Page:United States Statutes at Large Volume 120.djvu/3280

 PUBLIC LAW 109–435—DEC. 20, 2006

120 STAT. 3249

TITLE VIII—POSTAL SERVICE RETIREMENT AND HEALTH BENEFITS FUNDING SEC. 801. SHORT TITLE.

Postal Civil Service Retirement and Health Benefits Funding Amendments of 2006. 5 USC 101 note.

This title may be cited as the ‘‘Postal Civil Service Retirement and Health Benefits Funding Amendments of 2006’’. SEC. 802. CIVIL SERVICE RETIREMENT SYSTEM.

(a) IN GENERAL.—Chapter 83 of title 5, United States Code, is amended— (1) in section 8334(a)(1)(B), by striking clause (ii) and inserting the following: ‘‘(ii) In the case of an employee of the United States Postal Service, no amount shall be contributed under this subparagraph.’’; and (2) by amending section 8348(h) to read as follows: ‘‘(h)(1) In this subsection, the term ‘Postal surplus or supplemental liability’ means the estimated difference, as determined by the Office, between— ‘‘(A) the actuarial present value of all future benefits payable from the Fund under this subchapter to current or former employees of the United States Postal Service and attributable to civilian employment with the United States Postal Service; and ‘‘(B) 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 under section 8334; ‘‘(ii) that portion of the Fund balance, as of the date the Postal surplus or supplemental liability is determined, attributable to payments to the Fund by the United States Postal Service and its employees, minus benefit payments attributable to civilian employment with the United States Postal Service, plus the earnings on such amounts while in the Fund; and ‘‘(iii) any other appropriate amount, as determined by the Office in accordance with generally accepted actuarial practices and principles. ‘‘(2)(A) Not later than June 15, 2007, the Office shall determine the Postal surplus or supplemental liability, as of September 30, 2006. If that result is a surplus, the amount of the surplus shall be transferred to the Postal Service Retiree Health Benefits Fund established under section 8909a by June 30, 2007. ‘‘(B) The Office shall redetermine the Postal surplus or supplemental liability as of the close of the fiscal year, for each fiscal year beginning after September 30, 2007, through the fiscal year ending September 30, 2038. If the result is a surplus, that amount shall remain in the Fund until distribution is authorized under subparagraph (C). Beginning June 15, 2017, if the result is a supplemental liability, the Office shall establish an amortization schedule, including a series of annual installments commencing on September 30 of the subsequent fiscal year, which provides for the liquidation of such liability by September 30, 2043.

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