September 29, 2022

U.S. Veterans

U.S.A Veterans News, Support & Information | Veterans Watch

Lawmakers To Lift Financial Burden On Post Office

2 min read

Lawmakers aims to dissolve a 2006 law that’s be eating away at the U.S. Postal Service, but at the cost of postal workers. John Iadarola and Yasmin Khan break it down on The Damage Report.

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Read more here: https://www.nbcnews.com/politics/congress/lawmakers-aim-dissolve-draconian-law-placed-heavy-financial-burden-postal-n1256497

"A bipartisan group of lawmakers in the House and Senate introduced legislation that would provide the Postal Service much-needed financial relief by doing away with a mandate that required it to prepay retirement benefits decades in advance.

The issue stems from a 2006 law that required the Postal Service to create a $72 billion fund that would pay for its employees’ retirement health benefits for more than 50 years into the future. This is not required by any other federal agency.

The "USPS Fairness Act," introduced by Democrats and Republicans in both chambers, would do away with the requirement and comes as some lawmakers and the biggest Postal Service union have called for President Joe Biden to quickly install new leadership in the federal agency."

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