Postal Service to Resume Retirement Payments

Thursday, 17 Nov 2011 10:32 AM

Share:
  Comment  |
   Contact Us  |
  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.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Reports: George Clooney in Blowup With Steve Wynn Over Obama

Thursday, 24 Apr 2014 13:55 PM

Actor George Clooney and hotel mogul Steve Wynn had a blowup over dinner about President Barack Obama and Obamacare, acc . . .

BLM-Owned Nevada Land Could Contain All of New England

Thursday, 24 Apr 2014 13:41 PM

All of the New England states would fit in all of the land owned by the U.S. Bureau of Land Management (BLM), with some  . . .

Fla. Candidate Crist Courts Green Vote Without Mentioning Green Costs

Thursday, 24 Apr 2014 13:32 PM

Florida gubernatorial candidate Charlie Crist, a Democrat, has vowed to use his future authority as governor to impose r . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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