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H.R. 1351

 OVERVIEW: H.R. 1351 instructs the Office of Personnel Management (OPM) to recalculate the Postal Service’s payments to the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS) using an updated methodology. This bill will require that the USPS overpayments are either totally refunded or transferred to help fund Retiree Health Benefits. Independent actuarial studies have shown that due to improper funding formulas the USPS has overpaid CSRS by $50-$75 Billion. FERS overpayments are estimated at $6.9 Billion.

• SEC. (2) - Instructs the Office of Personnel Management (OPM) to do a recalculation for the Postal Services payments to both the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS).

• SEC. (2)- Will lay out an updated methodology for which both CSRS and FERS employee’s payments into each fund are calculated.

• SEC. (2) (B) (i) – The office shall determine or redetermine the amount of the current Postal surplus or supplemental liability within 6 months of the passage of this bill.

• SEC. (2) (ii) (I) – If the result of this determination is a surplus that amount shall be transferred to the Postal Service Retiree Health Benefits Fund within 15 days.

• SEC. (3) (ii)- Fixes any postal surplus payments for fiscal years 2015 forward. Terminates any prior amortization schedule for payments.

• SEC. (4) - Lays out the order for which surplus postal contributions that have been paid shall be refunded back to the Postal Service to help fully pay off any liability in the following order. First the refund shall be credited to the PSRHBF, secondly, to the Employees Compensation Fund and finally, back to the USPS for repayment of and other obligation.