Download or read book U S Postal Service written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2018-01-05 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: U.S. POSTAL SERVICE: Status, Financial Outlook, and Alternative Approaches to Fund Retiree Health Benefits

Download or read book U S Postal Service written by Frank Todisco and published by . This book was released on 2013-01-28 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book U S Postal Service Status Financial Outlook and Alternative Approaches to Fund Retiree Health Benefits written by U. s. Government Accountability Office and published by Createspace Independent Pub. This book was released on 2013-01-06 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Postal Service Retiree Health Benefits Fund (PSRHBF) covered about 49 percent of the U.S. Postal Service's (USPS) $94 billion retiree health benefit liability at fiscal year-end 2012. USPS's deteriorating financial outlook, however, will make it difficult to continue the current prefunding schedule in the short term, and possibly to fully fund the remaining $48 billion unfunded liability over the remaining 44 years of the schedule on which the 2006 Postal Accountability and Enhancement Act (PAEA) was based. The liability covers the projected benefits for about 471,000 current postal retirees and a portion of the projected benefits for about 528,000 current employees; it does not cover employees not yet hired. Under PAEA, USPS is responsible for contributing an additional $33.9 billion to the PSRHBF by fiscal year 2017, including the $11.1 billion USPS has defaulted on over the past 2 years. PAEA also requires the Office of Personnel Management (OPM) to calculate the remaining unfunded liability in 2017 and develop an initial 40-year amortization payment schedule. USPS, however, projects further declines in mail volume and revenues that may continue to limit its ability to prefund the remaining retiree health benefit liability. GAO's analysis of maintaining current law requirements compared to five alternative approaches showed differing impacts on USPS's future annual payments and unfunded liabilities. For example, three of the approaches--1) the Administration's Approach, 2) Senate Bill (S. 1789) and 3) "Pay-as-You-Go" (no prefunding)--would reduce USPS's annual payments in the short term, thereby easing its immediate cash flow problems and financial losses. However, these approaches would increase USPS's unfunded liability, sometimes substantially, and require larger payments later. Deferring funding could increase costs for future ratepayers and increase the possibility that USPS may not be able to pay for some or all of its liability. Conversely, a fourth approach--the House Bill (H.R. 2309)--and the current law requirement would reduce USPS's unfunded liabilities more aggressively but may result in significantly higher USPS financial losses in the near future. If USPS stopped prefunding and let the existing fund grow with interest, the unfunded liability is projected to significantly increase. Under a fifth approach, if USPS stopped prefunding and used the existing fund to pay current and future premiums, the fund is projected to be exhausted by 2026. Private sector, state, local, and other federal entities are not required to prefund these benefits, though some do so to a limited extent, and most are required to recognize the future costs in their financial reporting. GAO identified several key considerations including: (1) the rationale and consequences of prefunding such benefits; (2) trade-offs affecting USPS's financial condition, such as sizes of the annual payments and unfunded liability; (3) fixed versus actuarially determined payments; (4) targeted funding levels; and (5) assumption criteria. USPS is intended to be a self-sustaining entity funded almost entirely by postal ratepayers, but its financial losses are challenging its sustainability. GAO has testified that USPS should prefund its retiree health benefit liabilities to the maximum extent that its finances permit, but none of the funding approaches may be viable unless USPS has the ability to make the payments. USPS's default on its last two required PSRHBF payments and its inability to borrow further make the need for a comprehensive package of actions to achieve sustainable financial viability even more urgent.

Download or read book U S Postal Service written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. Government Accountability Office (GAO) is an independent agency that works for Congress. The GAO watches over Congress, and investigates how the federal government spends taxpayers dollars. The Comptroller General of the United States is the leader of the GAO, and is appointed to a 15-year term by the U.S. President. The GAO wants to support Congress, while at the same time doing right by the citizens of the United States. They audit, investigate, perform analyses, issue legal decisions and report anything that the government is doing. This is one of their reports.

Download or read book U S Postal Service written by U.s. Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-08-03 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: " PAEA required USPS to prefund its future retiree health benefits as part of comprehensive postal reform by establishing the PSRHBF along with an initial target period to fund the unfunded liability in 50 years. This requirement included annual payments to this fund from 2007 to 2016 of between $5.4 billion to $5.8 billion. USPS, its employee groups, and others have argued that this prefunding requirement is a major source of USPS's financial woes-reported by USPS as contributing $32 billion toward its $41 billion of net losses over the past 6 years. USPS defaulted on the last 2 years of PSRHBF payments totaling $11.1 billion. As requested, this report addresses the (1) status and financial outlook of the PSRHBF, (2) impact on future annual USPS payments and unfunded liabilities of alternative approaches, and (3) key considerations for policymakers. GAO reviewed and summarized PSRHBF financial data and analyzed and compared current law requirements with five alternative approaches by developing projections based on OPM and USPS data. "

Download or read book At a Crossroads The Postal Services 100 Billion in Unfunded Liabilities Serial No 113 100 March 4 2014 113 2 Hearing written by and published by . This book was released on 2014 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Solutions to the Crisis Facing the U S Postal Service written by United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs and published by . This book was released on 2013 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book U S Postal Service s Financial Condition written by Kevin R. Kosar and published by DIANE Publishing. This book was released on 2010-11 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an overview of the U.S. Postal Service¿s (USPS) financial condition, recent legislation to alleviate the USPS¿s financial challenges, and issues for the 111th Congress. Since 1971, the USPS has been a self-supporting gov¿t. agency that covers its operating costs with revenues generated through the sales of postage and related products and services. Recently, the USPS has experienced significant financial challenges. Contents: (1) Background; (2) Financial Difficulties, FY 2006-09: (3) FY 2010 Financial Condition; (4) Issues for Congress: Increasing Revenues: Altering Postage Rates; Reducing Costs; Reducing Pension Costs; Reducing the USPS¿s Retail and Nonretail Facilities; Reducing Mail Delivery from 6 to 5 Days/Week. Illus.

Download or read book Continuing to Deliver written by United States. Congress. House. Committee on Oversight and Government Reform. Subcommittee on Federal Workforce, Postal Service, and the District of Columbia and published by . This book was released on 2010 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book United States Postal Service information on retirement plans written by and published by DIANE Publishing. This book was released on 2001 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Your March 21, 2001, letter expressed concern about a number of issues pertaining to the United States Postal Service's (USPS) financial condition. This report addresses one of the issues raised in your letter, namely, identifying longer-term structural or operational issues that may affect the Service's ability to provide affordable universal postal service on a break-even basis. One key operational issue involves the Service's retirement costs and future liabilities. The Service's financial outlook has deteriorated significantly over the past few years. The Service finished fiscal year 2000 with a $199 million net loss and recently announced a $1.7 billion net loss for fiscal year 2001. The Service also projects a net loss of $1.35 billion for fiscal year 2002. However, it is unknown what the impact of the events of September 11, 2001 and the subsequent delivery of anthrax spores through the U.S. mail will have on the volume and cost of future mail service. Consequently, estimated losses, and other projections in this report, which we and the Service's independent auditors have not verified, may be changed by USPS at a later date.

Download or read book U S Postal Service Deteriorating Postal Finances Require Aggressive Actions to Reduce Costs written by Phillip Herr and published by DIANE Publishing. This book was released on 2009-12 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Dec. 2006, the USPS had just completed FY 2006 with its largest mail volume ever -- 213 billion pieces of mail and a net income of $900 million. Two years later, USPS's mail volume dropped almost 5% -- the largest single-year decline. USPS was facing a potential net loss of over $1 billion for FY 2008. USPS anticipated continued deterioration due to the econ. slowdown, as the financial, credit, and housing sectors are among its key bus. drivers. The shifts in transactions and messages from mail to electronic commun. and from advertising mail to electronic media have affected the USPS's financial situation. This testimony focuses on: (1) USPS's financial condition and outlook; and (2) options and actions for USPS to remain financially viable. Illus.

Download or read book The Postal Service Pension System and Alternative Methods for Providing Long term Financial Welfare to Retirees written by Luke Thomas Grossmann and published by . This book was released on 2013 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States Postal Service continues to face difficult financial conditions, due primarily to electronic diversion of mail volume. The largest component of the Postal Service's cost structure is labor, with retirement benefits representing a significant portion of those costs. This thesis provides a historical retrospective of the development of the pension system that the Postal Service currently participates in, and assesses the impact that the pension system has had on the Postal Service through history. The ultimate objective of this thesis is to study the United States Postal Service pension system as it relates to its current obligations to the United States federal government, provide a review of alternative pension arrangements operating in other sectors, and analyze the leading alternatives as they apply to the Postal Service to understand their potential impact on the finances of the United States Postal Service. Two simulations models are developed in the study, based on an analysis of the current workforce, historical and projected retirement patterns, and the current pension contribution profiles of workers. The models are used to assess the impact of various plan designs on the Postal Service's cost structure, and on a typical individual employee's post-retirement income.

Download or read book U S Postal Service written by Phillip Herr and published by DIANE Publishing. This book was released on 2011-05 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. Postal Service's (USPS) financial condition and outlook are deteriorating because revenues are not sufficient to cover its expenses and financial obligations. These challenges continue to threaten USPS's financial viability. USPS also faces cost pressures from maintaining a national network of processing, retail, and delivery operations. This testimony discusses: (1) updated information on USPS's financial condition and outlook; and (2) actions needed to modernize and restructure USPS. Charts and tables. This is a print on demand edition of an important, hard-to-find publication.

Download or read book The Financial State of the U S Postal Service written by United States. Congress. House. Committee on Oversight and Government Reform. Subcommittee on Federal Workforce, Postal Service, and the District of Columbia and published by . This book was released on 2009 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Postal Reform 2013 written by United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs and published by . This book was released on 2014 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book U S Postal Service Restructuring Urgently Needed to Achieve Financial Viability written by Phillip Herr and published by DIANE Publishing. This book was released on 2010 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. Postal Service¿s (USPS) financial condition has worsened since Jan. 2009, with the recession and changing mail use causing dramatic declines in mail volume and revenues despite postal rate increases. USPS expects these declines to lead to losses and cash shortfalls even if ambitious cost-cutting is achieved. USPS¿s business model has relied on growth in mail volume to cover costs, but USPS has not been able to cut costs fast enough to offset the accelerated decline in mail volume and revenue. This testimony: (1) updates USPS¿s financial condition and outlook and explains the decision to place USPS¿s financial condition on the High-Risk List; and (2) presents options and actions that the USPS can take. Charts and tables.

Download or read book Accomplishing postal reform in the 115th Congress written by United States. Congress. House. Committee on Oversight and Government Reform and published by . This book was released on 2017 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: