Causes of the U.S. Postal Service Federal Employeesäó» Retirement System (FERS) Surplus

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By David C. Williams (ed)
Year: 2012
Pages: 42
Binding Paperback
ISBN 978-1-4578-4081-4

Product Code: 1457840812

Description

The U.S. Postal Serviceäó»s (USPS) pension surplus was projected to be $13.1 billion as of the end of FY 2011. Most of the surplus äóñ $11.4 billion äóñ is in the Fed. Employeesäó» Retirement System (FERS) pension program. A surplus occurs when assets exceed accrued liability. FERS has been in surplus since 1992, and the USPS OIG wanted to investigate the reasons behind this persistent surplus. Are there distinctive characteristics of the Postal Service and its employees that cause the surplus? And can the surplus be expected to continue? This report found that the FERS surplus does result from differences between USPS and the rest of the federal government. The assumptions used to measure the Postal Serviceäó»s liability do not reflect these differences. This report recommends using Postal Service-specific assumptions to measure the FERS liability, which provides a more accurate and stable estimate. When Postal Service-specific assumptions are used, the FY 2011 surplus increases from $11.4 billion to $24.0 billion. Tables and figures. This is a print on demand report.

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