that will not be included in the incremental change in the share price of the fund for that business day. The residual net earnings that are not included in the incremental share price for the fund may be added to the earnings for that fund on the next business day.
70. Amend § 1650.11 by adding a new paragraph (c) to read as follow:
To request a post-employment withdrawal, a participant must submit to the TSP record keeper a properly completed paper TSP post-employment Start Printed Page 21301withdrawal request form or use the TSP Web site to initiate a request. * * *
(4) If the participant requested a joint life annuity with a cash refund or 10-year certain feature, the TSP will pay the funds as a death benefit to the joint life annuitant if he or she survives the participant, or as a death benefit to the beneficiary or beneficiaries designated by the participant on the annuity portion of the TSP withdrawal request form, if the joint life annuitant does not survive the participant, or as a death benefit in accordance with paragraph (a) of this section if neither the joint life annuitant nor any designated beneficiary survives the participant.
(d) Investment of a TSP account upon notice of death. If a participant dies with any portion of his or her TSP account in a TSP Fund other than the G Fund, the TSP will transfer the entire account into the G Fund after it processes a notice that the participant has died, or a death code from the participant's employing agency reporting the participant's death. The account will accrue earnings at the G Fund rate in accordance with 5 CFR part 1645 until it is paid under this part.
(b) Eligible beneficiaries. Any individual, firm, corporation, or legal entity, including the U.S. Government, may be designated as a beneficiary. Any number of beneficiaries can be named to share the death benefit. A beneficiary may be designated without the knowledge or consent of the beneficiary or the knowledge or consent of the participant's spouse.
Start Printed Page 21302
(c) Non-designated beneficiary dies before participant. If a beneficiary other than a beneficiary designated on a TSP designation of beneficiary form dies before the participant, the beneficiary's share will be paid equally to other living beneficiaries bearing the same relationship to the participant as the deceased beneficiary. However, if the deceased beneficiary is a child of the participant, payment will be made to the deceased child's descendants, if any. If there are no other beneficiaries bearing the same relationship or, in the case of children, there are no descendants of deceased children, the deceased beneficiary's share will be paid to the person(s) next in line according to the order of precedence.
(d) Beneficiary dies after participant but before payment. If a beneficiary dies after the participant, the beneficiary's share will be paid to the beneficiary's estate. A copy of a beneficiary's certified death certificate is required in order to establish that the beneficiary has died.
The TSP has created a paper form that a potential beneficiary must use to apply for a TSP death benefit. The TSP must receive this form before a death benefit can be paid. Any individual can file this form with the TSP record keeper. The individual submitting the form must attach a copy of a certified death certificate of the participant to the form. The TSP record keeper's acceptance of this form does not entitle the applicant to benefits.
(g) If a death benefit payment is returned as undeliverable, the TSP record keeper will attempt to locate the beneficiary by writing to his or her TSP database address. If the beneficiary does not respond within 60 days, the TSP will forfeit the death benefit payment to the Plan. The beneficiary can claim the forfeited funds, although they will not be credited with TSP investment returns.
(2) If the payee is someone other than the current or former spouse of the participant, the participant can request a disbursement sooner than 60 days by making a tax withholding election on forms provided to the participant with the TSP decision letter. Start Printed Page 21303
(a) Accord and satisfaction. The TSP does not agree to accept more than the total amount due by negotiating an instrument such as a check, share draft or money order with a restrictive legend on it (such as “payment in full” or “submitted in full satisfaction of claims”), or by negotiating an Start Printed Page 21304instrument that is conditionally tendered to the TSP with an offer of compromise.
[FR Doc. 05-8078 Filed 4-22-05; 8:45 am]