Post office suspends retirement contributions
June 23, 2011
Randolph E. Schmid, AP
6/22/2011
The financially troubled Postal Service is suspending its contributions to its employees’ pension fund.
The agency said Wednesday it is acting to conserve cash as it continues to lose money. The post office was $8 billion in the red last year because of the combined effects of the recession and the switch of much mail business to the Internet. It faces the possibility of running short of money by the end of this fiscal year in September.
Sen. Tom Carper, D-Del., called the announcement “the canary in the coal mine moment for the Postal Service.”
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Harold
As a Carrier with the USPS I was basically waiting for this. It’s unfortunate, but it is a natural consequence of the way the PO is run by those in charge. It’s almost like they create policy to see how fast they can crash.