S.1649 - United States Postal Service Pension Obligation Recalculation and Restoration Act of 2011112th Congress (2011-2012)
|Sponsor:||Sen. Baucus, Max [D-MT] (Introduced 10/04/2011)|
|Committees:||Senate - Homeland Security and Governmental Affairs|
|Latest Action:||10/04/2011 Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (text of measure as introduced: CR S6092-6093) (All Actions)|
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Summary: S.1649 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (10/04/2011)
United States Postal Service Pension Obligation Recalculation and Restoration Act of 2011 - Prescribes the "average pay" to be used in determining annuities for civilian employment with the United States Postal Service (USPS) for purposes of provisions relating to future benefits attributable to such employment in order to calculate the amount of any USPS surplus or supplemental liability under the Civil Service Retirement System (CSRS).
Requires the Office of Personnel Management (OPM): (1) within six months after enactment of this Act, to determine (or, if applicable, redetermine) the amount of such surplus or liability as of the close of the most recently ending fiscal year using the methodology required under this Act; and (2) if the result is a surplus, to transfer the surplus amount to the Postal Service Retiree Health Benefits Fund within 15 days after the determination of a surplus.
Provides for an alternate determination of a USPS surplus or supplemental liability for FY2016-FY2020.
Requires transfer of certain surplus postal retirement contributions in FY2011 to the Postal Service Retiree Health Benefits Fund or the Employees' Compensation Fund under the Federal Employees' Compensation Act.
Prohibits USPS from closing any post office which is located more than 10 miles from any other post office.
Expresses the intent of Congress that this Act shall apply to allocations of past, present, and future benefit liabilities between the USPS and the Treasury.