S. 380 (108th): Postal Civil Service Retirement System Funding Reform Act of 2003

Introduced:
Feb 12, 2003 (108th Congress, 2003–2004)
Status:
Signed by the President
Slip Law:
This bill became Pub.L. 108-18.
Sponsor
Susan Collins
Senator from Maine
Party
Republican
Text
Read Text »
Last Updated
Apr 08, 2003
Length
7 pages
Related Bills
H.R. 735 (Related)
Postal Civil Service Retirement System Funding Reform Act of 2003

Reported by Committee
Last Action: Mar 06, 2003

 
Status

This bill was enacted after being signed by the President on April 23, 2003.

Progress
Introduced Feb 12, 2003
Referred to Committee Feb 12, 2003
Reported by Committee Mar 05, 2003
Passed Senate Apr 02, 2003
Passed House Apr 08, 2003
Signed by the President Apr 23, 2003
 
Full Title

A bill to amend chapter 83 of title 5, United States Code, to reform the funding of benefits under the Civil Service Retirement System for employees of the United States Postal Service, and for other purposes.

Summary

No summaries available.

Votes
Apr 08, 2003 5:24 p.m.
Passed 424/0

Cosponsors
23 cosponsors (13R, 9D, 1I) (show)
Committees

Senate Homeland Security and Governmental Affairs

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


4/23/2003--Public Law.
(This measure has not been amended since it was passed by the Senate on April 2, 2003. The summary of that version is repeated here.)Postal Civil Service Retirement System Funding Reform Act of 2003 -
Section 2 -
Amends Federal civil service law to revise the statutory formula for funding benefits under the Civil Service Retirement System for U.S. Postal Service employees (according to the model for funding the Federal Employee Retirement System (FERS), using dynamic rather than static assumptions).
Requires:
(1) within the computation of the actuarial present value of future benefits, the full value of benefits attributable to military and volunteer service for Postal Service employees first employed after June 30, 1971, and a prorated share of the value of benefits attributable to military and volunteer service for Postal Service employees first employed before July 1, 1971; and
(2) amortization schedules for liquidation of Postal supplemental pension benefit liability set with interest computed at the rate used in the most recent dynamic actuarial valuation of the Civil Service Retirement System.Directs the United States Postal Service, the Department of the Treasury, and the Office of Personnel Management each to prepare and submit to the President, Congress, and the General Accounting Office (GAO) by September 30, 2003, proposals detailing the extent to which the Department of the Treasury or the Postal Service should be responsible for funding benefits attributable to the military service of current and former Postal Service employees that, prior to enactment of this Act, were provided for under specified Federal civil service law.
Requires GAO to evaluate and report on such proposals to specified congressional committees.
Section 3 -
Requires that savings accruing to the Postal Service and attributable to FY 2003 and 2004 be used to reduce the postal debt.Prohibits the Postal Service from incurring additional debt to offset the use of the savings to reduce the postal debt in FY 2003 and 2004.Requires that:
(1) savings attributable to FY 2005 be used to continue holding postage rates unchanged and to reduce the postal debt; and
(2) savings attributable to any fiscal year after FY 2005 be considered Postal Service operating expenses and, until otherwise provided for by law, be held in escrow and not be obligated or expended.Instructs the Postal Service to include in certain mandatory reports to Congress the amount applied toward reducing the postal debt and the size of such debt before and after the application of this Act during the period covered by the report.Expresses the sense of Congress that:
(1) the savings accruing to the Postal Service as a result of the enactment of this Act will be sufficient to allow the Postal Service to fulfill its commitment to hold postage rates unchanged until at least 2006;
(2) because the Postal Service still faces substantial obligations related to postretirement health benefits for its current and former employees, some portion of those savings should be used to address the unfunded obligations; and
(3) none of the savings should be used to pay bonuses to Postal Service executives.Directs the Postal Service to submit to the President and Congress its proposal detailing how any savings accruing to it as a result of the enactment of this Act, and which are attributable to any fiscal year after FY 2005, should be expended.
Requires GAO to evaluate such proposal for specified congressional committees, and Congress, after receiving both proposal and evaluation, to revisit the question of how the savings should be used.Requires the Postmaster General to report to Congress how the Postal Service proposes to use any surplus determined by the Office of Management and Budget as of the end of FY 2025 or any earlier date by which all postal employees under the Civil Service Retirement System will have retired.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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