Retirement Reserves Already High’
Ata time when the U.S. Postal Service is considering deep cuts in services and jobs, an internal watchdog today told Sen. Bernie Sanders (I-VT.) that a big funding cushion already has been built into the mail service’s retirement and health benefit funds.
Billions of dollars owed to the funds have been cited by Postal Service managers as a main reason that it must cut 220,000 jobs and close 3,700 post offices and 252 mail processing plants – half of all the current sorting centers.
In a to Sanders, however, Postal Service Inspector General David C. Williams said the programs are flush with funds. He said the Postal Service has “significantly exceeded” the amount that the federal government and the nation’s most profitable corporations have socked away for pension