H.R.1351 - United States Postal Service Pension Obligation Recalculation and Restoration Act of 2011112th Congress (2011-2012)
Summary: H.R.1351 — 112th Congress (2011-2012)
Introduced in House (04/04/2011)
United States Postal Service Pension Obligation Recalculation and Restoration Act of 2011 - Prescribes the "average pay" and the appropriate percentage thereof 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.
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 an 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 (FECA).
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.