James48843
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Feds Can’t Sue Over TSP Gains Lost During Shutdowns, An Appeals Court Finds
A group of FBI employees had argued they were entitled to damages, because delayed TSP contributions meant they missed out on gains from a rising stock market.
ERICH WAGNER | JUNE 17, 2022 / GovExec.Com
A three-judge panel on the U.S. Court of Appeals for the Third Circuit ruled this week that federal employees cannot sue the federal government to recoup market gains that they missed out on because a lapse in appropriations delayed contributions to the Thrift Savings Plan.
A group of four anonymous FBI employees sued the government, arguing they were entitled to damages because the 35-day government shutdown in 2018 and early 2019 meant, along with their pay, contributions to the TSP were delayed. Because the lapse in appropriations occurred while “the most popular [TSP] funds increased over 10%,” they missed out on those gains.
The government argued that it had not waived its sovereign immunity in this case, but a federal district court allowed the case to proceed. However, three circuit court judges, all appointed by former President Trump, disagreed on appeal.
Writing for the court, U.S. Circuit Judge Stephanos Bibas found that while the 1986 Federal Employees’ Retirement System Act allows federal employees to sue in instances when agencies do not make TSP contributions within 12 days of the end of a pay period, that does not extend to the potential gains those contributions might have produced.
( note- Employees can’t sue for actions NOT the result of decisions by the agency. That does NOT mean they can’t sue screwups by the Thrift Board contractors.)
More: https://www.govexec.com/pay-benefit...-during-shutdowns-appeals-court-finds/368351/
Oh brother.
Sent from my iPhone using TSP Talk Forums
A group of FBI employees had argued they were entitled to damages, because delayed TSP contributions meant they missed out on gains from a rising stock market.
ERICH WAGNER | JUNE 17, 2022 / GovExec.Com
A three-judge panel on the U.S. Court of Appeals for the Third Circuit ruled this week that federal employees cannot sue the federal government to recoup market gains that they missed out on because a lapse in appropriations delayed contributions to the Thrift Savings Plan.
A group of four anonymous FBI employees sued the government, arguing they were entitled to damages because the 35-day government shutdown in 2018 and early 2019 meant, along with their pay, contributions to the TSP were delayed. Because the lapse in appropriations occurred while “the most popular [TSP] funds increased over 10%,” they missed out on those gains.
The government argued that it had not waived its sovereign immunity in this case, but a federal district court allowed the case to proceed. However, three circuit court judges, all appointed by former President Trump, disagreed on appeal.
Writing for the court, U.S. Circuit Judge Stephanos Bibas found that while the 1986 Federal Employees’ Retirement System Act allows federal employees to sue in instances when agencies do not make TSP contributions within 12 days of the end of a pay period, that does not extend to the potential gains those contributions might have produced.
( note- Employees can’t sue for actions NOT the result of decisions by the agency. That does NOT mean they can’t sue screwups by the Thrift Board contractors.)
More: https://www.govexec.com/pay-benefit...-during-shutdowns-appeals-court-finds/368351/
Oh brother.
Sent from my iPhone using TSP Talk Forums
