http://www.rttnews.com/Content/PoliticalNews.aspx?Id=1651940

6/22/2011
(RTTNews) - Reflecting the difficult financial situation facing the U.S. Postal Service, the agency announced Wednesday that it is suspending its employer contribution to the Federal Employee Retirement System.

The Postal Service said it pays approximately $115 million into the system every other week and said suspension of the payments would save about $800 million in the current fiscal year.

Chief human resources officer Anthony Vegliante noted that the Postal Service would continue to transmit employee contributions to the system as well as employee and employee contributions to the Thrift Savings Plan.

The Postal Service estimated that it has a FERS account surplus of $6.9 billion and has called on Congress to allow the agency to access Civil Service Retirement System and FERS overpayments.

The agency has also asked Congress to eliminate the mandates requiring retiree health benefit pre-payments and to give the Postal Service the authority to determine the frequency of mail delivery.

The Postal Service said that the reforms, in combination with its significant cost reduction initiatives, would help return the agency to financial stability.

(Given what they charge for stamps nowdays, not only should they be able to fund the pension program, they should have enough left over to trick out those mail trucks with spinning rims & underbody lights. )