Page:United States Statutes at Large Volume 117.djvu/643

 117 STAT. 624

PUBLIC LAW 108–18—APR. 23, 2003

Public Law 108–18 108th Congress An Act Apr. 23, 2003 [S. 380]

Postal Civil Service Retirement System Funding Reform Act of 2003. 5 USC 101 note.

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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress 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 ‘‘ ‘normalcost 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 longterm 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)’’;

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