[Congressional Record (Bound Edition), Volume 149 (2003), Part 7]
[Extensions of Remarks]
[Page 9508]
[From the U.S. Government Publishing Office, www.gpo.gov]




   POSTAL CIVIL SERVICE RETIREMENT SYSTEM FUNDING REFORM ACT OF 2003

                                 ______
                                 

                               speech of

                          HON. EDOLPHUS TOWNS

                              of new york

                    in the house of representatives

                         Tuesday, April 8, 2003

  Mr. TOWNS. Mr. Speaker, I rise in support of S. 380, the Postal Civil 
Service Retirement System Funding Reform Act of 2003. I'd like to 
recognize Chairman Davis, Ranking Member Waxman and Representatives 
McHugh and Davis for their fine work on this issue.
  I am a cosponsor of H.R. 735, the House companion. This is an 
important bill that deserves the support of the entire House. If we 
fail to act, the Postal Service has warned that it will be forced to 
raise rates as early as this fall. This is something the public can not 
afford.
  If the Postal Service continues to pay into the Civil Service 
Retirement System under the current rate structure, the Postal Service 
will overfund the system by about $71 billion by the time its pension 
obligations expire in 2071. This bill gives the Postal Service credit 
for its excess assets and thus, reduces the amount of money that it 
needs to pay into the fund. This will have no effect on current or 
future retirees' pension benefits. In fact, the bill is strongly 
supported by the National Association of Letter Carriers and the 
business community.
  The savings realized from the bill will allow the postal service to 
make needed upgrades to improve service. Additionally, the Postmaster 
has also promised to keep rates steady through 2006.
  This bill is a complete slam dunk. It is good for the public, the 
letter carriers, and the mailing industry. I urge its passage.

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