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.
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.