§3654 Additional Financial Reporting

Summary

The Postal Service must send regular financial reports to the Postal Regulatory Commission. Within 40 days after each fiscal quarter ends it must file a report with the same kinds of information found on SEC Form 10–Q (as that form may change). Within 60 days after each fiscal year ends it must file the information in SEC Form 10–K (as that form may change). It must also file reports like SEC Form 8–K when those are required. For those filings, the Postal Service is treated as the “registrant” named on the SEC forms and must follow the SEC rules they reference. The Postal Service must follow the SEC rules for internal control reports under section 404 of the Sarbanes-Oxley Act (15 U.S.C. 7262) starting with the annual report for fiscal year 2010. The annual reports must show detailed pension and post-retirement health information, including funded status, causes of major changes, cost components and assumptions, a one-percentage-point health-cost sensitivity, actual contributions and payments and estimates for the next 5 years, plan asset makeup, and assumed and actual returns. The Office of Personnel Management must give those data to the Postal Service within 30 days after each fiscal year ends. The Postal Service must add segment reporting starting with fiscal year 2010 after talking with the Commission. An independent auditor must say whether the pension and health data are fairly stated. The Commission can see the audit work papers and can start proceedings to improve the data if they are wrong or need better detail. If the Postal Service gives material it believes is confidential under section 410(c) or 5 U.S.C. 552(b), it must tell the Commission in writing and explain why, and that material will be handled under paragraphs (2) and (3) of section 504(g) as if notice were given under 504(g)(1).