Support the Postal Civil Service Retirement System Funding Reform Act of 2003
April 1, 2003
To the United States House of Representatives:
On behalf of the U.S. Chamber of Commerce, I am writing to urge you to vote for H.R. 735, the Postal Civil Service Retirement System Funding Reform Act of 2003. The U.S. Chamber, the world's largest business federation, representing more than three million businesses and professional organizations of every size, sector and region, supports this bill as it would benefit American businesses, large and small, that rely on affordable postal rates to sustain and grow their businesses.
The U.S. Office of Personnel Management (OPM) determined last Fall that the Postal Service has over-funded its Civil Service Retirement System (CSRS) pension liabilities and continues to pay more than necessary to fund its ongoing obligations. Adjusting the payment rate could save the Postal Service billions of dollars annually, effectively preventing a postal increase until 2006. H.R. 735, reported unanimously by the House Committee on Government Reform, would adequately and fairly adjust the U.S. Postal Service payments into the CSRS.
Swift Congressional action is needed to correct this disparity and avoid unfairly taxing businesses with unnecessary higher postage rates. Enactment would improve the financial health of the Postal Service and stimulate the nation's economy. Accordingly, we ask you to vote for H.R. 735 during floor consideration expected this week.
R. Bruce Josten
Executive Vice President, Government Affairs
U.S. Chamber of Commerce