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HR 5707 114th Congress House Government Operations and Politics 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

Postal Service Financial Improvement Act of 2016

Introduced: July 11, 2016 Introduced by: Lynch, Stephen F. Democratic · Massachusetts See on congress.gov
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 Everywhere this bill has been 8 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 8, 2016
Placed on the Union Calendar, Calendar No. 672.
Dec 8, 2016
Committee on the Budget discharged.
Dec 8, 2016
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.
Dec 8, 2016
Reported by the Committee on 114-859, Part I.
Jul 12, 2016
Ordered to be Reported by Voice Vote.
Jul 12, 2016
Committee Consideration and Mark-up Session Held.
Jul 11, 2016
Referred to the House Committee on Oversight and Government Reform.
Jul 11, 2016
Introduced in House
 Plain-English summary Congressional Research Service

(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 "specified percentage" 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.
What's happening now December 8, 2016

Placed on the Union Calendar, Calendar No. 672.

 Committees of jurisdiction 2