"The problem with the Postal Service is just much more fundamental than this," Campbell said. This is especially true for rural areas and seniors in my district, who count on six-day service and door-to-door service for their mail and prescription medications,” said Rep. Peter DeFazio (OR-04). That’s because the 2006 Postal Accountability and Enhancement Act — the law responsible for the retiree health benefit requirement — made it illegal for the Postal Service to price parcel delivery below its cost. With declining revenue, this huge unfunded liability would be a burden that the Postal Service could not afford to bear. While they have to account for these future liabilities on their financial statements they do not have to fund them if they are not related to their current or former workforce.". They have been told this money is not covering their benefits, but in fact covering benefits of people who haven’t been born yet.

MYTH: the USPS is required to fund pensions for the next 75 years, for workers who haven’t even been born. Legislators passed a law that made the USPS less competitive with the private sector. So a 25 year old worker would have an average life expectancy (from birth) of 78.7 years. 'is_content' : '1' , But for accounting purposes they must estimate the future liability over a 75 year period (according to OPM financial accounting guidelines).

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The 2006 law also established a fund for Postal Service retiree health benefits.

In congressional testimony last year, Postal Service board member David Williams said the pre-funding requirement has been "devastating" not only because it limited other spending, but also because it "wiped out our entire ability to make capital investments" to modernize. ", Regardless, Partenheimer told us that "the pre-funding requirement included in the 2006 law is a major reason for our financial situation, along with an outdated business model.". The other side of the USPS is the parcel-delivery service, which is profitable. One study said the Postal Service could be charging more, however. 'is_sponsored' : '0' , In addition to the prefunding repeal, lawmakers have looked to tweak the Postal Service’s delivery standards, enable larger price increases and establish new streams of revenue to reverse the mailing agency's slide.

Then there is the Postal Accountability and Enhancement Act of 2006 (PAEA), which some have taken to calling "the most insane law" ever passed by Congress. My bill will finally repeal this ludicrous policy, provide the USPS with critical financial relief and is the first step towards much-needed comprehensive reform.”.

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This is the side that helped knit together the far-flung cities, towns and settlements that defined the U.S. at the time of the nation's founding.

But the Postal Service is losing $10 billion a year and needs to find ways to cut costs.

Since the Postal Service’s operating costs are collected from ratepayers, the Postal Service pays the U.S. Treasury for the costs of federal pension benefits postal workers are legally entitled to receive.

There’s also some confusion over whether the Postal Service was forced to prepay benefits "for 75 years," as the Facebook post said. Get this delivered to your inbox, and more info about our products and services.

mps._queue.mpsinit = mps._queue.mpsinit || []; 2382 would be an important part of the legislative and regulatory changes—along with substantial self-help efforts by the Postal Service—that are necessary to secure our long-term financial stability.”. })(); mps._debug('[MPS]: email address detected in url, bypass gpt. Some have called this a "manufactured crisis." Help us tailor content specifically for you: Top House Democrats Call on Agencies to Preserve Records for Transition. To better understand these claims requires a fuller understanding about the Post Office. Members of the postal workers union say the pre-funding requirement has created a fiscal mess. Postal Service stimulus needs,", "The United States Postal Service Delivers the Facts,", "U.S. Postal Service, "Postmaster General statement on U.S. I really hope president Trump take a look at this and realize it's hurting business it's hurting their growth and people realize that the post office …

The service’s own fact sheet says a House bill to scrap the pre-funding requirement "will not reduce our underlying liability for retiree health benefits, nor improve our cash flow or long-term financial position."

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mps.response.dart.adunits[i].data = ''; if (typeof adunit != "string") return false; hours: M-F 9-6:00 pm, phone: 541-465-6732 It is this review which sets the maximum income you can take.

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})(); } LL: There are a lot of plans out there when it comes to reforming and strengthening the US Postal System including yours.

Effectively, they arbitrage what would otherwise be low-margin or unprofitable deliveries. In a world of wild talk and fake news, help us stand up for the facts. The Post Office has broad limitations about making routine business decisions that its private-sector competitors do not.

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801 3rd St. S

Although accounting rules require the postal service to calculate future liabilities, including those for projected future employees, the law only requires pre-funding of obligations to actual current and past employees.

727-821-9494. stated on April 13, 2020 in a Facebook post: "The Postal Service is not losing money because of Amazon. It’s a common refrain in this debate to hear particular stakeholders express support for cutting costs – but just not costs that affect expensive aspects of the Postal Service that are most individually important to them.

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