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Bill114th CongressFiled Jul 11, 2016Government Operations and Politics
H.R. 5707

Postal Service Financial Improvement Act of 2016

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary reported to house without amendment, part i (Dec 8, 2016)

(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 just happenedDec 8, 2016

Placed on the Union Calendar, Calendar No. 672.

Who’s behind it

Rep. Lynch, Stephen F. [D-MA-8](D-MA)Sponsor
1 cosponsor1 R
Read on Congress.gov
1cosponsors2committees11actions7subjects
  1. Dec 8, 2016CalendarsH12410

    Placed on the Union Calendar, Calendar No. 672.

  2. Dec 8, 2016DischargeH12300

    Committee on the Budget discharged.

    Budget Committee
  3. Dec 8, 2016Committee5500

    Committee on the Budget discharged.

    Budget Committee
  4. Dec 8, 2016IntroReferralH11200

    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.

    Budget Committee
  5. Dec 8, 2016CommitteeH12200

    Reported by the Committee on 114-859, Part I.

    Oversight and Accountability Committee
  6. Dec 8, 2016Committee5000

    Reported by the Committee on 114-859, Part I.

    Oversight and Accountability Committee
  7. Jul 12, 2016Committee

    Ordered to be Reported by Voice Vote.

    Oversight and Accountability Committee
  8. Jul 12, 2016Committee

    Committee Consideration and Mark-up Session Held.

    Oversight and Accountability Committee
  9. Jul 11, 2016IntroReferralH11100

    Referred to the House Committee on Oversight and Government Reform.

    Oversight and Accountability Committee
  10. Jul 11, 2016IntroReferralIntro-H

    Introduced in House

  11. Jul 11, 2016IntroReferral1000

    Introduced in House

Reported to House without amendment, Part IDec 8, 201628

(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.
Introduced in HouseJul 11, 2016

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 "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.
Postal Service Financial Improvement Act of 2016 — Informed