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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » US POSTAL SERVICE TO STOP PENSION CONTRIBUTION 6-23-2011

US POSTAL SERVICE TO STOP PENSION CONTRIBUTION 6-23-2011


The US Postal Service, facing insolvency unless it gets approval to delay a $5.5 billion payment for worker health benefits, will suspend contributions to an employee retirement account to save $800 million this year. The US Postal Service, facing insolvency without approval to delay a $5.5 billion payment for worker health benefits, will suspend contributions to an employee retirement account to save $800 million this year. The Postal Service will stop paying employer contributions to the defined-benefit Federal Employees Retirement System, which covers about 85 percent of career postal workers, it said today in an e-mailed statement. The $115 million payment, made every other week, will stop on June 24.

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7 Responses to "US POSTAL SERVICE TO STOP PENSION CONTRIBUTION 6-23-2011"

  1. MFP1520 says:
    TO FUCKING BAD GET A REAL JOB LIKE THE REST OF US
  2. ralphinator2 says:
    It’s a Republican conspiracy and lie

    Here is the truth about the USPS “deficit”

    /watch?v=rNyhX6vmYcA

  3. doogleandalix says:
    I’d love to see a breakdown of that 80% in labor costs . The PO has a 3.7 to 1 managment to employee ratio ! Are they counting the “consultants ” in those figures – you know, the retired supervisor cronies who are collecting a retirement check and then get hired on as consultants ? And what about the 28 VP’s at L’Enfant Plaza I read about – I assume there are also 28 Presidents ( of Marketing , Sales, Safety ad nauseum), The US only needs 1 Pres, 1 VP and the PO needs 28 ?
  4. videolover61 says:
    Remember when the USPS had a cycling team with Lance Armstrong? I bet they wish they had that money back : (
  5. damianfonseca says:
    The Postal Service is the only Quasi federal agency who was mandated by the Postal regulatory commission headed by Republicans in congress to pre-fund 75 years of retirement health benefit funds. 59 billion dollars over !! No other federal agency was required to do this. guess what, the USPS no longer hires career employees. What the heck was the money for then? 59 billion dollar high jack to purposely kill the USPS and then have a fresh face and ask; Why are you guys behind?
  6. cmfluteguy says:
    @LODGE4444
    No Way! I ship my products world wide and I now use only USPS.

    UPS, Fedex and DHL do not honor their insurance policies. They all lost shipments
    that were insured.

    I sued all 3 and won in court. The judges all were furious at these “free market” carriers because
    of this problem. It is standard practice for these creeps.

    All 3 of those carriers have screwed up in customs as well.

    USPS has the best price, they know how to do customs and they honor their insurance obligations.

  7. LODGE4444 says:
    E-mails and package delivery services have rendered the post office obsolete.

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