Congress is being asked to come to the aid of the USPS primarily because the 2006 Postal Accountability and Enhancement Act (PAEA) saddled the agency with prepayment of future retirees' health benefits. No other government agency or business requires such a payment.
This mandate to pay $5.5 billion per year is causing a financial crisis at the USPS. Absent those prefunding mandates, the Postal Service would actually be operating at a surplus over the last four fiscal years.
The USPS is conducting a study as part of a plan to save up to $3 billion and reduce processing equipment by as much as 50 percent, eliminating up to 50,000 jobs. In the past five years, 110,000 postal jobs have already been eliminated and some services have been consolidated or reduced. In addition, the USPS is moving forward to shut down about 3,700 post offices nationwide. Eliminating jobs and the Postal Service is not prudent in this weak economy.
The Postal Service stated that studies are underway. If the Postal Service decides to go forward with further consolidation and Post Office closings, public meetings will be held. Go to these meetings and tell the Postal Service that you want high service standards to continue.
Recent independent audits performed for the USPS Office of Inspector General and the Postal Regulatory Commission have shown that the USPS has already overfunded its Civil Service Retirement Fund by over $50 billion dollars and also has overfunded the Federal Employee Retirement System by nearly $7 billion dollars.
Please contact your Representative and urge them to cosponsor and support HR 1351, a bill that deals with both the prefunding of retiree health benefits and the overfunding of retirement benefits that, if passed, will result in the solvency of the USPS.
The Postal Service walks hand in hand with the History of our great country. We know about the relationship between Abigail and John Adams because of their letters.
Beloved first lady, Dolly Madison, wrote a letter to her sister as the White House burned in 1812. When your children go to summer camp, you treasure their letters about all of their experiences.
America wants a strong Postal Service. When tornadoes hit and earthquakes rumble, phones fail, electricity ends and the internet is interrupted, the mail will still go through.