USPS OIG Report: Foreign Posts’ Retirement Asset Investments

The U.S. Postal Service participates in two government-wide pension plans that are administered by the U.S. Office of Personnel Management (OPM): the Civil Service Retirement System (CSRS) and Federal Employees Retirement System (FERS). The assets of these plans are held in one trust fund, the Civil Service Retirement and Disability Fund, and are managed by…

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Postal Employees and Retirees See Threats to Pay and Benefits in White House Budget

03/29/2019 – The White House released its plans for the fiscal year 2020 budget this month. It once again attacks workers, calling for deep cuts to salaries, retirement and health benefits. It also echoes parts of the Postal Task Force December 2018 report that calls for the elimination of union negotiated collective bargaining rights over…

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APWU: New Social Security Legislation Introduced

02/19/2019 – On Feb. 14, Sen. Bernie Sanders (I-VT) introduced the “Expand Social Security Act,” legislation that would expand benefits and add almost 50 years of solvency to the program. Social Security, in its current form, is paying out more money to recipients than it takes in, and will no longer be able to pay…

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USPS OIG Report: Treasury Inflation-Protected Securities

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 RHB premiums. The Office of Personnel Management (OPM) administers these programs, including…

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ELM Revision: Update to Definition of Basic Pay

Effective January 4, 2018, the Postal Service™ is revising the Employee and Labor Relations Manual (ELM), sections 532, 538.3, 566.252, 586.252, and 592.1, to remove outdated references to “Cost of Living Allowances” from definitions of basic pay. Employee and Labor Relations Manual (ELM) * * * * * 5 Employee Benefits * * * *…

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APWU: CSRS, FERS, SS and FECA colas for 2018

For CSRS Retirees: The 2018 CSRS retiree COLA is based on the third quarter (July, August, September) average CPI-W index (1982-84=100) in 2017 over the 2016 third quarter average. 2018 CSRS COLA increase effective with January 2018 annuity payments will be 2.0%​. For FERS Retirees: The 2018 FERS retiree COLA is based on the third…

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USPS OIG: Postal Service Retiree Funds Investment Strategies

The U.S. Postal Service participates in three retirement plans: the Civil Service Retirement System (CSRS), the Federal Employee Retirement System (FERS), and the Postal Service Retiree Health Benefits Fund (PSRHBF). The first two are pension plans, and the third is set up to prefund and provide retiree health benefits. These plans are restricted to government…

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OIG Report – Employee Benefits, Withholdings, Contributions, and Headcount Reporting to OPM

BACKGROUND At the request of the U.S. Office of Personnel Management (OPM) Office of Inspector General (OIG), we performed procedures agreed upon by the OPM’s Inspector General and the Chief Financial Officer. This attestation engagement is an annual requirement of the U.S. Office of Management and Budget. Our objectives were to assist OPM in assessing…

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