USPS OIG: Independent Report to OPM on Employee Benefits

Independent Report to OPM – Employee Benefits, Withholdings, Contributions, Supplemental Semiannual Headcount Reporting Objective We performed procedures agreed upon by the U.S. Office of Personnel Management’s (OPM) Inspector General and the OPM’s Chief Financial Officer. This attestation engagement is an annual requirement of the U.S. Office of Management and Budget. Our objective was to assist…

 Continue reading

USPS: Understanding Survivor Benefits

Do you know about survivor benefits and how they work? You can make one of the following survivor benefit elections to occur in the event of your death: No survivor benefits Full or partial annuity for spouse Full or partial annuity for former spouse Combination of full or partial annuity for a spouse and former…

 Continue reading

USPS OIG Report: Options to Reduce Unfunded Retirement Liabilities

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…

 Continue reading

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…

 Continue reading

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…

 Continue reading

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…

 Continue reading

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…

 Continue reading

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 * * * *…

 Continue reading