Yesterday, USPS said it’s suspending the employer’s contributions for the defined benefit portion of the Federal Employees Retirement System, or FERS. The Postal Service said it was taking this step to conserve cash and preserve liquidity.
Today, PMG Pat Donahoe — in a video message to employees — says the suspension will not affect them. Noting that USPS has a surplus of $6.9 billion in payments to FERS, he says “We simply are stopping this ongoing overpayment toward the annuity FERS retirees receive because we have already met that obligation.”
Donahoe says the suspension is “only a stop-gap measure,” adding Congress must approve legislation that can help the Postal Service return to profitability. As he has in the past, the PMG urges Congress to eliminate the requirement for pre-payments to the retiree health benefits fund; grant USPS access to the FERS overpayment; and give the Postal Service flexibility to determine the frequency of mail delivery.
Too many layers of management!!!
It means if we need the bought off millionaires in Congress to fix this, we might as well all go down to our local soup kitchens.
I didnt see the message, although I did work a full tour today.
Does that mean I am not an employee?
Or does that mean I am no longer an employee?
mismanagement is tilting at windmills….they have 15 layers and over 100,000 mismanagers. they need to cut mismanagement and the high salaries that go with them. PO has 95 Vice-Presidents making over $200.000 a yeark with perks….why?
the people at the PO who ran the company into the iceberg, are not the ones who are going to put it in the black. Congress put the PO into recievership and hire former retired Chairman of American Airlines Robert Crandall famous cost cutter to come in and rid the PO of the bloated mismanagement.
last time Congress did this, they brought in “Carvin Marvin” Runyon and he lopped over 32% of mismanagement….when he left they increased mismgt with nepotism again by ober 50%