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NOTE 14. Federal Employees and Veteran's Benefits

The provision for workers’ compensation benefits payable as of September 30, 2007 and 2006 are indicated in the table below. These liabilities are included in the Intragovernmental Other Liabilities line item on the Consolidated Balance Sheet and are not covered by budgetary resources.

The Federal Employees Compensation Act (FECA) program is administered by the U.S. Department of Labor (DOL) and provides income and medical cost protection to covered Federal civilian employees who have been injured on the job or have incurred a work-related occupational disease. Compensation is given to beneficiaries of employees whose death is attributable to a job-related injury or occupational disease. DOL initially pays valid FECA claims for all Federal government agencies and seeks reimbursement two fiscal years later from the Federal agencies employing the claimants.

For FY 2007, USAID’s total FECA liability was $36.3 million and comprised of unpaid FECA billings for $22.3 million and estimated future FECA costs of $14.1 million.

For FY 2006, USAID’s total FECA liability was $32.6 million and comprised of unpaid FECA billings for $9.2 million and estimated future FECA costs of $23.4 million.

The actuarial estimate for the FECA unfunded liability is determined by the DOL using a method that utilizes historical benefit payment patterns. The projected annual benefit payments are discounted to present value using economic assumption for 10-year Treasury notes and bonds and the amount is further adjusted for inflation. Currently, the projected number of years of benefit payments is 37 years.

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