Government Executive has reported that "In an Aug. 16 report, USPS Deputy Assistant Inspector General for Financial Accountability John Cihota found that a $6.8 billion surplus in Federal Employees Retirement System contributions is affecting the Postal Service's financial stability and operational efficiency. The report recommended the Postal Service pursue legislative action to adjust its funding requirements until the FERS surplus is reduced. In addition, the Office of Personnel Management should establish a subaccount for USPS' retiree benefits contributions to increase transparency. Such changes would increase cash flow, help the agency cover its expenses and bring its pension funds in line with the private sector. In comments on the report, Postal Service Chief Financial Officer and Executive Vice President Joseph Corbett and Government Relations and Public Policy Vice President Marie Therese Dominguez agreed with auditors' findings, but cautioned that legislative action won't be easy. "It will take a comprehensive educational effort to inform Congress regarding this development," they wrote. "It should be noted that any legislative changes will be challenging due to the crowded congressional calendar and the potential federal budget scoring issues this may trigger." Read more!
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