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AIMD-00-308R 1 (2000-08-31)

handle is hein.gao/gaobaallk0001 and id is 1 raw text is: jpGAO Accountability * Integriy * Reliability United States General Accounting Office Accounting and Information Washington, DC 20548 Management Division B-286176 August 31, 2000 The Honorable William V. Roth, Jr. Chairman Committee on Finance United States Senate Subject: Additional Information Related to Analysis of the Administration's Proposal to Ensure Solvency of the United Mine Workers of America Combined Benefit Fund Dear Mr. Chairman: On June 28, 2000, we briefed your staff on the results of our work related to your March 9, 2000, request that we review the administration's proposal to ensure the solvency of the United Mine Workers of America (UMWA) Combined Benefit Fund. Specifically, you asked that we analyze the impact of the administration's proposal to (1) extend the Abandoned Mine Land Reclamation (AML) fees, (2) reverse the effects of National Coal v. Chater, (3) reverse the effects of Dixie Fuel Company v. the Social Security Administration, and (4) appropriate federal funds. In addition, you asked that we provide some general background information on the operations, governance structure, benefit structure, and historical and projected financial position of the fund. On August 15, 2000, we delivered a letter to you summarizing the information provided at the briefing.1 The detailed briefing slides were attached to the letter. Our analysis of the administration's proposal indicated that while the administration's proposal improves the projected financial position of the fund, reducing the fiscal year 2008 anticipated cumulative deficit, not including borrowing costs,2 from $513 million to $83 million, it does not ensure the solvency of the fund. Additional funds will be needed to ensure its solvency. 'Analysis of the Administration's Proposal to Ensure Solvency of the United Mine Workers of America Combined Benefit Fund (GAO/AIMD-00-267R, August 15, 2000). 2The actuarial projection estimates the year 2008 accumulated deficit to be $614 million, which includes $101 million in borrowing costs. GAO/AIMD-00-308R United Mine Workers of America

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