USPS plays catchup with CSRS

Posted by RP

April 2, 2006

WASHINGTON - Postmaster General John E. Potter said today a new financial analysis of the Postal Service portion of the federal government’s retirement fund disclosed that postal payments have almost fully funded all future retirement obligations for its employees and retirees enrolled in the Civil Service Retirement System (CSRS).

In comments at the Postal Service’s monthly Board of Governors meeting, Potter said the financial analysis was made by actuaries and others at the Office of Personnel Management (OPM) and validated by subsequent Office of Management and Budget (OMB) and Department of Treasury reviews

Surfing arouns on a slow news Sunday often brings some good news. In spite of the current eficits here’s some good news about a Federal program that was once predicted to be a government liability that is getting well.

US Postal Woirkers today are covered by different plans, but many older employees were under the CSRS (Civil Service Retirement System). Congress decreed some years ago that the CSRS was too rich for America’s blood and forced everyone out of it. (except for the Congressioanl Retirement System, which is even more generous than the CSRS was).

The USPS was told to stand on its own two feet and reimburse the Federal Governement for the cost of its legacy CSRS workers.

Seems that very good progress has been made. As aformer Federal Employee I’m glad to see that not all Federal systems doas badly as the press often thinks they do.

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CSRS

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