11:56 pm, July 12, 2014

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  • Overfunded USPS Pension Fund
    Kenny Ray
    Hey that's great news! Now that Congress has raided and emptied the Social Security Trust Fund and the CSRS retirement system by leaving behind worthless pieces of paper, the USPS pension fund will make a nice big juicy piece of fruit to be plucked.
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  • Kenny
    contrarian
    That's about what I was thinking. Plus what else have they been overypaying for? This type of error makes no sense, maybe they've prepaid their electric bills by $6 Billion?
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  • It's the law
    Liam Skye
    They pay the amount that OPM tells them to pay, and this amount is fixed, by law, at a non-actuarial level far above what it needs to be.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Absurd
    FrankJr
    Why were these Federal employees given raises and cost of living adjustments in this economy when millions of people are losing their jobs? When we are running up massive deficits? They should have laid off 10% of the USPS workforce, and furloughed the remaining employees unpaid for 4 weeks per year. They should receive no raises or cost of living adjustments until the budget is balanced.
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  • Do some research, please
    Liam Skye
    USPS is not part of the federal budget. Postal employees are not paid by tax dollars and neither are their pensions and benefits. Their compensation is not related in any way to the national debt so punishing them for a situation they did not cotribute to would not only be unfair but it wouldn't help the national debt by a single red cent.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Retiree Health Care prefundind mandate
    buffalobill
    I've been following the issues with the PO and in particular the 2006 prefunding mandate. I have read both sides of the argument, the USPS and the unions line is that they are being required to prefund for 75 years for employees that haven't been born yet and Issa's stance that accounting rules require the postal service to calculate future liabilities, including those for projected future employees, the law only requires pre-funding of obligations to actual current and past employees. I've done a little research and have found that the present cost to fund current retirees in the system is over 2.2 billion dollar a year and expected to rise sharply with pojection on 4 billion by year 2016. This would seem to support Issa's position better in that if the cost is 4 billion per year and rising how would a 5.5 billion/ 10 year payment schedule going to support the system for 75 years? Also can anyone tell be how the prefunding works? since the PO is currently paying for both current retirees and prefunding future retiree's when does the prepayments kick in and start paying for benifits? I am looking for some real data or some direction were real data is avalible. I have heard and read the "company line" from both side a million times. Thank you
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  • The prefunding is a permanent loan from USPS to the US Treasury
    Liam Skye
    When the USPS retiree health benefit fund is fully funded and those prepayments are no longer necessary, they payments will cease and the fund will begin paying USPS retiree and current employee health benefit costs. USPS will recompense the fund for whatever amount keeps the fund at a 100%+ prepaid level. In effect, the fund becomes a permanent $100 billion loan from USPS to the US Treasury.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • The prefunding is a permanent loan from USPS to the US Treasury
    buffalobill
    Liam, Thank you for your response. I think I understand a little better how the plan is supposed to work. However I am still having trouble with the statement that the USPS is prefunding for people that haven't been born yet. The fund has a current balance of approx $45 billion and with the mandate that balance would be the 100 billion, you had mentioned, by 2016. But at 4 billion per year (USPS estimate on RHBF premiums in 2016) that is only 25 years worth of payments. If you factor in raising health care cost that number would be less than 25 years, far less than the 75 years I hear quoted and even falls short of Issa's position that the USPS is only funding present employees. What am I missing?
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  • Congress
    kenifer47
    and this Administration would never think to take from pension funds. This is "middle class" money. These people don't make over $200K. Obama would make sure that this doesn't happen. (Yes, I'm kidding!) Don't we have accountants in the government and in the USPS? Or are they all working for FDIC, CBO, and IRS? Why did it take so long for this trend to be discovered? Darn you George W. Bush!!!
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