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2012 Report on Form 10-K United States Postal Service- 38 -
The following table provides OPM’s estimation of the funded status of the CSRS and FERS programs for Postal Service
participants as of September 30, 2011, and 2010, and the projected Postal Service status as of September 30, 2012.
Present Value Analysis of Retirement Programs as calculated by OPM
(9/30/11 latest actual data available)
(Dollars in billions)
Actual
Actual
CSRS 2012 2011 2010
Actuarial Liability 9/30 $ 209.9 $ 210.8 $ 193.0
Current Fund Balance
191.2
193.0
194.6
(Unfunded) / Surplus $ (18.7) $ (17.8) $ 1.6
FERS
Actuarial Liability 9/30 $ 90.5 $ 84.0 $ 69.9
Current Fund Balance
93.5
86.6
80.8
Surplus $ 3.0 $ 2.6 $ 10.9
Actual
Actual
TOTAL CSRS and FERS 2012 2011 2010
Actuarial Liability 9/30 $ 300.4 $ 294.8 $ 262.9
Current Fund Balance
284.7
279.6
275.4
(Unfunded) / Surplus $ (15.7) $ (15.2) $ 12.5
Projected
Projected
NET PERIODIC COSTS
Information about the net periodic costs for the CSRS and FERS pension plans, which is prepared by OPM, is as follows:
Components of Net Periodic Costs as calculated by OPM
(9/30/11 latest actual data available)
(Dollars in billions)
CSRS
Actuarial Liability as of October 1 $ 210.8 $ 193.0
+ Expected Contributions* 0.3 0.3
- Expected Benefit Disbursements (11.9) (10.9)
+ Interest Expense 10.7 10.8
+ Total Actuarial Loss
-
17.6
Actuarial Liability as of September 30 $ 209.9 $ 210.8
FERS
Actuarial Liability as of October 1 $ 84.0 $ 69.9
+ Normal Cost 3.5 3.2
- Expected Benefit Disbursements (1.5) (1.3)
+ Interest Expense 4.5 4.1
+ Total Actuarial Loss - 8.1
Actuarial Liability as of September 30
$
90.5
$
84.0
Total Actuarial Liability as of September 30 $ 300.4 $ 294.8
Projected
2012
Actual
2011
* Expected contributions for CSRS consists of employee contributions only.
2011
Actual
2012
Projected