FederalDaily - October 5, 2005

Government Credit Card Limit Restored

The Office of Management and Budget (OMB) announced on Oct. 3 that government credit card purchases would return to pre-hurricane limits. Following the hurricanes, the $2,500 limit was increased to $250,000. Now, the limit is back to $2,500. OMB’s announcement “means more government spending will reach the survivors of Hurricane Katrina rather than being wasted,” said Danielle Brian, executive director of the Project On Government Oversight, which is a nonprofit. “Lifting the government purchase card limit to $250,000 was ludicrous given that the cards were already the target of numerous fraud investigations,” she said. OMB said the higher purchase limits are “no longer needed.”

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GSA Sells Government Property Online

The General Services Administration (GSA) announced its new Federal Asset Sales (FAS) initiative, which is an online marketplace for the public to find federal assets for sale. FAS is expected to increase revenues from the sale of billions of dollars worth of surplus, seized and forfeited property the government acquires each year, according to GSA. The agency expects the new FAS initiative to shorten the sales process and increase revenues from government property sales. FAS is expected to:

• cut agency sales costs;
• ensure fair market prices by expanding the potential buyer pool to increase competition;
• help agencies identify effective, efficient online and offline sales channels; and
• increase federal advertising to qualified buyers.

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New Hazardous Duty Pay Regulations

The Office of Personnel Management (OPM) issued an addendum to its Handbook on Pay and Leave Benefits For Federal Employees Affected By Severe Weather Emergencies. The addendum covered hazardous duty pay (HDP) and environmental differential pay (EDP) for volunteer employees . According to OPM, an employee is entitled to receive HDP or EDP when the employing agency has assigned the employee to perform a duty for which a differential is authorized. In addition, when an employee is approved to serve in a volunteer capacity for another agency (e.g., detailed to the Federal Emergency Management Agency), the employee also is entitled to HDP or EDP if the employee is assigned to perform hazardous duties for which a differential is authorized. Agencies are not required to obtain approval from OPM prior to paying HDP or EDP to employees.

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TSP Monthly Returns for G, F, C, S and I Funds

Rates of Return were updated on October 1, 2005.

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.

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