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Postal Service, ‘Hanging by a Thread,’ Suspends Retirement Contributions
Associated Press ^ | 6-22-11 | RANDOLPH E. SCHMID

Posted on 06/22/2011 12:07:13 PM PDT by Justaham

The financially troubled Postal Service is suspending its employer contribution to the Federal Employee Retirement System.

The agency said Wednesday it is acting to conserve cash as it continues to lose money. It was $8 billion in the red last year because of the combined effects of the recession and the switch of much mail business to the Internet. It faces the possibility of running short of money by the end of this fiscal year in September.

"This move underscores the need for Congress to make bold, quick and substantive reforms to the Postal Service. The USPS is hanging by a thread, along with 8 million private sector jobs that depend on the mail," said Art Sackler, coordinator for the Coalition for a 21st Century Postal Service, a group representing the private sector mailing industry.

The post office said it has informed the Office of Personnel Management that the $115 million FERS payment made every two weeks will be suspended effective Friday. The action is expected to free about $800 million in the current fiscal year. The post office's FERS account currently has a surplus of $6.9 billion, the agency said.

(Excerpt) Read more at cnsnews.com ...


TOPICS: News/Current Events
KEYWORDS: bailout; broke; doom; fers; mismanagement; pensions; postal; spending; union; usps
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1 posted on 06/22/2011 12:07:17 PM PDT by Justaham
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To: Justaham

And...so...it begins....wait until state employees in the various BROKE states start doing this....


2 posted on 06/22/2011 12:10:39 PM PDT by goodnesswins (...both islam and the democrat plantation thrive on poverty)
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To: Justaham

Cut Saturday delivery, and management.


3 posted on 06/22/2011 12:11:30 PM PDT by brownsfan (I miss the America I grew up in.)
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To: Justaham

The USPS has like 10 paper pushers for every counter clerk, mail sorter and mail deliverer. Start by laying them off.


4 posted on 06/22/2011 12:12:02 PM PDT by Seruzawa (Hokey religions and ancient weapons are no match for good a blaster kid.)
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To: Justaham

when do the riots start?


5 posted on 06/22/2011 12:12:42 PM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: Justaham

just setting the stage for another bailout


6 posted on 06/22/2011 12:12:48 PM PDT by Buckeye McFrog
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To: Justaham

“Postal Service, ‘Hanging by a Thread,’ Suspends Retirement Contributions”
********************

Cut ‘em loose...


7 posted on 06/22/2011 12:14:21 PM PDT by gunnyg ("A Constitution changed from Freedom, can never be restored; Liberty, once lost, is lost forever...)
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To: WOBBLY BOB

How will the residents of the 9th Ward in Nawlins get their welfare checks if the USPS goes toes up?


8 posted on 06/22/2011 12:17:13 PM PDT by tgusa (Investment plan: blued steel, brass, lead, copper)
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To: Justaham

They should transfer employees over to the money-printing business - 2 birds, one stone.


9 posted on 06/22/2011 12:18:05 PM PDT by LurkedLongEnough
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To: brownsfan
Cut Saturday delivery, and management.

Delivery cost can be cut in half. Half the people get their mail on Mon., Wed., Fri.; the other half get it Tues., Thurs., Sat. Only one delivery person required where it takes two now. Considering what I get by smail mail, a day delay would not make any difference to me. Oh, and I agree with you on cutting management.

10 posted on 06/22/2011 12:19:03 PM PDT by super7man
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To: Justaham
So by "going green" and switching to "paperless billing" we have managed to endanger tens of thousands of union job.

I LIKE IT!

11 posted on 06/22/2011 12:23:03 PM PDT by Drill Thrawl (No one is more against progress than a progressive.)
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To: brownsfan

We really only should have 3 day delivery service anyway.


12 posted on 06/22/2011 12:26:42 PM PDT by VanDeKoik (1 million in stimulus dollars paid for this tagline!)
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To: brownsfan
National Association of Postal Supervisors letter To Deputy Postmaster General Patrick Donahoe

Yes, USPS Management has a union too

13 posted on 06/22/2011 12:27:02 PM PDT by Bad~Rodeo (Don't overthink common sense)
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To: super7man

I received 5 pieces of mail yesterday. (1) an add for internet service, (2) an add from Kohl’s dept store, (3) an ad from a sewing machine store, (4) an ad for the former resident’s daughter for high school graduate employment opportunities, (5) an ad for a ‘Self’ magazine subscription. All went immediately in the trash.


14 posted on 06/22/2011 12:28:06 PM PDT by csuzieque
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To: brownsfan
Cut Saturday delivery, and management.

Also add to that the post offices. I have 5 post offices all within about 10 miles of my home. Each one with a post master anda assistant post master and clerks. Talk about duplication of services. I wonder how common this is across the country? With the advent of purchasing shipping labels and stamps on line and getting home pickups for packages there is very little need to go to a post office these days. Another option is to open concessions such as United Parcel Stores.

15 posted on 06/22/2011 12:28:39 PM PDT by Wiggins
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To: Drill Thrawl; All

Would all of you like your employers to stop their contractual obligation and to stop paying into your retirement fund? It’s happened to me and I don’t appreciate it. I’m sure none of the highly paid executives are going without their “perks”; they just want to use the employees as an excuse and stepping stone.

Yes, the paperless statements have made a huge impact on the income of the USPS.


16 posted on 06/22/2011 12:29:12 PM PDT by JoyjoyfromNJ (everything written by me on FR is my personal opinion & does not represent my employer)
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To: Justaham

The beginning of the long overdue dismantling of the American Socialist State?

Commence Firing.
Fire at will.


17 posted on 06/22/2011 12:29:32 PM PDT by EyeGuy (2012: When the Levee Breaks)
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To: super7man

You obviously do not create anything, nor do you receive any payments via the postal service. For those of us who depend on the Po for our business, that is a horrible idea.


18 posted on 06/22/2011 12:31:29 PM PDT by Vermont Lt (Is there anyone that Obama won't toss under the bus?)
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To: brownsfan
Cut Saturday delivery, and management.

Also add to that the post offices. I have 5 post offices all within about 10 miles of my home. I wonder how common this is across the country. With the advent of purchasing shipping labels on line and getting home pickups for packages there is very little need to go to a post office. I buy stamps on-line and one book usually lasts me a year or more. Another option is to open concessions such as United Parcel Stores.

19 posted on 06/22/2011 12:33:06 PM PDT by Wiggins
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To: Justaham

Put ‘em to work making buggywhips.


20 posted on 06/22/2011 12:33:17 PM PDT by swain_forkbeard (Rationality may not be sufficient, but it is necessary.)
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To: gunnyg

I will pass that along to my mom who survives on a postal pension. A pension she paid in to. And since she was not eligible for social security, what do think she should do? Can she come live with you?


21 posted on 06/22/2011 12:33:36 PM PDT by Vermont Lt (Is there anyone that Obama won't toss under the bus?)
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To: brownsfan
Cut Saturday delivery

Is that too obvious? Hell, cut delivery to Monday, Wednesday and Friday ans save some serious cash.

22 posted on 06/22/2011 12:34:15 PM PDT by Ouderkirk (Democrats...the party of Slavery, Segregation, Sodomy, and Sedition)
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To: csuzieque

I got two checks and responses to job estimates. I got a couple of bills too. Tell the IRS you’ve gone paperless. They like that.


23 posted on 06/22/2011 12:35:24 PM PDT by Vermont Lt (Is there anyone that Obama won't toss under the bus?)
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To: Vermont Lt

no...but keep trying...


24 posted on 06/22/2011 12:38:07 PM PDT by gunnyg ("A Constitution changed from Freedom, can never be restored; Liberty, once lost, is lost forever...)
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To: Seruzawa
Hmm, worked there a very long time. I sure don't recall that.

You can look up Postal personnel complement on their Annual Report ~ tells you how many employees by craft or management/administration level.

25 posted on 06/22/2011 12:43:52 PM PDT by muawiyah
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To: Justaham

most of the crap they stuff in yer mailbox is unwanted anyway; yet you cannot refuse the occupant/resident bs w/o refusing all including first class...another catch-22/gotcha...and now they want another handout!!!!
bs...


26 posted on 06/22/2011 12:48:23 PM PDT by gunnyg ("A Constitution changed from Freedom, can never be restored; Liberty, once lost, is lost forever...)
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To: JoyjoyfromNJ
It's happened to me twice. Both companies are now gone so whatever they cut is irrelevant. I now work for a company that does not directly contribute to a pension or 401k.

Mail is privatized in Germany and last I read they were doing OK.

27 posted on 06/22/2011 12:51:34 PM PDT by Drill Thrawl (No one is more against progress than a progressive.)
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To: tgusa

Free EBT Debit Cards be de trick.


28 posted on 06/22/2011 12:54:06 PM PDT by screaminsunshine (Socialism...Easier said than done.)
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To: Vermont Lt
You obviously do not create anything, nor do you receive any payments via the postal service.

Thank you for your kind thoughts.

The service I provide and how I receive payment is way beyond the antique system that is the PO.

29 posted on 06/22/2011 12:55:50 PM PDT by super7man
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To: tgusa
How will the residents of the 9th Ward in Nawlins get their welfare checks if the USPS goes toes up?

We all know that answer - they'll get the money direct from the source - you and I.

30 posted on 06/22/2011 12:56:59 PM PDT by roadcat
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To: Vermont Lt
I will pass that along to my mom who survives on a postal pension. A pension she paid in to. And since she was not eligible for social security, what do think she should do? Can she come live with you?

At the risk of sounding harsh, why should your mother be shielded from the issues that the private sector deals with everyday?

31 posted on 06/22/2011 12:58:00 PM PDT by Drill Thrawl (No one is more against progress than a progressive.)
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To: Justaham

Oh dear, oh dear, what would I ever do without the endless stream of supermarket circulars, catalogues, and other useless crap that fills my mailbox every day?


32 posted on 06/22/2011 12:58:39 PM PDT by Jack Hammer
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To: Vermont Lt

“I will pass that along to my mom who survives on a postal pension. A pension she paid in to. And since she was not eligible for social security, what do think she should do? Can she come live with you?”

Many Fed/State retirees will be in this position in the future as the shock of “Unfunded Obligations” in unrealistic budgets begin to hit. I draw a Military Retirement now, I expect that sometime in the future it will also be under attack. As a result, I have taken the required precautions if that happends, so should your mother. No she can’t come to live with me, that’s why she gave birth to you. She cared for you when you couldn’t, now it’s your turn when the tables turn.

Welcome to Obama’s America...such as it will be.


33 posted on 06/22/2011 12:59:27 PM PDT by GT Vander (Life's priorities; God, Family, Country. Everything else is just details...)
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To: super7man

Good idea, but the USPS, in it’s infinite wisdom, just signed a no-layoff labor contract.


34 posted on 06/22/2011 1:01:27 PM PDT by NY.SS-Bar9
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To: Vermont Lt
When it finally goes bankrupt (if not bailed out), something from the private sector will replace it.(if allowed to)

The world survived before the USPS and will after it.

35 posted on 06/22/2011 1:02:30 PM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: Justaham


Postmaster General: "Oh, my goodness. What have they done to you here?"
Kramer: "Huh? Who are you?"
Postmaster General: "Well, you can just call me Henry."
Kramer: "Henry Atkins? The postmaster general?"
Postmaster General: "Last time I checked."
Kramer: "Henry... can I get out of here now?"
Postmaster General: "Oh, oh. Sit a bit. Sit a bit. I mean, after all, I drove all the way up here from D.C. just to talk to you."
Kramer: "Oh?"
Postmaster General: "I even had to cancel a round of golf with the secretary of state. Do you like golf, Mr. Kramer?"
Kramer: "Yeah."
Postmaster General: "Kramer, I've been, uh, reading some of your material here. I gotta be honest with you: you make a pretty strong case. I mean, just imagine. An army of men in wool pants running through the neighborhood handing out pottery catalogs, door to door."
Kramer: "Yeah! Ha ha."
Postmaster General: "Well, it's my job. And I'm pretty damn serious about it. In addition to being a postmaster, I'm a general. And we both know, it's the job of a general to, by God, get things done. So maybe you can understand why I get a little irritated when someone calls me away from my golf."
Kramer: "I'm very, very sorry."
Postmaster General: "Sure, you're sorry. I think we got a stack of mail out at the desk that belongs to you. Now, you want that mail, don't you Mr. Kramer?"
Kramer: "Sure do!"
Postmaster General, receiving a salute from Kramer: "Now, that's better."
Kramer, seeing Newman walk into the office with a bucket on his head, escorted by a security man: "Geez. Newman?"
Newman, whimpering: "Tell the world my story."
36 posted on 06/22/2011 1:03:37 PM PDT by crosshairs (Peace through superior firepower.)
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To: Buckeye McFrog

“just setting the stage for another bailout”

Oh, it’s even better than that!

The federal retirement funds are the funds Geithner has been using to stay under the debt ceiling.

Either the postal unions have gotten word those funds are not being returned(!) or-most likely- it’s part of a new effort to force the Reps to raise the debt limit.


37 posted on 06/22/2011 1:03:51 PM PDT by mrsmith
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To: Justaham
I'm not going to make any snarky comments about anybody losing their retirement. Unfortunately, things are tough all over, and in a way, it's nothing more than achieving "parity" with the majority of taxpayers, people who work in the private sector.

Government workers at all levels are just now starting to feel the pain everybody else has been dealing with the last couple years, and whining about it like spoiled children who expect an increase in their allowance when Dad's out of work isn't getting them much traction.

38 posted on 06/22/2011 1:10:06 PM PDT by Kenton (Trust, but carry a gun...)
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To: NY.SS-Bar9

“The pact extends the no-layoff provision and provides a 3.5 percent raise for ... An expensive but inflexible labor force is a significant drag on USPS, ...

http://www.theatlantic.com/politics/archive/2011/06/can-progressives-fix-the-us-postal-service/239669/

No, progressives cannot ‘fix’ the USPS.


39 posted on 06/22/2011 1:11:53 PM PDT by WOBBLY BOB ( "I don't want the majority if we don't stand for something"- Jim Demint)
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To: Vermont Lt
I must have missed something. Where did it say they were going to cut your mom's pension?

My mother is a retired teacher. And claims to be conservative. When the election for Gov. came around, she asked who I was voting for. I told her whoever wins the Republican primary.

She says you can't do that! The republicans are going to do away with my retirement!

Well, of course they weren't. But that's what the AEA basically told the teachers.

My point being. I think your mom's going to be OK. But the taxpayers are getting tired of subsidizing the Post Office and their workers. In the true private sector cuts like this happen all the time. We just don't have unions screaming about it.

40 posted on 06/22/2011 1:12:46 PM PDT by saleman (!!!!)
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To: brownsfan

Cut Saturday delivery? And not get my advertising fliers? The horror!

Watch the union pitch a fit. Maybe they’ll go on strike. I hope they do then my mailbox won’t get filled up with crap.

Seriously, the union would rather shut the whole thing down than lose one penny.


41 posted on 06/22/2011 1:15:40 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: Kenton
Government workers at all levels are just now starting to feel the pain everybody else has been dealing with the last couple years, and whining about it like spoiled children who expect an increase in their allowance when Dad's out of work isn't getting them much traction.

Bump that. Retirement funds are strained all over. Just wait until Great Leader gets serious about the unfair wealth the private sector has invested in its private sector retirement funds. He'll be redistributin' him some wealth, and pronto!
42 posted on 06/22/2011 1:17:17 PM PDT by AD from SpringBay (We deserve the government we allow.)
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To: WOBBLY BOB

Cannot get rid of it. It’s in the constitution. We should change it and cut out the waste, but you won’t yet rid of it.


43 posted on 06/22/2011 1:19:11 PM PDT by Vermont Lt (Is there anyone that Obama won't toss under the bus?)
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To: Terry Mross
Watch the union pitch a fit. Maybe they’ll go on strike. I hope they do then my mailbox won’t get filled up with crap

You are mistaken about striking. Postal unions do not go out on strike. You are thinking about the Teamsters at UPS. Next time UPS goes out on strike like they did in the late 1990s, people will be glad that the USPS is there.

44 posted on 06/22/2011 1:24:44 PM PDT by Colonel Kangaroo
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To: gunnyg

Write “Return to Sender” on the crap and put it in the mail box. It gives the mailman something to do on his way back to the post office.


45 posted on 06/22/2011 1:26:36 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: Drill Thrawl

Yes, employer stopped making contributions to the retirement plan. Employer also reduced staff and froze pay for over 3 years, made sure we knew that cutting hours and/or pay were being considered for those who were kept on the payroll. Employer passed along cost increases in health insurance plan. This is very common experience for those working in the private sector over the past 4-5 years.


46 posted on 06/22/2011 1:45:17 PM PDT by NEMDF
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To: swain_forkbeard

The folks you see in the Post Office are the “affirmative action people” who could not make a “buggy whip” or anything else.

Gov-mint jobs are filled with these entitlement folks. Go anywhere the Gov-mint is in charge and look around!


47 posted on 06/22/2011 1:56:07 PM PDT by tiger63
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To: super7man

Maybe a better idea would be to eliminate residential delivery entirely, and replace it with free post office boxes either in existing post offices or at concentrated off-site locations where people can pick up their own mail.


48 posted on 06/22/2011 1:56:16 PM PDT by Alberta's Child ("If you touch my junk, I'm gonna have you arrested.")
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To: Justaham

They should cut back to deliveries every other day and charge more for the junk mail they love to deliver.


49 posted on 06/22/2011 1:57:49 PM PDT by proudpapa (Palin-West - 2012)
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To: Justaham

Sad. For over 200 years, the US postal service was the greatest bargain around. As a child, I could keep up a great correspondence with distant cousins for 3 cents a letter.

All good things must come to an end, I suppose.


50 posted on 06/22/2011 1:59:44 PM PDT by Palladin (Sarah Palin in 2012!)
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