Download or read book Postal Pension Funding Reform written by David M. Walker and published by DIANE Publishing. This book was released on 2004-03 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: In April 2003, Congress enacted the Postal Civil Service Retire. System (CSRS) Funding Reform Act of 2003 (P.L. 108-18), which lowered the Postal Service's (USPS) annual pay. for its CSRS obligation by over $2.5 billion beg. in FY 2003. The Act requires: (1) the USPS to begin making payments into an escrow account in FY 2006, (2) the USPS to issue a report on its proposed use of "savings" resulting from the lower CSRS payments, and (3) the GAO to evaluate the USPS's report and present its findings to Congress. GAO evaluated whether the USPS's proposals were consistent with P.L. 108-18; the impact of the escrow account; and whether the proposals were fair to current and future ratepayers, affordable, and helped achieve transformation goals. Tables.

Download or read book Postal Pension Funding Reform written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: In April 2003, Congress enacted the Postal Civil Service Retirement System (CSRS) Funding Reform Act of 2003 (P.L. 108-18), which\ lowered the Postal Service's (Service) annual payment for its CSRS obligation by over $2.5 billion beginning in fiscal year 2003. P.L. 108-18 includes requiring (1) the Service to begin making payments into an escrow account in fiscal year 2006, (2) the Service to issue a report on its proposed use of "savings" resulting from the lower CSRS payments, and (3) GAO to evaluate the Service's report and present its findings to Congress. GAO evaluated whether the Service's proposals were consistent with P.L. 108-18; the impact of the escrow account; and whether the proposals were fair to current and future ratepayers, affordable, and helped achieve transformation goals.

Download or read book Postal Pension Funding Reform written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-10-21 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Postal Pension Funding Reform: Issues Related to the Postal Service's Proposed Use of Pension Savings

Download or read book Postal Pension Funding Reform written by United States. General Accounting Office and published by . This book was released on 2003 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Postal Pension Funding Reform written by United States. General Accounting Office and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: GAO report reviews the Postal Service's pension funding reform proposals.

Download or read book Postal Pension Funding Reform written by United States Government Accountability and published by Scholar's Choice. This book was released on 2015-02-14 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Download or read book Pension Issues Cloud Postal Reform Debate written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "Reform of the business model of the U.S. Postal Service (USPS) was given new momentum by the July 2003 report of a blue-ribbon presidential commission. The commission concluded that USPS faces a long-term decline in mail volume and revenues, and unless its finances are shored up, a taxpayer bailout or loss of universal service is threatened. The 108th Congress held a dozen hearings on the commission's report. Broad postal reform proposals, however, have been somewhat overshadowed by controversy over two pension funding issues left unsettled by passage of P.L. 10818, the Postal Civil Service Retirement System Funding Reform Act of 2003. The first issue is what to do with the "savings" to USPS from the reduction in its payments to the Civil Service Retirement Fund allowed by the law. Savings for the first three years were to be used to pay off the USPS debt to the Treasury, but for FY2006 and later years, the law provided that they be held in escrow pending further congressional action. Continuation of the escrow requirement greatly concerns mailers' organizations, because anticipated new rates will extract $18.3 billion from mail users over the next five years that cannot be used to deliver the mail or support the system. The Administration opposes removal of the escrow because it would add at least $3 billion annually to the budget deficit. The second issue concerns the provision in the 2003 act transferring from the Treasury to USPS responsibility for paying the retirement benefits earned by postal employees when they were members of the armed forces, a $27 billion obligation. USPS argues that the Treasury pays for military service credits held by employees of every other agency, and there is no connection between the USPS mission and that of the military. USPS points out that 90% of the obligation was incurred before USPS was established as an independent entity in 1971. The Administration, however, believes that USPS should pay the full cost of its employees' pensions, including those earned in military service, because the credits have pension value only by virtue of USPS having hired veterans in the first place. The Federal Employees Retirement System (FERS), to which all postal employees newly hired since 1984 belong, fully funds military retirement costs through agency contributions. These two issues prevented postal reform legislation, reported without dissent by the House Government Reform and Senate Governmental Affairs Committees, from reaching the floor in the 108th Congress. Both bills would have removed the escrow requirement and relieved USPS of its current obligation to pay the military pension costs of its employees. They would also require USPS to begin funding its future retiree health care obligations. The House bill was re-introduced and passed in the 109th Congress as H.R. 22. The Senate bill, S. 662, was reported from committee by a vote of 15-1 on June 22, 2005. Since USPS was granted a 5.4% rate increase this month to cover the costs of the escrow, and a compromise has emerged to split the military retirement costs, pension issues may no longer be a block to consideration by the full Senate."

Download or read book Postal pension funding reform issues related to the Postal Service s proposed use of pension savings written by and published by DIANE Publishing. This book was released on with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Pension Issues Cloud Postal Reform Debate written by and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reform of the business model of the U.S. Postal Service (USPS) was given new momentum by the July 2003 report of a blue-ribbon presidential commission. The commission concluded that USPS faces a long-term decline in mail volume and revenues, and unless its finances are shored up, a taxpayer bailout or loss of universal service is threatened. The 108th Congress held a dozen hearings on the commission's report. Broad postal reform proposals, however, have been somewhat overshadowed by controversy over two pension funding issues left unsettled by passage of P.L. 10818, the Postal Civil Service Retirement System Funding Reform Act of 2003. The first issue is what to do with the "savings" to USPS from the reduction in its payments to the Civil Service Retirement Fund allowed by the law. Savings for the first three years were to be used to pay off the USPS debt to the Treasury, but for FY2006 and later years, the law provided that they be held in escrow pending further congressional action. Continuation of the escrow requirement greatly concerns mailers' organizations, because anticipated new rates will extract $18.3 billion from mail users over the next five years that cannot be used to deliver the mail or support the system. The Administration opposes removal of the escrow because it would add at least $3 billion annually to the budget deficit. The second issue concerns the provision in the 2003 act transferring from the Treasury to USPS responsibility for paying the retirement benefits earned by postal employees when they were members of the armed forces, a $27 billion obligation. USPS argues that the Treasury pays for military service credits held by employees of every other agency, and there is no connection between the USPS mission and that of the military. USPS points out that 90% of the obligation was incurred before USPS was established as an independent entity in 1971. The Administration, however, believes that USPS should pay the full cost of its employees' pensions, including those earned in military service, because the credits have pension value only by virtue of USPS having hired veterans in the first place. The Federal Employees Retirement System (FERS), to which all postal employees newly hired since 1984 belong, fully funds military retirement costs through agency contributions. These two issues prevented postal reform legislation, reported without dissent by the House Government Reform and Senate Governmental Affairs Committees, from reaching the floor in the 108th Congress. Both bills would have removed the escrow requirement and relieved USPS of its current obligation to pay the military pension costs of its employees. They would also require USPS to begin funding its future retiree health care obligations. The House bill was re-introduced and passed in the 109th Congress as H.R. 22. The Senate bill, S. 662, was reported from committee by a vote of 15-1 on June 22, 2005. Since USPS was granted a 5.4% rate increase this month to cover the costs of the escrow, and a compromise has emerged to split the military retirement costs, pension issues may no longer be a block to consideration by the full Senate. This report will be updated to reflect significant legislative developments.

Download or read book Continuing to Deliver written by United States. Congress. House. Committee on Oversight and Government Reform. Subcommittee on Federal Workforce, Postal Service, and the District of Columbia and published by . This book was released on 2010 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Road Ahead written by United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Subcommittee on Federal Financial Management, Government Information, Federal Services, and International Security and published by . This book was released on 2007 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book United States Postal Service written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report identifies long-term structural or operational issues that may affect the U. S. Postal Services's (USPS) ability to provide affordable universal postal service on a break-even basis. One key issue is the Service's retirement costs and future liabilities. USPS had a net loss of $199 million in fiscal year 2000 and recently announced a $1.7 billion net loss for fiscal year 2001. The impact of September 11 and the subsequent anthrax mailings on the volume and the cost of future mail service is unclear. USPS' annual retirement plan costs are projected to rise significantly in the next 10 years--from $8.5 billion in fiscal year 2000 to $14 billion in fiscal year 2010. USPS also faces mounting debt because of pay increases resulting from new labor contracts and annual cost-of-living adjustments for retirees. USPS reported an outstanding liability for future retirement benefits of $32.2 billion as of September 2000, and anticipates paying another $16.5 billion in interest on this liability over 30 years. The Post-Retirement Health Benefit Program--an additional benefit available to USPS retirees--cost $744 million in fiscal year 2000. When this benefit is added to the retirement plan, it raises total retirement costs for fiscal year 2000 to $9.3 billion. USPS projects that this additional post-retirement health benefit will cost $2 billion in fiscal year 2010, raising the Service's total retirement costs to $16 billion that year.

Download or read book The Postal Service Pension System and Alternative Methods for Providing Long term Financial Welfare to Retirees written by Luke Thomas Grossmann and published by . This book was released on 2013 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States Postal Service continues to face difficult financial conditions, due primarily to electronic diversion of mail volume. The largest component of the Postal Service's cost structure is labor, with retirement benefits representing a significant portion of those costs. This thesis provides a historical retrospective of the development of the pension system that the Postal Service currently participates in, and assesses the impact that the pension system has had on the Postal Service through history. The ultimate objective of this thesis is to study the United States Postal Service pension system as it relates to its current obligations to the United States federal government, provide a review of alternative pension arrangements operating in other sectors, and analyze the leading alternatives as they apply to the Postal Service to understand their potential impact on the finances of the United States Postal Service. Two simulations models are developed in the study, based on an analysis of the current workforce, historical and projected retirement patterns, and the current pension contribution profiles of workers. The models are used to assess the impact of various plan designs on the Postal Service's cost structure, and on a typical individual employee's post-retirement income.

Download or read book U S Postal Service written by Phillip Herr and published by DIANE Publishing. This book was released on 2010-08 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Postal Accountability and Enhancement Act of 2006 required an evaluation of strategies and options for reforms of the U.S. Postal Service (USPS). USPS¿s business model is to fulfill its mission through self-supporting, businesslike operations; however, USPS has experienced increasing difficulties. Due to volume declines, losses, a cash shortage, and rising debt, the USPS was added to a high-risk list in July 2009. The objectives of this report were to assess: (1) the viability of USPS¿s business model; (2) strategies and options to address challenges to its business model; and (3) actions Congress and USPS need to take to facilitate progress toward financial viability. Includes recommendations. Charts and tables.

Download or read book Postal Service Retiree Health Benefits Funding Reform Act of 2009 written by United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs and published by . This book was released on 2010 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book U S Postal Service written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Office of Personnel Management (OPM) is responsible for administering the Civil Service Retirement System (CSRS), including the United States Postal Service (USPS) CSRS benefits. Two independent agencies--USPS Office of Inspector General (OIG) and Postal Regulatory Commission (PRC)--have issued reports stating that OPM's current method of allocating responsibility for CSRS benefits allocates a disproportionately large share to USPS. The USPS OIG and the PRC proposed alternate methodologies that they estimate would shift responsibility for from $56 billion to $85 billion in CSRS benefits from USPS to the federal government. GAO's objectives were to comment on (1) whether OPM's current methodology for allocating responsibility for CSRS benefits between USPS and the federal government is consistent with the law, (2) the analysis used by the USPS OIG and PRC to conclude that OPM should refund the CSRS contributions in question, (3) the potential impacts such a refund would have on the CSRS fund and CSRS stakeholders, and (4) the potential impacts that such a refund would have on USPS's financial outlook. GAO reviewed legislation regarding the allocation of responsibility for CSRS benefits and methodologies used in all three reports. OPM and the OPM OIG agreed with GAO's draft report, but USPS and the USPS OIG stated that OPM's methodology was not consistent with current law and they, in addition to the PRC, reiterated their views that the cost allocation is unfair. GAO continues to believe that its analysis is accurate.

Download or read book U S Postal Service Retiree Health Benefits and Pension Funding Issues written by Kevin R. Kosar and published by . This book was released on 2014 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: