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Bill that would give the US Postal Service a major overhaul moves to the Senate
- newprint 5y agoAs someone who worked for largest US based shipping company, I have zero faith in this overhaul. It will be rigged by UPS, FedEx.
- ddoolin 5y agoCan you elaborate; rigged how?
- missedthecue 5y agoThis eliminates the pre-funding requirement, but doesn't the USPS needs to fund these retirements somehow? This means either 1. Retired mail carriers aren't going to get benefits 2. This kicks the can down the road and they have to pay it all at a later date plus the lost time value of money 3. The US taxpayer is bent over the barrel to make up the difference The article doesn't make it clear. None of those three options seem very good. What am I missing?
- beckler 5y agoThe pre-funding requirement is set for 75 years into the future. Thus, they have to forecast how many employees they expect that far into the future, and then fund this pension for employees who are not even born yet. It's a massive burden because they have had to set aside a significant amount of money that could be used to improve their services. No other federal department has the same requirement, and there are significant savings for pay-as-you-go, since there is no guarantee just how many employees they'll need in the future given unknown technological advancements. Also, the USPS is a government corporation, which is bound and managed by congress, but receives $0 from the tax payers each year. They are required to make their own revenue, but the profits are controlled by congress.