Improper Payments Elimination and Recovery Act of 2010
A term to know.
This Act, formerly known as S. 1508 in the 111th Congress, and codified as Pub. L. 111-204, amended the Improper Payments Information Act of 2002 by strengthening agency reporting requirements and redefining "significant improper payments." For Fiscal Year 2014 and beyond, significant is defined as gross annual improper payments. The gross annual improper payments is the total amount of overpayments plus underpayments made in the program during the fiscal year reported, which (i) exceeded both 1.5% of the program outlays and $10 million of all program or activity payments or (ii) exceeded $100 million at any percent of program outlays.