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B-220873.2 1 (1986-07-22)

handle is hein.gao/gaobadmjv0001 and id is 1 raw text is: OECISION FILE: B-2208 MATTER OF: DIGEST: 1. 73.2 VHCM L';;FPROLLER GENERAL OF THE UNITEO STATES WASHINGTON, 0.C. 20548 DATE: July 22, 1986 Restorations to the Civil Service Retirement and Disability Fund Pub. L. No. 99-155, 99 Stat. 814, directs the Secretary of the Treasury to immediately restore securities disinvested from the Civil Service Retirement and Disability Funa (Fund) after September 30, 1985, and redeemed between September 30, 1985 and November 14, 1985, which had higher interest rates than Federal Financing Bank securities held by the Fund. The restoration should be made as of the first date the restoration would not have the effect of exceeding the public debt limit. 2. Section 272 of the Balanced Budget and Emergency Deficit Control Act of 1985, Pub. L. No. 99-177, 99 Stat. 1037, 1095-98, authorizes restoration of interest to the Civil Service Retirement and Disability Fund lost between September 1, 1985 and December 12, 1985, the date of the Act's enactment, resulting from redemption of Treasury securities instead of Federal Financing Bank securities with a lower interest yield. Section 272, however, aoes not authorize restoration of losses of interest occurring after December 12, 1985. In responding to our letter of January 17, 1986, in which we asked the Secretary of the Treasury various questions about operation of the Civil Service Retirement and Disability Fund (Fund) during the tall of 1985, the Treasury Department asked us whether section 272 of the Balanced Budget and Emergency Deficit Control Act of 1985, Pub. L. No. 99-177, 99 Stat. 1037, 1095-98, authorizes it to compensate the Fund for certain losses arising out of the 1985 debt limit problem. The losses in question resulted from Treasury redeeming Treasury securities held by the Fund instead of Federal Financing Bank (FFB) securities with a lower interest yield. -p /{L{7~7 U3t Jo

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