Mr. CUSTER. The balance in the fund at the end of 1935 was $271,729,708. 12. Mr. WOODRUM. How much has been the Government's contribution? Mr. CUSTER. Government appropriations through 1935 were $145,450,000. Mr. WOODRUM. Of course, the balance, only deducting the earnings of the funds, has been contributed by the employees? Mr. CUSTER. Yes, sir; the disbursements over and above that have been from contributions of the employees. Mr. WOODRUM. Do you have a figure showing how much it ought to be now? Mr. CUSTER. We do not have that—how much the Government contribution ought to be to date. We do not have that available, but we would be glad to furnish it if you would like. Mr. WOODRUM. If it is not too much trouble, will you furnish us that, and any information that you can give us on that? Mr. BOLTON. The table on page 389 of the 1936 hearings shows receipts, but nothing about withdrawals. That is what I wanted to see balanced out. Mr. VIPOND. In the last fiscal year the withdrawals were $5,773,407.52. Fiscal year ended June 30, 1935, civil-service retirement and disability fund TABLE 2.- Statement shouing, by Departments, the aggregate rate of annuities and number of annuitants on the roll June 30, 1935 TABLE NO. 3.- Statement showing, by vocation, sex, and cause of retirement, the number and average annuities of the annuitants on the roll, June 30, 1935 Canal Zone retirement and disability fund, fiscal year ending June 30, 1935 The following taken from the last (fourteenth) report of the board of actuaries is a valuation of the assets and liabilities of the civil service retirement and disability fund as of June 30, 1930, adjusted on account of compulsory retirement at the normal retirement age in accordance with the act of June 30, 1932: LIABILITIES Benefits payable to annuitants on the roll: Retired on account of age and involuntary separation: Letter carriers and postal clerks with normal retirement Mechanics, laborers, and other employees with normal Employees with normal retirement age 70--- Total___. Retired on account of disability: Employees with normal retirement age 62__ Letter carriers and postal clerks with normal retirement Mechanics, laborers, and other employees with normal Employees with normal retirement age 70.. Present value of pay ments to be made $11, 223, 350 41, 691, 828 20, 796, 579 12, 401, 845 86, 113, 602 2,386, 602 16, 618, 827 6, 997, 425 9, 435, 882 Total.... 35, 438, 736 Employees with normal retirement age 62............. Prospective benefits to members of active service who will retire on account of age: Letter carriers and postal clerks with normal retirement age 65 234, 898, 646 553, 345, 197 Mechanics, laborers, and other employees with normal retirement age 65__ 129, 699, 730 Employees with normal retirement age 70-- 181, 687, 608 1,099, 631, 18i Total____ Prospective benefits to members of active service who will retire on account of disability: Employees with normal retirement age 62. Letter carriers and postal clerks with normal retirement age 65 Mechanics, laborers, and other employees with normal retire ment age 65.. Employees with normal retirement age 70. Total... 18,976,7 82, 836, 19 16, 924 437 | 61, 316, 06 180, 053, 357 LIABILITIES-continued Prospective benefits to members whose service will be discon tinued through no fault of their own prior to the attainment Present value of pay of retirement age: Employees with normal retirement age 62. Letter carriers and postal clerks with normal retirement age 65 Mechanics, laborers, and other employees with normal retirement age 65.. Employees with normal retirement age 70 Total. Contributions to be returned to present employees with interest at 4 percent upon separation from service without retirement benefits: Employees with normal retirement age 62.. Letter carriers and postal clerks with normal retirement age 65.... Mechanics, laborers, and other employees with normal retirement age 65- Employees with normal retirement age 70. Contributions of employees of 3% percent of salary: Letter carriers and postal clerks with normal retirement age ments to be made $4,054, 637 15, 102, 589 7, 881, 870 20, 352, 179 46, 841, 275 $13, 735, 425 59, 320, 898 15, 831, 026 58, 425, 058 147, 312, 407 1, 595, 390, 558 156, 546, 419 45, 842, 926 163, 622, 264 Mechanics, laborers, and other employees with normal re tirement age 65.. Employees with normal retirement age 70. Total... Appropriations required of Government: To meet normal cost accruing annually. Total.... Grand total _ _ _ _ . 269, 636, 547 824, 017, 992 1,093, 654, 539 1, 595, 390, 558 The preceding balance sheet shows that if the amendment of June 30, 1932, had applied at the time of the last fifth-year valuation the liabilities of the civil-service retirement and disability fund would have been $1,595,390,558 in comparison with $1,496,881,303 the corresponding value on the basis of the law before it was amended. The earlier retirement age results in less contributions being received The earlier retirement age results in less contributions being received from employees and therefore the amount added to the Government's liability is greater than the difference in the total liabilities. The sum of $110,249,171 has been added to the contributions to be made by the Government in the future. The amount required to meet the accrued liability has increased from $730,192,797 see last year's report) to $824,017,992. The foregoing is a statement of the views of the Board of Actuaries as to the current total liabilities of the Government under the Retirement Act. |