New reports have been posted on the U.S. Postal Service Office of Inspector General website (http://www.uspsoig.gov/). If you have additional questions concerning a report, please contact Agapi Doulaveris at 703.248.2286.
Federal Employees Retirement System Overfunding (Report Number FT-MA-10-001). The Postal Service has opportunities to use at least $5.5 billion5 of the $6.8 billion in Federal Employees Retirement System (FERS) surplus funds to address its current and future financial condition. We found the Postal Service continues to overfund its retirement obligations and there is no present legislation to resolve surpluses. Further, it is vital that the Postal Service's responsibilities be clearly delineated and separated from those of the rest of the federal government. Although we did not review the current actuarial valuation of the FERS pension liability, we did find that known or future changes to the valuation will impact funding of the FERS pension.
Stations and Branches Optimization and Consolidation Initiative (Report Number EN-AR-10-005). The Stations and Branches Optimization and Consolidation Initiative is a viable option for the Postal Service to reduce costs in the retail network, but opportunities exist to improve the process. The Postal Service could have enhanced the planning and management of the initiative by improving communication and coordination with stakeholders and developing accurate and reliable data on its facilities. In addition, the Postal Service needs to raise stakeholders' confidence that it will make decisions in a transparent, equitable, and fact-based manner by integrating a strategic approach (top down) and establishing clear criteria for evaluating discontinuance decisions.
From postcom.org
Federal Employees Retirement System Overfunding (Report Number FT-MA-10-001). The Postal Service has opportunities to use at least $5.5 billion5 of the $6.8 billion in Federal Employees Retirement System (FERS) surplus funds to address its current and future financial condition. We found the Postal Service continues to overfund its retirement obligations and there is no present legislation to resolve surpluses. Further, it is vital that the Postal Service's responsibilities be clearly delineated and separated from those of the rest of the federal government. Although we did not review the current actuarial valuation of the FERS pension liability, we did find that known or future changes to the valuation will impact funding of the FERS pension.
Stations and Branches Optimization and Consolidation Initiative (Report Number EN-AR-10-005). The Stations and Branches Optimization and Consolidation Initiative is a viable option for the Postal Service to reduce costs in the retail network, but opportunities exist to improve the process. The Postal Service could have enhanced the planning and management of the initiative by improving communication and coordination with stakeholders and developing accurate and reliable data on its facilities. In addition, the Postal Service needs to raise stakeholders' confidence that it will make decisions in a transparent, equitable, and fact-based manner by integrating a strategic approach (top down) and establishing clear criteria for evaluating discontinuance decisions.
From postcom.org
