Postal Service to Resume Retirement Payments

Thursday, 17 Nov 2011 10:32 AM

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
The U.S. Postal Service, which suspended payments to the Federal Employee Retirement System in June to save money, plans to resume the payments next month.

Joseph Corbett, the Postal Service’s chief financial officer, told the Post that the payments were being resumed on the advice of the Justice Department.

The suspension had no impact on employees or retirees because the postal workers’ account was running a nearly $7 billion surplus, the Post reported.

The Postal Service had consulted Justice on whether it had the legal authority to stop the payments. While not going into specifics, Corbett told reporters that an opinion from the Office of Special Counsel ran counter to the Postal Service’s plans.

The Postal Service lost more than $5 billion in the last fiscal year because of labor costs and declining mail volume, the Post reported.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Protesters: 'It's Not the Time' for More Cuba Ties

Saturday, 20 Dec 2014 19:44 PM

Cuban opposition leaders from the island joined Cuban American politicians and activists on Saturday, pledging to oppose . . .

RNC to Theaters: 'We Cannot Be Bullied,' Show 'Interview'

Saturday, 20 Dec 2014 19:20 PM

The Republican National Committee is urging theater owners to play the The Interview following Sony's decision to pull . . .

Cuban Groups Protesting in Miami

Saturday, 20 Dec 2014 08:36 AM

Protesters waving Cuban flags have started to gather for a demonstration against President Barack Obama's plan to normal . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved