,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #beec  ,,in ,,the ,,house ,,of  
,,representatives  ,may #g1 #bjai,mr4   
,lynch 7for himself and ,mr4 ,mc,kinley7
 introduced the following bill2 which   
was referred to the ,committee on       
,oversight and ,reform  ,a ,,bill  ,to  
amend title #e1 ,united ,states ,code1  
to provide for certain index fund       
investments from the ,postal ,service   
,retiree ,health ,benefits ,fund1 and   
for other purposes4  #a4 ,short title   
,this ,act may be cited as the ,postal  
,service ,financial ,improvement ,act of
 #bjai4  #b4 ,investment of the ,postal 
,service ,retiree ,health ,benefits     
,fund ,section #hiji;a7c7 of title #e1  
,united ,states ,code1 is amended--     
7#a7 by striking 7c7 ,the ,secretary and
 inserting 7c77#a7 ,subject to paragraph
 7#b71 the ,secretary2 and  7#b7 by     
adding at the end the following3  7#b7  
7,a7 ,the ,secretary of the ,treasury   
shall immediately invest a specified    
percentage of the ,fund1 using one or   

more qualified professional asset       
managers1 in index funds modeled after  
those established under subparagraphs   
7,b71 7,c71 7,d71 and 7,e7 of section   
#hdch7;b77#a74 ,the ,secretary shall    
ensure1 to the maximum extent           
practicable1 that the investment        
replicates the performance of the       
longest-term target date asset          
allocation investment fund established  
by the ,federal ,retirement ,thrift     
,investment ,board4  7,b7 ,in exercising
 authority under subparagraph 7,a71     
including in the selection of specific  
qualified professional asset managers   
and in the development of specific      
investment guidelines to meet the       
requirement of such subparagraph1 the   
,secretary shall consult with the       
,postal ,service ,retiree ,health       
,benefits ,fund ,investment ,committee4 
7,c7  7i7 ,there is established a       
,postal ,service ,retiree ,health       
,benefits ,fund ,investment ,committee  
that shall consist of--  7,i7 the       

,secretary2  7,,ii7 the ,chair of the   
,board of ,governors of the ,united     
,states ,postal ,service2  7,,iii7 the  
,chairman of the ,federal ,retirement   
,thrift ,investment ,board2 and  7,,iv7 
#b members to represent the interests of
 ,postal ,service employees and         
annuitants who--  7aa7 are appointed by 
the ,president2  7bb7 have experience   
and expertise in the management of      
financial investments and ,postal       
,service employee benefits2 and  7cc7   
shall serve for a term of #c years4     
7ii7 ,the ,postal ,service ,retiree     
,health ,benefits ,fund ,investment     
,committee and each member of such      
,committee shall be subject to the      
requirements of subsections 7b77#a7 and 
7c77#b7 of section #hdgg1 in the same   
manner as applied to a fiduciary with   
respect to the ,thrift ,savings ,fund   
under such subsections4  7,d7  7i7 ,the 
,secretary shall annually engage an     
independent qualified public accountant 
to audit the financial statements of the

 investments made pursuant to           
subparagraph 7,a74  7ii7 ,the ,secretary
 shall submit an annual management      
report to the ,congress not later than  
#ahj days after the end of each fiscal  
year that includes--  7,i7 a statement  
of financial position2  7,,ii7 a        
statement of operations2  7,,iii7 a     
statement of cash flows2  7,,iv7 a      
statement on internal accounting and    
administrative control systems2  7,v7   
the report resulting from an audit of   
the financial statements of the         
investments conducted under clause 7i72 
and  7,,vi7 any other comments and      
information necessary to inform the     
,congress about the operations and      
financial condition of the investments4 
7,e7 ,in this paragraph-- 7i7 specified 
percentage means #be percent of the     
currently available portions of the     
,fund as are not immediately required   
for payments from the ,fund1 except that
 the ,postal ,service ,retiree ,health  
,benefits ,fund ,investment ,committee  

may specify a higher percentage1 not to 
exceed #cj percent1 not earlier than #e 
years after the date of enactment of the
 ,postal ,service ,financial            
,improvement ,act of #bjai1 and as      
appropriate thereafter2 and  7ii7       
qualified professional asset manager has
 the meaning given that term in section 
#hdch7;a74  4