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Summary

We released a study conducted for us by the Hay Group, which concluded that the Coast Guard properly reported $29 billion in military retirement liabilities as of September 30, 2002. The study also reported that the liabilities and annual actuarial activity of the Coast Guard’s military retirement system were reasonable and reliable as of September 30, 2001, thereby satisfying the principal objective of the study. FY 2001 data were used because they were the most recent year for which data were available. The study is part of our audit of the DOT FY 2002 Consolidated Financial Statements.