The Washington Post today published an article which quoted a USPS standup talk and white papers.
"We will be insolvent next month due to significant declines in mail volume and retiree health benefit pre-funding costs imposed by Congress," the paper quotes. "The Postal Service is facing dire economic challenges that threaten its very existence."
To help remedy the situation, the paper said, the Postal Service wants to withdraw its 480,000 pensioners and 600,000 active employees from the Federal Employees Health Benefits Program and place them in a new, USPS-administered program.
Similiarly, the Postal Service wnats to pull funds out of CSRS and FERS and self-administer those retirement programs.
Additionally, the newspaper said that the workforce could be reduced by as many as 120,000 career positions by 2015, on top of the 100,000 it expects by attrition.
These actions are on top of previous requests to close more than 3,700 Post Offices, reduce delivery frequency, and to restructure the future retiree health benefit payments.
The white papers are found here and here.
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