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Search Tags: USPS
The U.S. Postal Service hit its $15 billion borrowing limit for the first time late last month, the agency confirmed. The Wall Street Journal first reported earlier this week that the USPS reached the limit on the amount of money it can borrow from the Treasury Department and is now dependent solely on its own revenue to sustain operations.
Currently, more than 70 percent of postal craft employees have already reached the top of their pay scale, according to the USPS Office of the Inspector General.
Do you have something that is shrinking with age? If you are with the Postal Service, its the size of your buyouts, Senior Correspondent Mike Causey says. They are getting smaller all the time. Is this a trend feds in other agencies need to watch? Is it the precursor of an offer you can't refuse.
Federal News Radio Executive Editor Jason Miller
and Federal Times Senior Writers Stephen Losey and
Sean Reilly join host Mike Causey to talk about
phased retirements, sequestration and more.
October 3, 2012
Tags: pay and benefits , leave bank , Retirements , phased retirements , feds-feed-feds program , Stephen Losey , Sean Reilly , Federal Times , Department of Veterans Affairs , sequestration , Your Turn , Mike Causey
For the second time in as many months, the cash- strapped U.S. Postal Service says it will default on a required payment to fund future postal retirees' health benefits. The announcement comes after the agency similarly missed a $5.5 billion payment last month, and as longterm legislative solutions languish in Congress.
The service will offer $15,000 incentive that would be paid out over two installments to retirement-eligible employees.
The Morning Federal Newscast is a daily compilation of the stories you hear Federal Drive hosts Tom Temin and Emily Kopp discuss throughout the show each day. The Newscast is designed to give FederalNewsRadio.com users more information about the stories you hear on the air. Today's news includes a memo telling Defense workers they can read, but they can't discuss or share the contents of a new tell-all about the mission that killed Osama bin Laden and the ACLU is suing the federal government to find out why it collects vehicle license plate numbers.
Host Mike Causey will discuss the potential impact of sequestration with Janet Kopenhaver from Federally Employed Women, and Stephen Losey and Sean Reilly from the Federal Times.
September 26, 2012
NARFE Director of Benefit Services David Snell and Steve Watkins and Sean Reilly of the Federal Times will talk about issues that could affect your retirement.
September 19, 2012
Lawmakers returned to Washington, D.C., this week with a packed agenda. Topping the list of priorities is hammering out final details of a stopgap spending measure to keep the government running beyond the end of the fiscal year -- Sept. 30. Amid the election-year politicking, the list of unfinished business also includes legislation to restructure the financially ailing U.S. Postal Service and a cybersecurity bill that aims to safeguard the nation's critical infrastructure. Perhaps looming largest of all is what Congress plans to do about automatic, across-the-board cuts, known as sequestration, set to take effect Jan. 2. Failure to avert the cuts could send the country over a "fiscal cliff," budget experts warn.