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‘‘§ 8909a. Postal Service Retiree Health Benefit Fund 
‘‘(a) There is in the Treasury of the United States 
a Postal Service Retiree Health Benefits Fund which is 
administered by the Office of Personnel Management. 
‘‘(b) The Fund is available without fiscal year limita-
tion for payments required under section 8906(g)(2)(A). 
‘‘(c) The Secretary of the Treasury shall immediately 
invest, in interest-bearing securities of the United States 
such currently available portions of the Fund as are not 
immediately required for payments from the Fund. Such 
investments shall be made in the same manner as invest-
ments for the Civil Service Retirement and Disability 
Fund under section 8348. 
‘‘(d)(1) Not later than June 30, 2007, and by June 
30 of each succeeding year, the Office shall compute the 
net present value of the future payments required under 
section 8906(g)(2)(A) and attributable to the service of 
Postal Service employees during the most recently ended 
fiscal year. 
‘‘(2)(A) Not later than June 30, 2007, the Office 
shall compute, and by June 30 of each succeeding year, 
the Office shall recompute the difference between— 
‘‘(i) the net present value of the excess of fu-
ture payments required under section 8906(g)(2)(A) 
for current and future United States Postal Service 
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annuitants as of the end of the fiscal year ending on 
September 30 of that year; and 
‘‘(ii)(I) the value of the assets of the Postal Re-
tiree Health Benefits Fund as of the end of the fis-
cal year ending on September 30 of that year; and 
‘‘(II) the net present value computed under 
paragraph (1). 
‘‘(B) Not later than June 30, 2017, the Office shall 
compute, and by June 30 of each succeeding year shall 
recompute, a schedule including a series of annual install-
ments which provide for the liquidation of any liability or 
surplus by September 30, 2056, or within 15 years, which-
ever is later, of the net present value determined under 
subparagraph (A), including interest at the rate used in 
that computation. 
‘‘(3)(A) The United States Postal Service shall pay 
into such Fund— 
‘‘(i) $5,400,000,000, not later than September 
30, 2007; 
‘‘(ii) $5,600,000,000, not later than September 
30, 2008; 
‘‘(iii) $5,400,000,000, not later than September 
30, 2009; 
‘‘(iv) $5,500,000,000, not later than September 
30, 2010; 
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‘‘(v) $5,500,000,000, not later than September 
30, 2011; 
‘‘(vi) $5,600,000,000, not later than September 
30, 2012; 
‘‘(vii) $5,600,000,000, not later than Sep-
tember 30, 2013; 
‘‘(viii) $5,700,000,000, not later than Sep-
tember 30, 2014; 
‘‘(ix) $5,700,000,000, not later than September 
30, 2015; and 
‘‘(x) $5,800,000,000, not later than September 
30, 2016. 
‘‘(B) Not later than September 30, 2017, and by Sep-
tember 30 of each succeeding year, the United States 
Postal Service shall pay into such Fund the sum of— 
‘‘(i) the net present value computed under para-
graph (1); and 
‘‘(ii) any annual installment computed under 
paragraph (2)(B). 
‘‘(4) Computations under this subsection shall be 
made consistent with the assumptions and methodology 
used by the Office for financial reporting under sub-
chapter II of chapter 35 of title 31. 
‘‘(5)(A)(i) Any computation or other determination of 
the Office under this subsection shall, upon request of the 
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United States Postal Service, be subject to a review by 
the Postal Regulatory Commission under this paragraph. 
‘‘(ii) Upon receiving a request under clause (i), the 
Commission shall promptly procure the services of an ac-
tuary, who shall hold membership in the American Acad-
emy of Actuaries and shall be qualified in the evaluation 
of healthcare insurance obligations, to conduct a review 
in accordance with generally accepted actuarial practices 
and principles and to provide a report to the Commission 
containing the results of the review. The Commission, 
upon determining that the report satisfies the require-
ments of this subparagraph, shall approve the report, with 
any comments it may choose to make, and submit it with 
any such comments to the Postal Service, the Office of 
Personnel Management, and Congress. 
‘‘(B) Upon receiving the report under subparagraph 
(A), the Office of Personnel Management shall reconsider 
its determination or redetermination in light of such re-
port, and shall make any appropriate adjustments. The 
Office shall submit a report containing the results of its 
reconsideration to the Commission, the Postal Service, and 
Congress. 
‘‘(6) After consultation with the United States Postal 
Service, the Office shall promulgate any regulations the 
Office determines necessary under this subsection.’’. 
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(2) TECHNICAL
AND
CONFORMING
AMEND-
MENT.—The table of sections for chapter 89 of title 
5, United States Code, is amended by inserting after 
the item relating to section 8909 the following: 
‘‘8909a. Postal Service Retiree Health Benefits Fund.’’. 
(b) REVIEW.— 
(1) IN GENERAL.— 
(A) REQUEST FOR REVIEW.—Any regula-
tion established under section 8909a(d)(5) of 
title 5, United States Code (as added by sub-
section (a)), shall, upon request of the United 
States Postal Service, be subject to a review by 
the Postal Regulatory Commission under this 
paragraph. 
(B) REPORT.—Upon receiving a request 
under subparagraph (A), the Commission shall 
promptly procure the services of an actuary, 
who shall hold membership in the American 
Academy of Actuaries and shall be qualified in 
the evaluation of healthcare insurance obliga-
tions, to conduct a review in accordance with 
generally accepted actuarial practices and prin-
ciples and to provide a report to the Commis-
sion containing the results of the review. The 
Commission, upon determining that the report 
satisfies the requirements of this paragraph, 
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shall approve the report, with any comments it 
may choose to make, and submit it with any 
such comments to the Postal Service, the Office 
of Personnel Management, and Congress. 
(2) RECONSIDERATION.—Upon receiving the re-
port under paragraph (1), the Office of Personnel 
Management shall reconsider its determination or 
redetermination in light of such report, and shall 
make any appropriate adjustments. The Office shall 
submit a report containing the results of its recon-
sideration to the Commission, the Postal Service, 
and Congress. 
SEC. 804. REPEAL OF DISPOSITION OF SAVINGS PROVISION. 
(a) IN GENERAL.—Section 3 of the Postal Civil Serv-
ice Retirement System Funding Reform Act of 2003 (Pub-
lic Law 108–18) is repealed. 
(b) SAVINGS.—Savings accrued to the Postal Service 
as a result of enactment of Public Law 108–18 and attrib-
utable to fiscal year 2006 shall be transferred to the Post-
al Service Retiree Health Benefits Fund established under 
section 8909a of title 5, United States Code, as added by 
section 803 of this Act. 
SEC. 805. EFFECTIVE DATES. 
(a) IN GENERAL.—Except as provided under sub-
section (b), this title shall take effect on October 1, 2006. 
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