Home > 108th Congressional Public Laws > Pub.L. 108-019 To implement effective measures to stop trade in conflict diamonds, and for other purposes. <> ...

Pub.L. 108-019 To implement effective measures to stop trade in conflict diamonds, and for other purposes. <> ...


Google
 
Web GovRecords.org



[[Page 623]]

    POSTAL CIVIL SERVICE RETIREMENT SYSTEM FUNDING REFORM ACT OF 2003

[[Page 117 STAT. 624]]

Public Law 108-18
108th Congress

                                 An Act


 
   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. <<NOTE: Apr. 23, 2003 -  [S. 380]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress <<NOTE: Postal Civil Service 
Retirement System Funding Reform Act of 2003. 5 USC 101 
note.>> assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Postal Civil Service Retirement 
System Funding Reform Act of 2003''.

SEC. 2. CIVIL SERVICE RETIREMENT SYSTEM.

    (a) Definitions.--Section 8331 of title 5, United States Code, is 
amended--
            (1) in paragraph (17)--
                    (A) by striking `` `normal cost' '' and inserting `` 
                `normal-cost percentage' ''; and
                    (B) by inserting ``and standards (using dynamic 
                assumptions)'' after ``practice'';
            (2) by amending paragraph (18) to read as follows:
            ``(18) `Fund balance' means the current net assets of the 
        Fund available for payment of benefits, as determined by the 
        Office in accordance with appropriate accounting standards, but 
        does not include any amount attributable to--
                    ``(A) the Federal Employees' Retirement System; or
                    ``(B) contributions made under the Federal 
                Employees' Retirement Contribution Temporary Adjustment 
                Act of 1983 by or on behalf of any individual who became 
                subject to the Federal Employees' Retirement System;''; 
                and
            (3) by striking ``and'' at the end of paragraph (27), by 
        striking the period at the end of paragraph (28) and inserting 
        ``; and'', and by adding at the end the following:
            ``(29) `dynamic assumptions' means economic assumptions that 
        are used in determining actuarial costs and liabilities of a 
        retirement system and in anticipating the effects of long-term 
        future--
                    ``(A) investment yields;
                    ``(B) increases in rates of basic pay; and
                    ``(C) rates of price inflation.''.

    (b) Deductions and Contributions.--
            (1) In general.--Section 8334(a)(1) of title 5, United 
        States Code, is amended--
                    (A) by striking ``(a)(1)'' and inserting 
                ``(a)(1)(A)'';

[[Page 117 STAT. 625]]

                    (B) by designating the matter following the first 
                sentence as subparagraph (B)(i) and aligning the text 
                accordingly;
                    (C) in subparagraph (B)(i) (as so designated by 
                subparagraph (B)), by striking ``An equal'' and 
                inserting ``Except as provided in clause (ii), an 
                equal''; and
                    (D) by adding at the end the following:

    ``(ii) In the case of an employee of the United States Postal 
Service, the amount to be contributed under this subparagraph shall 
(instead of the amount described in clause (i)) be equal to the product 
derived by multiplying the employee's basic pay by the percentage equal 
to--
            ``(I) the normal-cost percentage for the applicable employee 
        category listed in subparagraph (A), minus
            ``(II) the percentage deduction rate that applies with 
        respect to such employee under subparagraph (A).''.
            (2) Conforming amendments.--Section 8334(k) of title 5, 
        United States Code, is amended--
                    (A) in paragraph (1)(A), by striking ``the first 
                sentence of subsection (a)(1) of this section'' and 
                inserting ``subsection (a)(1)(A)'';
                    (B) in paragraph (1)(B)--
                          (i) by striking ``the second sentence of 
                      subsection (a)(1) of this section'' and inserting 
                      ``subparagraph (B) of subsection (a)(1)''; and
                          (ii) by striking ``such sentence'' and 
                      inserting ``such subparagraph''; and
                    (C) in paragraph (2)(C)(iii), by striking ``the 
                first sentence of subsection (a)(1)'' and inserting 
                ``subsection (a)(1)(A)''.

    (c) Postal Supplemental Liability.--Subsection (h) of section 8348 
of title 5, United States Code, is amended to read as follows:
    ``(h)(1)(A) For purposes of this subsection, `Postal supplemental 
liability' means the estimated excess, as determined by the Office, of--
            ``(i) the actuarial present value of all future benefits 
        payable from the Fund under this subchapter attributable to the 
        service of current or former employees of the United States 
        Postal Service, over
            ``(ii) the sum of--
                    ``(I) the actuarial present value of deductions to 
                be withheld from the future basic pay of employees of 
                the United States Postal Service currently subject to 
                this subchapter pursuant to section 8334;
                    ``(II) the actuarial present value of the future 
                contributions to be made pursuant to section 8334 with 
                respect to employees of the United States Postal Service 
                currently subject to this subchapter;
                    ``(III) that portion of the Fund balance, as of the 
                date the Postal supplemental liability is determined, 
                attributable to payments to the Fund by the United 
                States Postal Service and its employees, including 
                earnings on those payments; and
                    ``(IV) any other appropriate amount, as determined 
                by the Office in accordance with generally accepted 
                actuarial practices and principles.

[[Page 117 STAT. 626]]

    ``(B)(i) In computing the actuarial present value of future 
benefits, the Office shall include the full value of benefits 
attributable to military and volunteer service for United States 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 United States Postal Service employees first employed before 
July 1, 1971.
    ``(ii) Military service so included shall not be included in the 
computation of any amount under subsection (g)(2).
    ``(2)(A) <<NOTE: Deadline.>> Not later than June 30, 2004, the 
Office shall determine the Postal supplemental liability as of September 
30, 2003. The Office shall establish an amortization schedule, including 
a series of equal annual installments commencing September 30, 2004, 
which provides for the liquidation of such liability by September 30, 
2043.

    ``(B) The Office shall redetermine the Postal supplemental liability 
as of the close of the fiscal year, for each fiscal year beginning after 
September 30, 2003, through the fiscal year ending September 30, 2038, 
and shall establish a new amortization schedule, including a series of 
equal annual installments commencing on September 30 of the subsequent 
fiscal year, which provides for the liquidation of such liability by 
September 30, 2043.
    ``(C) The Office shall redetermine the Postal supplemental liability 
as of the close of the fiscal year for each fiscal year beginning after 
September 30, 2038, and shall establish a new amortization schedule, 
including a series of equal annual installments commencing on September 
30 of the subsequent fiscal year, which provides for the liquidation of 
such liability over 5 years.
    ``(D) Amortization schedules established under this paragraph shall 
be set in accordance with generally accepted actuarial practices and 
principles, with interest computed at the rate used in the most recent 
dynamic actuarial valuation of the Civil Service Retirement System.
    ``(E) The United States Postal Service shall pay the amounts so 
determined to the Office, with payments due not later than the date 
scheduled by the Office.
    ``(F) An amortization schedule established under subparagraph (B) or 
(C) shall supersede any amortization schedule previously established 
under this paragraph.
    ``(3) Notwithstanding any other provision of law, in computing the 
amount of any payment under any other subsection of this section that is 
based upon the amount of the unfunded liability, such payment shall be 
computed disregarding that portion of the unfunded liability that the 
Office determines will be liquidated by payments under this subsection.
    ``(4) Notwithstanding any other provision of this subsection, any 
determination or redetermination made by the Office under this 
subsection shall, upon request of the Postal Service, be subject to 
reconsideration and review (including adjustment by the Board of 
Actuaries of the Civil Service Retirement System) to the same extent and 
in the same manner as provided under section 8423(c).''.
    (d) Repeals.--
            (1) In general.--The following provisions of law are 
        repealed:
                    (A) Subsection (m) of section 8348 of title 5, 
                United States Code.

[[Page 117 STAT. 627]]

                    (B) Subsection (c) of section 7101 of the Omnibus 
                Budget Reconciliation Act of 1990 (5 U.S.C. 8348 note).
            (2)  <<NOTE: 5 USC 8348 note.>> Rule of construction.--
        Nothing in this subsection shall be considered to affect any 
        payments made before the date of the enactment of this Act under 
        either of the provisions of law repealed by paragraph (1).

    (e)  <<NOTE: Deadlines.>> Military Service Proposals.--
            (1) Proposals.--The United States Postal Service, the 
        Department of the Treasury, and the Office of Personnel 
        Management shall, by September 30, 2003, each prepare and submit 
        to the President, the Congress, and the General Accounting 
        Office proposals detailing whether and to what extent the 
        Department of the Treasury or the Postal Service should be 
        responsible for the funding of benefits attributable to the 
        military service of current and former employees of the Postal 
        Service that, prior to the date of the enactment of this Act, 
        were provided for under section 8348(g)(2) of title 5, United 
        States Code.
            (2) GAO review and report.--Not later than 60 days after the 
        Postal Service, the Department of the Treasury, and the Office 
        of Personnel Management have submitted their proposals under 
        paragraph (1), the General Accounting Office shall prepare and 
        submit a written evaluation of each such proposal to the 
        Committee on Government Reform of the House of Representatives 
        and the Committee on Governmental Affairs of the Senate.
SEC. 3. DISPOSITION <<NOTE: 39 USC note prec. 2001.>> OF SAVINGS 
                    ACCRUING TO THE UNITED STATES POSTAL SERVICE.

    (a) In General.--Savings accruing to the United States Postal 
Service as a result of the enactment of this Act--
            (1) shall, to the extent that such savings are attributable 
        to fiscal year 2003 or 2004, be used to reduce the postal debt 
        (in consultation with the Secretary of the Treasury), and the 
        Postal Service shall not incur additional debt to offset the use 
        of the savings to reduce the postal debt in fiscal years 2003 
        and 2004;
            (2) shall, to the extent that such savings are attributable 
        to fiscal year 2005, be used to continue holding postage rates 
        unchanged and to reduce the postal debt, to such extent and in 
        such manner as the Postal Service shall specify (in consultation 
        with the Secretary of the Treasury); and
            (3) to the extent that such savings are attributable to any 
        fiscal year after fiscal year 2005, shall be considered to be 
        operating expenses of the Postal Service and, until otherwise 
        provided for by law, shall be held in escrow and may not be 
        obligated or expended.

    (b) Amounts Saved.--
            (1) In general.--The amounts representing any savings 
        accruing to the Postal Service in any fiscal year as a result of 
        the enactment of this Act shall be computed by the Office of 
        Personnel Management for each such fiscal year in accordance 
        with paragraph (2).
            (2)  <<NOTE: Deadline.>> Methodology.--Not later than July 
        31, 2003, the Office of Personnel Management shall--

[[Page 117 STAT. 628]]

                    (A) formulate a plan specifically enumerating the 
                actuarial methods and assumptions by which the Office 
                shall make its computations under paragraph (1); and
                    (B) submit such plan to the Committee on Government 
                Reform of the House of Representatives and the Committee 
                on Governmental Affairs of the Senate.
            (3) Requirements.--The plan shall be formulated in 
        consultation with the Postal Service and shall include the 
        opportunity for the Postal Service to request reconsideration of 
        computations under this subsection, and for the Board of 
        Actuaries of the Civil Service Retirement System to review and 
        make adjustments to such computations, to the same extent and in 
        the same manner as provided under section 8423(c) of title 5, 
        United States Code.

    (c) Reporting Requirement.--The Postal Service shall include in each 
report rendered under section 2402 of title 39, United States Code, the 
amount applied toward reducing the postal debt, and the size of the 
postal debt before and after the application of subsection (a), during 
the period covered by such report.
    (d) Sense of Congress.--It is the sense of the 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 the savings 
        referred to in paragraph (1) should be used to address those 
        unfunded obligations; and
            (3) none of the savings referred to in paragraph (1) should 
        be used in the computation of any bonuses for Postal Service 
        executives.

    (e)  <<NOTE: Deadlines.>> Postal Service Proposal.--
            (1) In general.--The United States Postal Service shall, by 
        September 30, 2003, prepare and submit to the President, the 
        Congress, and the General Accounting Office its proposal 
        detailing how any savings accruing to the Postal Service as a 
        result of the enactment of this Act, which are attributable to 
        any fiscal year after fiscal year 2005, should be expended.
            (2) Matters to consider.--In preparing its proposal under 
        this subsection, the Postal Service shall consider--
                    (A) whether, and to what extent, those future 
                savings should be used to address--
                          (i) debt repayment;
                          (ii) prefunding of postretirement healthcare 
                      benefits for current and former postal employees;
                          (iii) productivity and cost saving capital 
                      investments;
                          (iv) delaying or moderating increases in 
                      postal rates; and
                          (v) any other matter; and

Pages: 1 2 Next >>

Other Popular 108th Congressional Public Laws Documents:

1 Pub.L. 108-302 To implement the United States-Morocco Free Trade ...
2 Pub.L. 108-071 To designate the facility of the United States Postal Service located at 9350 East Corporate Hill Drive in Wichita, Kansas, as the ``Garner E. Shriver Post Office Building''. <> ...
3 Pub.L. 108-317 To establish Institutes to demonstrate and promote the use of adaptive ecosystem management to reduce the risk of wildfires, and restore the health of fire-adapted forest and woodland ecosystems of the interior West. <
4 Pub.L. 108-126 To authorize the design and construction of a visitor center for the Vietnam Veterans Memorial. <> ...
5 Pub.L. 108-090 Making appropriations for the Department of Homeland Security for the fiscal year ending September 30, 2004, and for other purposes. <> ...
6 Pub.L. 108-018 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. <> %%...
7 Pub.L. 108-245 To designate the facility of the United States Postal Service located at 14 Chestnut Street in Liberty, New York, as the ``Ben R. Gerow Post Office Building''. <> ...
8 Pub.L. 108-037 To designate the regional headquarters building for the National Park Service under construction in Omaha, Nebraska, as the ``Carl T. Curtis National Park Service Midwest Regional Headquarters Building''. <>...
9 Pub.L. 108-293 An Act to authorize appropriations for the Coast Guard for fiscal year 2005, to amend various laws administered by the Coast Guard, and for other purposes. <> ...
10 Pub.L. 108-220 To require the Secretary of Defense to reimburse members of the United ...
11 Pub.L. 108-351 To amend the Lease Lot Conveyance Act of 2002 to provide that the amounts received by the United States under that Act shall be deposited in the reclamation fund, and for other purposes. <> ...
12 Pub.L. 108-299 To modify certain deadlines pertaining to machine-readable, tamper- resistant entry and exit documents. <> ...
13 Pub.L. 108-344 To revise and extend the Boys and Girls Clubs of America. <> ...
14 Pub.L. 108-231 To authorize the Secretary of the Interior to revise a repayment contract with the Tom Green County Water Control and Improvement District No. 1, San Angelo project, Texas, and for other purposes. <> %%Filen...
15 Pub.L. 108-222 To provide for the distribution of judgment funds to the Cowlitz Indian Tribe. <> ...
16 Pub.L. 108-342 To amend the National Trails System Act to designate El Camino Real de los Tejas as a National Historic Trail. <> ...
17 Pub.L. 108-033 To designate the facility of the United States Postal Service located at 1114 Main Avenue in Clifton, New Jersey, as the ``Robert P. Hammer Post Office Building''. <> ...
18 Pub.L. 108-089 To extend the Temporary Assistance for Needy Families block grant program, and certain tax and trade programs, and for other <> purposes. ...
19 Pub.L. 108-078 To implement the United States-Singapore Free Trade Agreement. <> ...
20 Pub.L. 108-369 To extend for eighteen months the period for which chapter 12 of title 11, United States Code, is reenacted. <> ...
21 Pub.L. 108-190 To provide for the exchange of certain lands in the Coconino and Tonto National Forests in Arizona, and for other purposes. <> ...
22 Pub.L. 108-193 To authorize appropriations for fiscal years 2004 and 2005 for the Trafficking Victims Protection Act of 2000, and for other purposes. <> ...
23 Pub.L. 108-170 To amend title 38, United States Code, to improve and enhance provision ...
24 Pub.L. 108-354 To direct the Secretary of the Interior to conduct a feasibility study ...
25 Pub.L. 108-097 To designate the facility of the United States Postal Service located at 1000 Avenida Sanchez Osorio in Carolina, Puerto Rico, as the ``Roberto Clemente Walker Post Office Building''. <> ...
26 Pub.L. 108-272 Approving the renewal of import restrictions contained in the Burmese Freedom and Democracy Act of 2003. <> ...
27 Pub.L. 108-298 To designate the facility of the United States Postal Service located at 7450 Natural Bridge Road in St. Louis, Missouri, as the ``Vitilas `Veto' Reid Post Office Building''. <> ...
28 Pub.L. 108-088 To provide an extension of highway, highway safety, motor carrier safety, transit, and other programs funded out of the Highway Trust Fund pending enactment of a law reauthorizing the Transportation Equity Act for the 21st Century. <
29 Pub.L. 108-174 To reauthorize the ban on undetectable firearms. <> ...
30 Pub.L. 108-115 To designate the facility of the United States Postal Service located at 2001 East Willard Street in Philadelphia, Pennsylvania, as the ``Robert A. Borski Post Office Building''. <> ...


Other Documents:

108th Congressional Public Laws Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions

Additional

1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy