The U.S. Postal Service is looking for outside help to find ways its pension system can save money by bringing it in line with retirement benefits offered by major private-sector companies.
The effort, reflected in requests posted on FedBizOpps.gov, comes amid wrangling between Congress and the mail service over how retirement benefits are funded.
The service is required to pre-fund retiree health benefits to the tune of $5.4 billion to $5.8 billion annually for 10 years ending in 2016. The payments were intended by Congress to fully fund retiree health benefits for 75 years. The Postal Service and its supporters have argued that the payments are dragging it toward insolvency, accounting for all but $9 billion of a $41 billion deficit.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
