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Text of the Postal Service Retiree Health Benefits Funding Reform Act of 2009

This bill was introduced on July 30, 2009, in a previous session of Congress, but was not enacted. The text of the bill below is as of Jul 23, 2009 (Introduced).

This is not the latest text of this bill.

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Source: GPO

II

111th CONGRESS

1st Session

S. 1507

IN THE SENATE OF THE UNITED STATES

July 23, 2009

introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs

A BILL

To amend chapter 89 of title 5, United States Code, to reform Postal Service retiree health benefits funding, and for other purposes.

1.

Short title

This Act may be cited as the Postal Service Retiree Health Benefits Funding Reform Act of 2009.

2.

Government contributions

Section 8906(g)(2)(A) of title 5, United States Code, is amended by striking shall through September 30, 2016, be paid by the United States Postal Service, and thereafter.

3.

Postal Service Retiree Health Benefits Fund

Section 8909a of title 5, United States Code, is amended—

(1)

in the section heading, by striking Benefit and inserting Benefits; and

(2)

in subsection (d)—

(A)

in paragraph (2)(B)—

(i)

by striking 2017 and inserting 2020; and

(ii)

by striking 2056 and inserting 2059;

(B)

in paragraph (3)—

(i)

by striking the matter preceding subparagraph (B) and inserting the following:

(3)
(A)

The United States Postal Service shall pay into such Fund—

(i)

$5,400,000,000, not later than September 30, 2007;

(ii)

$5,600,000,000, not later than September 30, 2008;

(iii)

$1,700,000,000, not later than September 30, 2009;

(iv)

$1,700,000,000, not later than September 30, 2010;

(v)

$3,100,000,000, not later than September 30, 2011;

(vi)

$3,900,000,000, not later than September 30, 2012;

(vii)

$4,100,000,000, not later than September 30, 2013;

(viii)

$4,300,000,000, not later than September 30, 2014;

(ix)

$4,500,000,000, not later than September 30, 2015;

(x)

$4,700,000,000, not later than September 30, 2016;

(xi)

$4,900,000,000, not later than September 30, 2017;

(xii)

$5,100,000,000, not later than September 30, 2018; and

(xiii)

$5,300,000,000, not later than September 30, 2019.

;

(ii)

by redesignating subparagraph (B) as subparagraph (C), and inserting after subparagraph (A) the following:

(B)

Not later than September 30, 2009, and by September 30 of each succeeding year through 2019, the United States Postal Service shall pay into such Fund the net present value computed under paragraph (1).

; and

(iii)

in subparagraph (C) (as redesignated in this subparagraph), by striking 2017 and inserting 2020; and

(C)

in paragraph 4, by striking financial reporting under subchapter II of chapter 35 of title 31 and inserting valuations under chapter 84.

4.

Temporary increase to Postal Service borrowing limitations

(a)

In general

For fiscal years 2009 and 2010, section 2005(a) of title 39, United States Code, shall be applied by substituting $5,000,000,000 for the limitation specified in paragraph (1).

(b)

Maximum amount limitation and repayment

Any amount borrowed under the increase in borrowing authority provided under subsection (a) of this section—

(1)

shall not apply to the maximum amount allowable under section 2005(a)(2) of title 39, United States Code; and

(2)

shall be repaid by the Postal Service to the United States Treasury by not later than the end of fiscal year 2019.

5.

Effective date and application

(a)

In general

This Act, including the amendments made by this Act, shall be effective as of October 1, 2008.

(b)

Application to fiscal year 2009 payments

Any payments made by the Postal Service under section 8906(g)(2)(A) of title 5, United States Code, for which the Postal Service is not obligated to pay by reason of the amendment made by section 2 of this Act shall be credited against the payments due by September 30, 2009, under section 8909a(d)(3) of title 5, United States Code, as amended by this Act.