Post Office Halts Retirement Contributions for Employees...

[tsptalk]

Post Office Halts Retirement Contributions for Employees... (http://www.statesman.com/news/nation/post-office-suspends-retirement-contributions-1554997.html)

"The agency said Wednesday it is acting to conserve cash as it continues to lose money. It was $8 billion in the red last year because of the combined effects of the recession and the switch of much mail business to the Internet. It faces the possibility of running short of money by the end of this fiscal year in September."

[James48843]

That's just not right. Congress is to blame. You can't freeze the Postal Service's ability to change postal rates, and let them overpay $75 BILLION in retirement funds, and then tell them that USPS is to blame.

It's squarely on the shoulders of Congress here.

[FAB1]

So if I have this right current employees get the 16 tons dropped on their heads - the pensioners continue to suck up the funds and USPS continues
to ignore the fact they burned millions on licensing Hoolywood properties for a failed advertising campaign that stretched out over years?

Shrek took all the money and left town. yeah.

[konakathy]

So if I have this right current employees get the 16 tons dropped on their heads - the pensioners continue to suck up the funds and USPS continues
to ignore the fact they burned millions on licensing Hoolywood properties for a failed advertising campaign that stretched out over years?

Shrek took all the money and left town. yeah.

What the heck are you talking about? Are you posting, for posting sake, to get your 3000th?

[konakathy]

The Post Office, by law, voted in under the Bush Admin., has to pre-fund the Health Care and Pension fund each year. 5 BILLION dollars a year! THE PO has OVER FUNDED the funds by 75 Billion dollars for employees who haven't been hired or born yet. The P.O. is the only "corporate agency" in the country who is required to pre fund their HC and Pen. funds. The PM General has asked the OPM to relinquish the 75 Billion dollars back over to the PO so that they can be back in the red. But no, they won't until Congress tells them too, and Congress WON"T because they have raped the account and spent the money on god knows what.

[konakathy]

NALC reacts to USPS's FERS announcement


http://www.nalc.org/news/latest/2011-06-22_fers.html (http://www.nalc.org/news/latest/2011-06-22_fers.html)

[FAB1]

Didnt you mean back in BLACK rather than red?

For I dont know how long my local PO had the Grinch, Daffy Duck, Tasmanian Devil, Shrek, you name about any family film
and they were using those characters in their advertising.

So did Hoolywood pay the Post Office or what? Generally, the IP Owners want large sums of cash
to use their properties - at least PO must have paid a lot for all the printed banners, full color displays, etc.

Today you dont see any of this stuff - thats why I say it was a waste of money trying to use
popular culture icons to stop the bleeding. The damage was done and people are not coming back
because PO uses cutesy animated trolls to try and push the products.

I do not work there, I just spend money there so If you can enlighten us on this, please do.

[FAB1]

OH YEAH

If I just wanted to get another

[FAB1]

QUICK

1000 posts...

[FAB1]

I'd just do this. :toung:

[konakathy]

OH YEAH

If I just wanted to get another

:laugh: You're sooooo bad! And, yes hun, also right about being in the BLACK, not RED. The problems with the PO's finances has little to do with advertising, it's the PRE FUNDING of Health and Pension Benefits for FUTURE employees.

P.S. You'll make it to 3000 in no time.
P.S.S. Have a Fabulous Day tomorrow!

[FAB1]

Lol thanks Kat.

That pre-funding business sounds like the bomb, now its going off.

I guess some things just get stuck in my craw - I still say it was dumb for the
PO to spend any of their hard earned revenue to Hollywood types to get WB or Disney characters, or Grinch to push their products.

Who cares? People are going to choose the PO if its cost effective and convenient for them
when they need to send something. Seeing that crap in the PO just made me think - how stupid
and wasteful.

:mad: God, am I getting old and grumpy? You have a Good one too.:D - gnite!

[Show-me]

The refunding is killing us but not alone. It was the nail in the coffin. Perfect storm of events and mainly on the shoulders of upper management and Congress because they make the policies. Upper management did not push hard enough and act quick enough. Congress did not act at all, what's new there in a election year, which seems to be every year now.

Housing bubble started it, then mail volume dropped like a rock. Credit card and mortgage ads and regular mail too when money is tight. Fuel and electric doubled, health care increased, no one wanted to make a call in Congress so here we sit.

Just like everything done in Congress it takes too long to make a car for fear of losing a vote at re-election.

One two week pay period USPS contributes how much to match for TSP? $40,000,000

Total wages and comp for one pay period for a all USPS? $1,800,000,000

Social Security and Medicare payments are big, do you really think the .gov will let us tank or close us down? That would really **** up the economy. lol

The FERS suspension is a drop in the bucket but a good start. The USPS is still viable but need BIG CHANGES like 10% across the board wage cuts, cut night diff. and Sunday prem., cut uniform allow. and increase our health insurance share. Eliminated non for profit mail too. Pay or else.

[crws]

uhhhh, I don't think Warren would take too kindly to having his predictable, boring, uniform business profit model messed with. ;)