USPS Has Eight Months To Pony Up $5.5 Billion

The Postal Service could be looking at a much needed reprieve. The massive funding bill passed by Congress over the weekend includes language giving USPS eight months to make a $5.5 billion prepayment to the federal employees retirement fund. The Washington Post reports they'll have until August to make that FERS payment, potentially saving the agency billions. Meanwhile, Postal and two of its major unions have agreed to extend labor contract negotiations yet again.The new deadline is Jan. 20. Postal says the extension would allow the parties to continue to work on important health care, workplace and other contractual issues.