U.S. post suspends retirement payments to save cash

Discussion in 'The Latest USPS, Amazon, and DHL Headlines' started by cheryl, Jun 23, 2011.

  1. cheryl

    cheryl I started this. Staff Member

    U.S. post suspends retirement payments to save cash - Reuters

    The U.S. Postal Service said it will suspend contributions to an employee retirement program as the mail agency seeks to avoid running out of cash.

    The Postal Service -- which posted a $2.2 billion net loss in the second quarter and said it might be unable to pay its debts by September -- said on Wednesday that halting payments to the Federal Employees Retirement System would free up $800 million for the fiscal year.