S 1507 IS

To amend chapter 89 of title 5, United States Code, to reform Postal Service retiree health benefits funding, and for other purposes.CommentsClose CommentsPermalink

July 23, 2009CommentsClose CommentsPermalink

Mr. CARPER (for himself, Mr. LIEBERMAN, and Mr. INOUYE) introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental AffairsCommentsClose CommentsPermalink

To amend chapter 89 of title 5, United States Code, to reform Postal Service retiree health benefits funding, and for other purposes.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Postal Service Retiree Health Benefits Funding Reform Act of 2009’.CommentsClose CommentsPermalink

SEC. 2. GOVERNMENT CONTRIBUTIONS.

Section 8906(g)(2)(A) of title 5, United States Code, is amended by striking ‘shall through September 30, 2016, be paid by the United States Postal Service, and thereafter’.CommentsClose CommentsPermalink

SEC. 3. POSTAL SERVICE RETIREE HEALTH BENEFITS FUND.

Section 8909a of title 5, United States Code, is amended--CommentsClose CommentsPermalink





(1) in the section heading, by striking ‘Benefit’ and inserting ‘Benefits’; andCommentsClose CommentsPermalink





(2) in subsection (d)--CommentsClose CommentsPermalink





(A) in paragraph (2)(B)--CommentsClose CommentsPermalink





(i) by striking ‘2017’ and inserting ‘2020’; andCommentsClose CommentsPermalink





(ii) by striking ‘2056’ and inserting ‘2059’;CommentsClose CommentsPermalink





(B) in paragraph (3)--CommentsClose CommentsPermalink





(i) by striking the matter preceding subparagraph (B) and inserting the following:CommentsClose CommentsPermalink





‘(3)(A) The United States Postal Service shall pay into such Fund--CommentsClose CommentsPermalink





‘(i) $5,400,000,000, not later than September 30, 2007;CommentsClose CommentsPermalink





‘(ii) $5,600,000,000, not later than September 30, 2008;CommentsClose CommentsPermalink





‘(iii) $1,700,000,000, not later than September 30, 2009;CommentsClose CommentsPermalink





‘(iv) $1,700,000,000, not later than September 30, 2010;CommentsClose CommentsPermalink





‘(v) $3,100,000,000, not later than September 30, 2011;CommentsClose CommentsPermalink





‘(vi) $3,900,000,000, not later than September 30, 2012;CommentsClose CommentsPermalink





‘(vii) $4,100,000,000, not later than September 30, 2013;CommentsClose CommentsPermalink





‘(viii) $4,300,000,000, not later than September 30, 2014;CommentsClose CommentsPermalink





‘(ix) $4,500,000,000, not later than September 30, 2015;CommentsClose CommentsPermalink





‘(x) $4,700,000,000, not later than September 30, 2016;CommentsClose CommentsPermalink





‘(xi) $4,900,000,000, not later than September 30, 2017;CommentsClose CommentsPermalink





‘(xii) $5,100,000,000, not later than September 30, 2018; andCommentsClose CommentsPermalink





‘(xiii) $5,300,000,000, not later than September 30, 2019.’;CommentsClose CommentsPermalink





(ii) by redesignating subparagraph (B) as subparagraph (C), and inserting after subparagraph (A) the following:CommentsClose CommentsPermalink





‘(B) Not later than September 30, 2009, and by September 30 of each succeeding year through 2019, the United States Postal Service shall pay into such Fund the net present value computed under paragraph (1).’; andCommentsClose CommentsPermalink





(iii) in subparagraph (C) (as redesignated in this subparagraph), by striking ‘2017’ and inserting ‘2020’; andCommentsClose CommentsPermalink





(C) in paragraph 4, by striking ‘financial reporting under subchapter II of chapter 35 of title 31’ and inserting ‘valuations under chapter 84’.CommentsClose CommentsPermalink

SEC. 4. TEMPORARY INCREASE TO POSTAL SERVICE BORROWING LIMITATIONS.

(a) In General- For fiscal years 2009 and 2010, section 2005(a) of title 39, United States Code, shall be applied by substituting ‘$5,000,000,000’ for the limitation specified in paragraph (1).CommentsClose CommentsPermalink





(b) Maximum Amount Limitation and RepaymenRepayment and Limitation on Outstanding Debt- Any amount borrowed under the increase in borrowing authority provided under subsection (a) of this section--

(1) shall not apply to the maximum amount allowable under section 2005(a)(2) of title 39, United States Code; and

(2) shall be repaid by the Postal Service to the United States Treasury by not later than the end of fiscal year 2019. SEC. 5The Postal Service’s total outstanding debt may not exceed the maximum amount allowable undersection 2005(a)(2) of title 39, United States Code. CommentsClose CommentsPermalink

SEC. 8. EFFECTIVE DATES AND APPLICATION.

(a) In General- CommentsClose CommentsPermalink





This Act(1) EFFECTIVE DATE- Sections 2, 3, and 4, including the amendments made by this Actose sections, shall be effective as of October 1, 2008. CommentsClose CommentsPermalink





(b) Application to Fiscal Year2) APPLICATION TO FISCAL YEAR 2009 PaymentsAYMENTS- Any payments made by the Postal Service undersection 8906(g)(2)(A) of title 5, United States Code, for which the Postal Service is not obligated to pay by reason of the amendment made by section 2 of this Act shall be credited against the payments due by September 30, 2009, under section 8909a(d)(3) of title 5, United States Code, as amended by this Act. CommentsClose CommentsPermalink





(b) Other Provisions- The amendments made by sections 5, 6, and 7 shall take effect on the date of enactment of this Act. CommentsClose CommentsPermalink