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Putting off payments seen as temporary help
By Joi Preciphs
Bloomberg News
Published on Friday, Nov 21, 2008
American Express Co., Meredith Corp. and Time Warner Inc. are among almost 50 businesses, unions and industry associations asking Congress to grant the U.S. Postal Service relief from government-mandated retiree health-insurance payments to help the agency weather the global financial crisis.
The request, made in a Nov. 17 letter to Senate Majority Leader Harry Reid, calls for an ''adjustment to the payment schedule which would preserve the law's requirement for full funding of the benefits, but lessen the financial demand on the Postal Service for several years.''
''The $900 billion mailing industry, millions of jobs, continued efficient universal postal services, and the long-term survival of the Postal Service are at stake,'' according to the letter, posted today on the American Postal Workers Union Web site.
The 2006 postal reform law requires the agency to pay its unfunded liability for retiree health coverage during the next 10 years. The combination of a decline in mail volume for the year ended Sept. 30 and higher fuel costs has made the payment schedule ''unrealistic,'' the groups said in the letter.
The agency faces a $7.7 billion loss for the current year ending in 2009 because of requirements to pre-fund retiree health benefits, Postal Service Chief Financial Officer H. Glen Walker said last week. The service reported a $2.8 billion loss for the year ended Sept. 30.
Other companies that signed the letter include Conde Nast Publications Inc., Pitney Bowes Inc., McGraw-Hill Cos. and the National Association of Letter Carriers.
In Summit County, there are about 1,300 postal workers at offices, branches and a processing facility, said Victor Dubina, U.S. Postal Service spokesman.
American Express Co., Meredith Corp. and Time Warner Inc. are among almost 50 businesses, unions and industry associations asking Congress to grant the U.S. Postal Service relief from government-mandated retiree health-insurance payments to help the agency weather the global financial crisis.
Get the full article here.
Comments
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Norka, Oh
Posted 04:11 PM, 11/21/2008
Drug test the post office workers & eliminate 75% of the work force....
