And the Gov't wanted to run healthcare, give me a friggin' break...

And the Gov't wanted to run healthcare, give me a friggin' break...

Study: USPS overcharged $75 billion for pension fund

January 21, 2010

The US Postal Service was overcharged $75 billion for payments to the Civil Service Retirement System pension fund between 1972 and 2009, according to a new study released by the Postal Service’s Office of Inspector General.The Inspector General estimates that if the overcharge were used to prepay the Postal Services health benefits fund, it would fully meet any retiree health care liabilities and eliminate the need for required annual payments into the fund of more than $5 billion.

These annual payments have been an ongoing source of financial pain for the Postal Service at a time when it is under significant financial pressure from other sources, such as declining mail volume. The USPS reported a net loss of $3.8 billion for its 2009 fiscal year and has been considering closing post offices and shortening the delivery week as a way to cut costs. Last year, Congress passed a bill to allow the USPS to delay $4 billion of its annual payments into the retirees’ health benefits fund.

In the study, an analysis conducted by the Inspector General’s office and Hay Group demonstrates the method used to determine how the Civil Service Retirement System pension fund costs are split between the Postal Service and the federal government is inequitable. As a result, the Postal Service was overcharged by $75 billion for payments covering retirees from 1972 to 2009.

Posted by Chantal Tode on January 21, 2010

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4 Comments

6 years 22 weeks ago, 5:14 PM

Pkato

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die off...we don't really need it anymore anyway...really, do we ? I mean all my shit I order comes through UPS or Fedex...all letters/bills, etc...why couldn't those companies do the same.

Patrolman Kato
Firearms stand next in importance to the Constitution itself.
They are the American people's liberty teeth and keystone
under independence. -- George Washington
6 years 22 weeks ago, 5:18 PM

Schuyler

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since it is in the Constitution. I think we'd have to have an amendment to shut it down.

"All that is necessary for the triumph of evil is for good men to do nothing." - Edmund Burke
6 years 22 weeks ago, 6:19 PM

Pkato

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WTF

I didn't know that actually...I also read that is has not received taxpayer subsidy since the early 1980s...so at least there is that. It's listed as the top US employer behind Wal-Mart, in the USA.

Patrolman Kato
Firearms stand next in importance to the Constitution itself.
They are the American people's liberty teeth and keystone
under independence. -- George Washington
6 years 22 weeks ago, 6:19 PM

daisycutter

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General of the Army
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Jul 2009
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Arkansas

the P.O. in?

To save the P.O. money I think they should make all employees take every Monday off, without pay.

iyaoyas
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Posted by: samD
6 years 22 weeks ago
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