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104069 1 (1977-10-28)

handle is hein.gao/gaobadxwv0001 and id is 1 raw text is: OCCUtIRNT RESUME L,40091- b3054~315 lncte Resulution 244, A Proposed Study of Major Federal tetirement Systems, and Three 5ills Amending 7itIG 5 of the Jiited states code. October 28, 1977. 5 pp. + 3 enclosures (7 p p.). L-etA.morny before the Stnate Committee cn Governmental Affairs: Civil service and General Services Sukcommittee; ty B. L. Krieqe., Director, Federal Personnel and Ccmpensativn Div. issu, hrea: Personnel Mandgement and Compensation: Compensation (305). Ccntact: Federai Personnel and Compenscation Di,. budqet Function: eneral Government: Central Perscnnel Lanagement (805). Conqzssionai Relevance: Senate Conmittee cn Governmental Artairs: Civil Service and General Services Sukccmmitt-se. Authrri.ty: Civil service Retirement Act, as amended (5 U.S.C. 8341). AdmdDistrative Procedures Act, sec. 11. 5 U.S.C. 8339. H.R. 3447 (95th Cony.2. H.E. 3755 (S5tn Cong.). R.R. 6975 (95th Conq.). S. 1559 (95*h C-nq.). S. Ees. 244 (95th Conq.). Senct £esolution 244 (95th Congress) calls tcr a study .t the major Federal ret;.resnt systeis to determine the extant or the present and futurE unfunded liability of each systeal, the method ot financini each system, and the actions necessary to be taker to insure the zolvency of each system. The study is to be made by the Secretary of the Treasury, and a reFort, including recommendations ror 'egislation, is to be made to the Cczgross by June 3C, 197. Without an overell pclicy to guide development and improvemcnt of Government retiement systeis, the tenefit provisions and funding methods of the varicu. retirement systems nave dev-loped on an inconsistent basis. Funding o.- federal ztirem=n- systems remains a sel.ious and growing prctlep that needs rurther tr existing unding provisions, the unrun'ded liabilities of major systems will continue to grow. The coaqress is not beinq provider with realist c and consistent Intrmatioi on the cost of Federal retirement programs. 7he costs cnd liabiiities or Federal retirement programs are much qreater thain rE-coqnized by current costing and fund.ng proccdures. rhe resol-tion lists 11 systems to be covered by the study, includinq three District of Columbia retizesent systems and Socidl Security. It is suggested that these tour systems be deleta trom this study and tnit five other Federal ratirement systai not listed be added to the study. (SC)

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