USPS Stops Funding A Portion Of Retirement Plan

The Postal Service will stop funding the defined benefit portion of the Federal Employees Retirement System in an effort to free up cash to pay its bills. The Justice Department will now decide on whether USPS has the right to suspend payments and receive credit for $6.9 billion in overpayments. The Office of Personnel Management has refused to credit USPS's overpayment to the fund. Postal Officials say the move will save USPS $230 million a month.