Postal Service Financial Improvement Act of 2016

Bill: 114-hr-5707
Sponsor: Rep. Lynch, Stephen F. [D-MA-8]
Introduced: 2016-07-11 in the House
Policy area: Government Operations and Politics
Subjects: Accounting and auditing
Employee benefits and pensions
Financial services and investments
Government employee pay, benefits, personnel management
Health care costs and insurance
Securities
U.S. Postal Service

Summary:
action_date: 2016-07-11
text: 

Postal Service Financial Improvement Act of 2016

 
This bill requires the Department of the Treasury to: (1) invest a specified percentage of the Postal Service Retiree Health Benefits Fund, using one or more qualified professional asset managers, in index funds modeled after those established for Thrift Savings Fund investments; and (2) ensure that the investment replicates the performance of the longest-term target date asset allocation investment fund established by the Federal Retirement Thrift Investment Board.
 
The bill establishes the Postal Service Retiree Health Benefits Fund Investment Committee, which Treasury shall consult regarding such investments.
 
The &quot;specified percentage&quot; to be invested is defined as 25% of the currently available portions of the fund as are not immediately required for payments from the fund, except that the committee may specify a higher percentage, not to exceed 30%, not earlier than five years after this bill's enactment and as appropriate thereafter. 
 
Treasury shall annually engage an independent qualified public accountant to audit the financial statements of such investments and shall submit an annual management report that includes:
 
 
 statements of financial position, operations, and cash flows;
 
 a statement on internal accounting and administrative control systems;
 
 the report resulting from the audit; and
 
 any other comments and information necessary to inform Congress about the operations and financial condition of the investments.
 

action_date: 2016-12-08
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

Postal Service Financial Improvement Act of 2016

 
(Sec. 2) This bill requires the Department of the Treasury to: (1) invest a specified percentage of the Postal Service Retiree Health Benefits Fund, using one or more qualified professional asset managers, in index funds modeled after those established for Thrift Savings Fund investments; and (2) ensure that the investment replicates the performance of the longest-term target date asset allocation investment fund established by the Federal Retirement Thrift Investment Board.
 
The bill establishes the Postal Service Retiree Health Benefits Fund Investment Committee, which Treasury shall consult regarding such investments.
 
The &quot;specified percentage&quot; to be invested is defined as 25% of the currently available portions of the fund as are not immediately required for payments from the fund, except that the committee may specify a higher percentage, not to exceed 30%, not earlier than five years after this bill's enactment and as appropriate thereafter. 
 
Treasury shall annually engage an independent qualified public accountant to audit the financial statements of such investments and shall submit an annual management report that includes:
 
 
 statements of financial position, operations, and cash flows;
 
 a statement on internal accounting and administrative control systems;
 
 the report resulting from the audit; and
 
 any other comments and information necessary to inform Congress about the operations and financial condition of the investments.
 


Legislative actions:
action_date: 2016-12-08
text: Placed on the Union Calendar, Calendar No. 672.
action_date: 2016-12-08
text: Committee on the Budget discharged.
action_date: 2016-12-08
text: Committee on the Budget discharged.
action_date: 2016-12-08
text: Referred sequentially to the House Committee on the Budget for a period ending not later than Dec. 8, 2016 for consideration of such provisions of the bill as fall within the jurisdiction of that committee pursuant to clause 1(d) of rule X.
action_date: 2016-12-08
text: Reported by the Committee on 114-859, Part I.
action_date: 2016-12-08
text: Reported by the Committee on 114-859, Part I.
action_date: 2016-07-12
text: Ordered to be Reported by Voice Vote.
action_date: 2016-07-12
text: Committee Consideration and Mark-up Session Held.
action_date: 2016-07-11
text: Referred to the House Committee on Oversight and Government Reform.
action_date: 2016-07-11
text: Introduced in House
action_date: 2016-07-11
text: Introduced in House