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Thursday, November 17, 2011
USPS Now Has Enough Cash To Resume Payments To Its Federal Employees Retirement System
The cash-strapped Postal Service says it will refill its FERS coffers, starting in December, Government Executive reported. Postal Chief Financial Officer Joe Corbett says his agency has enough cash on hand to soon resume payments to its Federal Employees Retirement System account. The agency suspended the payments this summer to save money because it already had a surplus in the FERS account. That and other moves didn't completely stemmed the bleeding. The Postal Service posted a $5.1 billion loss for FY 20-10. It could also go insolvent if it can't pay a $5.5 billion bill to prefund retiree health benefits due tomorrow. But, a continuing resolution in Congress includes a provision to extend the deadline on that payment. The CR is on pace to pass.
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2 comments:
Yes,but not enough to operate with!
It's an election year coming up. I''ve just happy that people have begun to talk about tax code reform. I mean, why increase the tax rate of a "fat cat" if the Code exempts them from paying ANY taxes. The only source of funding of organizations like the USPS that can't work within budget is the rapidly shrinking middle-class.
Just try and find a photo of the head of GE where he does NOT have a broad smile on his face. $15B earnings, no taxes. Buy American!
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