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GAO-03-448R 1 (2003-01-31)

handle is hein.gao/gaobaamdq0001 and id is 1 raw text is: ib & , G A 0 Comptroller General .. . Accountability * Integrity * Reliability of the United States United States General Accounting Office Washington, DC 20548 January 31, 2003 Congressional Requesters Subject: Review of the Office of Personnel Management's Analysis of the United States Postal Service's Funding of Civil Service Retirement System Costs In our December 2001 report, United States Postal Service: Information on Retirement Plans (GAO-02-170), we raised the question of whether the United States Postal Service (USPS) was paying more or less than appropriate to cover benefit payments for the Civil Service Retirement System (CSRS) for which it is responsible. In May 2002, we asked the Office of Personnel Management (OPM) to calculate a hypothetical Postal Fund balance and projected funding status by estimating the present value (PV) of the future benefits USPS is required to fund for CSRS retirees and survivors under current law and extent to which prior and projected future contributions required by current law would fund these benefits. OPM released its analysis in November 2002, indicating that, based on current contributions, USPS's CSRS obligations would be significantly overfunded in the future.' The Administration has proposed legislation that addresses this overfunding. Given the significance of this issue, you asked us to (1) review OPM's analysis for reasonableness and (2) analyze the legislative proposal to identify any issues needing further consideration. This report provides a summary of our briefing on January 30, 2003, and the attached slides highlight the results of our work and the information we provided. Results in Brief Review of OPM's Analysis. To perform its analysis, OPM determined the net assets (USPS agency and employee contributions plus earnings benefits and administrative expenses) available in the hypothetical Postal Fund as of September 30, 2002. OPM then calculated the PV of future benefits payable and future contributions to determine the extent to which Postal Fund net assets and required future contributions would fund the projected remaining benefits to be paid. Its analysis concluded that as of September 30, 2002 'OPM's projections are made through 2071, the estimated date at which the last remaining USPS CSRS annuitant would receive a benefit payment. GAO-03-448R Review of OPM Analysis of USPS CSRS Costs

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