Summary

H.R. 5790: To provide for the transfer of the United States Postal Service surplus with respect to certain retirement benefits, and for other purposes. Read More

Status

This bill was introduced on May 16, 2012, in a previous session of Congress, but was not passed.

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Date Introduced
May 16, 2012

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Bill Text

A BILL

To provide for the transfer of the United States Postal Service surplus with respect to certain retirement benefits, and for other purposes.

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

SECTION 1. TRANSFER OF POSTAL SERVICE SURPLUS.

Section 8423(b) of title 5, United States Code, is amended-- (1) by redesignating paragraph (5) as paragraph (6); and (2) by inserting after paragraph (4) the following: ``(5)(A) In this paragraph, the term `postal funding surplus' means the amount by which the amount computed under paragraph (1)(B) is less than zero. ``(B)(i) For each of fiscal years 2012, 2013, and 2014, if the amount computed under paragraph (1)(B) is less than zero, the Director shall transfer to the United States Postal Service from the Fund an amount equal to the postal funding surplus for that fiscal year for use in accordance with this paragraph. ``(ii) The Office shall calculate the amount under paragraph (1)(B) for a fiscal year by not later than 90 days after the end of such fiscal year, and shall transfer any postal funding surplus to the United States Postal Service within 90 days after such calculation. ``(C) Any postal funding surplus for a fiscal year shall be used by the United States Postal Service as follows: ``(i) 50 percent of such surplus shall be used to repay any obligation issued under section 2005 of title 39. ``(ii) 25 percent of such surplus shall be used to...

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Bill Summary

H.R. 5790: To provide for the transfer of the United States Postal Service surplus with respect to certain retirement benefits, and for other purposes.

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