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.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Twitter to Track Which Apps Its Users Have

Wednesday, 26 Nov 2014 22:22 PM

If you use Twitter on your cellphone, the social media site will soon begin tracking which apps you use unless you activ . . .

Harry Reid: 'We Sure Do Like' Pope Francis

Wednesday, 26 Nov 2014 22:09 PM

Senate Majority Leader Harry Reid, a Mormon, says he's an unabashed fan of Roman Catholic Pope Francis. . . .

GSK Ebola Vaccine Fast-tracked for Human Trials

Wednesday, 26 Nov 2014 20:37 PM

Preliminary results in human volunteers are promising from U.S. trials of one of the leading Ebola vaccine candidates. . . .

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