Archive for January 20th, 2010

New OIG Study Estimates USPS Has Been Overcharged for the CSRS Pension Fund by $75 Billion

without comments

A study just released by the U.S. Postal Service’s Office of Inspector General (OIG) shows that the current system of funding the Postal Service’s Civil Service Retirement System pension responsibility is inequitable and has resulted in the Postal Service overpaying $75 billion to the pension fund. The OIG estimates that if the overcharge was used to prepay the Postal Service’s health benefits fund, it would fully meet all of the Postal Service’s accrued retiree health care liabilities and eliminate the need for the required annual payments of more than $5 billion. Also, the health benefits fund could immediately start meeting its intended purpose — paying the annual payment for current retirees, which was $2 billion in 2009.

Full article here – http://www.uspsoig.gov/

I’m sure that I am oversimplifying with this comment, however – I think I would notice if it was ME being overcharged $75 Billion, especially if my finances were in the state that the Postal Service’s is in.

Written by Lisa.Bowes

January 20th, 2010 at 5:30 pm

Posted in USPS