H.R. 1351 instructs the Office of Personnel Management (OPM) to recalculate USPS payments to the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS) using updated technology. Independent actuarial studies have concluded that as a result of improper funding formulas, the USPS has overpaid CSRS by $50 billion to $75 billion. FERS overpayments are estimated at $6.9 billion. This bill would help put the Postal Service back on track to fiscal solvency. In order to protect the USPS for the future, we need all the help we can get on Capitol Hill. No other government agency is required to prefund retiree health care in this manner. This has to be corrected. Any private company required to do this would be bankrupt in short order.
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