2011年6月23日星期四

U.S. post suspends retirement payments to save cash

The Postal Service -- which posted a $2.2 billion net loss in the second quarter and said it might be unable to pay its debts by September -- said on Wednesday that halting payments to the Federal Employees Retirement System would free up $800 million for the fiscal year.
The mail carrier makes biweekly payments of $115 million and says it has already paid a surplus of about $6.9 billion to the program.
The Postal Service has been struggling for years with falling mail volumes and competition from FedEx and United Parcel Service, but the agency also has said personnel costs weigh heavily.
The Postal Service on Wednesday repeated a call to Congress to give the agency more flexibility to manage its finances.
The Office of Personnel Management has estimated that the mail carrier overpaid into retiree pension funds, and officials say the Postal Service is required to set aside more for health insurance benefits than other agencies do.
The agency, which does not receive tax revenue, announced in March that it would eliminate 7,500 jobs and close 2,000 post offices, and has been looking for other ways to cut costs.
Maine Senator Susan Collins in February introduced legislation that would reduce the agency's payments to pension funds and improve its contracting practices. President Barack Obama included similar reforms in his 2012 budget request.
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