We have audited the accompanying Reclassified Financial Statements of the U.S. Postal Service which comprises the Government-wide Treasury Account Symbol Adjusted Trial Balance System (GTAS) Reconciliation Report – Reclassified Balance Sheet as of September 30, 2020, and the related GTAS Reconciliation Reports – Reclassified Statement of Net Cost and Reclassified Statement of Changes in Net…
“As the Postal Service has said for years, Congress and the Commission have long delayed much needed legislative and regulatory reforms which would have helped to address the situation. Congress must enact reform legislation that addresses our unaffordable retirement payments. Most importantly, Congress must allow the Postal Service to integrate our retiree health benefits program…
Mark Dimondstein – March 25, 2020 Since the early days of the Postal Service, we postal workers have helped stitch the fabric of the country together. Even in times of crisis – whether natural disaster, conflict, or economic calamity – the Postal Service has always been there, steadily reaching every American home and business in…
Objective The Postal Service participates in three retirement plans: the Civil Service Retirement System (CSRS), the Federal Employees Retirement System (FERS), and the Postal Service Retiree Health Benefits (RHB). The first two are pension plans and the third is set up to fund the Postal Service’s share of RHB premiums. The U.S. Office of Personnel…
By Ian Smith – February 4, 2020 The Congressional Budget Office predicts that the Postal Service will continue defaulting on mandatory payments to the Postal Service Retiree Health Benefits Fund for the next decade. CBO said in a recent report that it expects the Postal Service to continue defaulting on the payments for the next…
The large loss posted by the U.S. Postal Service in Fiscal Year 2019 ($8.8 billion) is largely the result of external factors, not the normal operations of the agency. More than half the loss stems from the 2006 congressional mandate that requires the Postal Service, alone among all public agencies and private companies, to pre-fund…
Excerpt: October 16, 2019 “I proudly cosponsored the USPS Fairness Act to end the requirement that USPS pre-fund its retiree health benefits. The pre-fund mandate puts an unfair and undue burden on USPS, and it has prevented the agency from investing in new technologies, services, and products. As the Representative for Pennsylvania’s Fifth District, I…
