5 U.S.C. § 8909a : US Code - Section 8909A: Postal Service Retiree Health Benefit Fund

Search 5 U.S.C. § 8909a : US Code - Section 8909A: Postal Service Retiree Health Benefit Fund

(a) There is in the Treasury of the United States a Postal
Service Retiree Health Benefits Fund which is administered by the
Office of Personnel Management.
(b) The Fund is available without fiscal year limitation for
payments required under section 8906(g)(2)(A).
(c) The Secretary of the Treasury shall immediately invest, in
interest-bearing securities of the United States such currently
available portions of the Fund as are not immediately required for
payments from the Fund. Such investments shall be made in the same
manner as investments for the Civil Service Retirement and
Disability Fund under section 8348.
(d)(1) Not later than June 30, 2007, and by June 30 of each
succeeding year, the Office shall compute the net present value of
the future payments required under section 8906(g)(2)(A) and
attributable to the service of Postal Service employees during the
most recently ended fiscal year.
(2)(A) Not later than June 30, 2007, the Office shall compute,
and by June 30 of each succeeding year, the Office shall recompute
the difference between - 
(i) the net present value of the excess of future payments
required under section 8906(g)(2)(A) for current and future
United States Postal Service annuitants as of the end of the
fiscal year ending on September 30 of that year; and
(ii)(I) the value of the assets of the Postal Retiree Health
Benefits Fund as of the end of the fiscal year ending on
September 30 of that year; and
(II) the net present value computed under paragraph (1).
(B) Not later than June 30, 2017, the Office shall compute, and
by June 30 of each succeeding year shall recompute, a schedule
including a series of annual installments which provide for the
liquidation of any liability or surplus by September 30, 2056, or
within 15 years, whichever is later, of the net present value
determined under subparagraph (A), including interest at the rate
used in that computation.
(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) $5,400,000,000, not later than September 30, 2009;
(iv) $5,500,000,000, not later than September 30, 2010;
(v) $5,500,000,000, not later than September 30, 2011;
(vi) $5,600,000,000, not later than September 30, 2012;
(vii) $5,600,000,000, not later than September 30, 2013;
(viii) $5,700,000,000, not later than September 30, 2014;
(ix) $5,700,000,000, not later than September 30, 2015; and
(x) $5,800,000,000, not later than September 30, 2016.
(B) Not later than September 30, 2017, and by September 30 of
each succeeding year, the United States Postal Service shall pay
into such Fund the sum of - 
(i) the net present value computed under paragraph (1); and
(ii) any annual installment computed under paragraph (2)(B).
(4) Computations under this subsection shall be made consistent
with the assumptions and methodology used by the Office for
financial reporting under subchapter II of chapter 35 of title 31.
(5)(A)(i) Any computation or other determination of the Office
under this subsection shall, upon request of the United States
Postal Service, be subject to a review by the Postal Regulatory
Commission under this paragraph.
(ii) Upon receiving a request under clause (i), the Commission
shall promptly procure the services of an actuary, who shall hold
membership in the American Academy of Actuaries and shall be
qualified in the evaluation of healthcare insurance obligations, to
conduct a review in accordance with generally accepted actuarial
practices and principles and to provide a report to the Commission
containing the results of the review. The Commission, upon
determining that the report satisfies the requirements of this
subparagraph, shall approve the report, with any comments it may
choose to make, and submit it with any such comments to the Postal
Service, the Office of Personnel Management, and Congress.
(B) Upon receiving the report under subparagraph (A), the Office
of Personnel Management shall reconsider its determination or
redetermination in light of such report, and shall make any
appropriate adjustments. The Office shall submit a report
containing the results of its reconsideration to the Commission,
the Postal Service, and Congress.
(6) After consultation with the United States Postal Service, the
Office shall promulgate any regulations the Office determines
necessary under this subsection.