Foreign Service Retirement and Disability Fund1
Foreign Service Retirement and Disability Fund (in thousands of dollars)
FY 2003 Actual | FY 2004 Actual | FY 2005 Estimate | FY 2006 Request |
45,200 |
43,859 |
42,500 |
41,700 |
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In FY 1974, amendments to the Foreign Assistance Act of 1961, as amended, permitted USAID career foreign service employees to become participants in the Foreign Service Retirement and Disability Fund.
The extension of coverage to USAID employees created an unfunded liability in the system. An actuarial determination by the Department of the Treasury shows that in FY 2006, $41,700,000 will be required to amortize this liability and the unfunded liability created by pay raises and benefit changes since FY 1974.
For FY 2006, USAID is requesting an appropriation of this amount.
1 Authorized by Chapter 8 of the Foreign Service Act of 1980
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