Federal Daily - April 3, 2008

TSP Monthly Returns for March 2008

Rates of Return were updated on April 1, 2008.

The monthly G, F, C, S, and I Fund returns represent the actual total rates of return used in the monthly allocation of earnings to participant accounts. The returns are shown after deduction of accrued TSP administrative expenses. The F, C, S, and I Fund returns also reflect the deduction of trading costs and accrued investment management fees. The most current G, F, C, S, and I Fund rates of return are shown above. Returns are updated after the monthly allocation of earnings, usually by the fourth business day of the month.

For more on TSP, visit our TSP page.

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OPM Says New RetireEZ Making Timely Payments

The Office of Personnel Management (OPM) on April 1 said its new electronic pension payment system, RetireEZ, has made accurate, timely benefits payments since its February launch. The computerized system began operating Feb. 25 and is correctly calculating full pension benefits on time for the initial group of Wave 1 retirees, according to an OPM review of the payments. In a statement, OPM Director Linda Springer said that under the previous paper-based system, new retirees initially received only partial payments because of inadequacies in that older process. “No longer are retirees under the new system receiving interim payments and waiting for months until their actual payment amounts are calculated,” Springer said. But the Government Accountability Office (GAO)—in a letter to Congress several days earlier—questioned the readiness of the new system in light of certain defects detailed in a progress report OPM submitted to Congress days before the launch. GAO noted in its March 29 letter that “OPM’s plan to deploy its system with a total of 13 unresolved urgent and high priority system defects increased risk and contradicted earlier assertions that the agency would resolve urgent and high priority defects prior to deployment.” So far, about 26,000 feds in agencies served by the General Services Administration’s payroll processing center are covered under the new system. More employees will be added later this year. To see more, go to: www.opm.gov/news/opm-issues-report-on-its-new-retireez-program,1374.aspx, and to www.gao.gov/new.items/d08576r.pdf.

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Group Pans Forest Service Purchase of UAVs

Public Employees for Environmental Responsibility (PEER) was critical of a Forest Service (FS) purchase of a pair of unmanned aerial vehicles (UAVs) to provide photo reconnaissance for its law enforcement program. PEER said purchases like the $100,000 acquisition of the UAVs should be “a low priority when the Forest Service is cutting back on the number of special agents and law enforcement officers.” PEER noted that FS law enforcement force levels have shrunk by more than one-third over the past 15 years, and that the FS Law Enforcement and Investigations program has more than 200 positions vacant. PEER said the purchase of the drones took place shortly after the agency spent $600,000 on tasers for its entire enforcement staff. According to PEER, those tasers still have not been used and remain in storage. “As with tasers, a cash-starved Forest Service is buying glitzy hardware with zero justification as to why this is a good use of tax dollars,” said PEER Executive Director Jeff Ruch. “Are they going to buy Robo-Rangers next?” To see more, go to: www.peer.org/news/news_id.php?row_id=1020.

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