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2015 Report on Form 10-K United States Postal Service 23
specific data if it estimates that its normal cost percentage is at least 10% lower than OPM’s calculation. Legislation that would
allow OPM to refund any estimated FERS surplus and requiring use of Postal Service-specific economic and demographic
assumptions has in the past been considered in Congress, however nothing has reached the floor of either the House of
Representatives or the U.S. Senate.
The following table provides the funded status of the CSRS and FERS programs for our employees as of 2015 (projected),
2014 and 2013 and represents the most recent data available:
(in billions) Projected* Actual Actual
2015 2014 2013
CSRS
Actuarial Liability 9/30 $ 199.6 $ 201.5 $ 204.4
Current Fund Balance 179.2 182.1 186.6
Unfunded $ (20.4) $ (19.4) $ (17.8)
FERS
Actuarial Liability 9/30 $ 111.3 $ 104.5 $ 96.6
Current Fund Balance 107.6 100.9 96.5
Unfunded $ (3.7) $ (3.6) $ (0.1)
Total CSRS and FERS
Actuarial Liability 9/30 $ 310.9 $ 306.0 $ 301.0
Current Fund Balance 286.8 283.0 283.1
Unfunded $ (24.1) $ (23.0) $ (17.9)
*9/30/2014 is the latest available data.
We have reported this information based on the same valuations that are used by the Civil Service Retirement System Board
of Actuaries (“Board of Actuaries”) to establish the normal cost and funding requirements for the plans. OPM actuarial
valuations utilize the long-term economic assumptions established by the Board of Actuaries. These assumptions are prepared
for U.S. government employers as a whole and based upon assumptions from government-wide employee demographics,
rather than those specific to our workforce. As of September 30, 2013, the most recent date of available data, the CSRS Plan
for all U.S. government employers, excluding Postal Service funds, was less than 65% funded, although the FERS Plan,
excluding Postal Service funds, was greater than 80% funded.