Senate Resolution 244, A Proposed Study of Major Federal Retirement Systems, and Three Bills Amending Title 5 of the United States Code

Senate Resolution 244 (95th Congress) calls for a study of the major Federal retirement systems to determine the extent of the present and future unfunded liability of each system, the method of financing each system, and the actions necessary to be taken to insure the solvency of each system. The study is to be made by the Secretary of the Treasury, and a report, including recommendations for legislation, is to be made to the Congress by June 30, 1978. Without an overall policy to guide development and improvement of Government retirement systems, the benefit provisions and funding methods of the various retirement systems have developed on an inconsistent basis. Funding of Federal retirement systems remains a serious and growing problem that needs further attention. Under existing funding provisions, the unfunded liabilities of major systems will continue to grow. The Congress is not being provided with realistic and consistent information on the cost of Federal retirement programs. The costs and liabilities of Federal retirement programs are much greater than recognized by current costing and funding procedures. The resolution lists 11 systems to be covered by the study, including three District of Columbia retirement systems and Social Security. It is suggested that these four systems be deleted from this study and that five other Federal retirement systems not listed be added to the study.