To assess the accuracy of the TOPEX altimeter data, we have reprocessed the raw altimeter waveform data using more sophisticated algorithms than those implemented in the altimeter hardware. We discuss systematic contamination of the waveform which we have observed and its effect on very long wavelength errors. We conclude that these systematic errors are responsible for a very long wavelength error whose peak-to-peak magnitude for the Ku band altimeter is of the order of 1 cm. We also examine the ability of retracked data to reduce the repeat pass variance and correct for significant wave height (SWH) and acceleration dependent errors. We find that the ground postprocessing contains SWH dependent biases which depend on the altimeter fine height correction. ¿ American Geophysical Union 1994