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Post office suspends retirement contributions

June 23, 2011
Randolph E. Schmid, AP

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.”

And now… the rest of the story. …..

One Comment leave one →
  1. June 23, 2011 6:09 pm

    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.

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