Business as usual

The Postal Service’s decision not to make two payments to fund retiree health benefits — due Aug. 1 and Sept. 30 — will have no impact on employee pay or operations.

In a prepared statement, USPS said it will “continue to deliver the mail, pay our employees and suppliers and meet our other financial obligations.”

The $5.5 billion payment due Aug. 1 and the $5.6 billion payment due Sept. 30 are required by the Postal Accountability and Enhancement Act, which became law in 2006.

The statement also said that the Postal Service is moving ahead with implementation of its strategic plan, adding “comprehensive postal legislation is needed in order to return the Postal Service to long-term financial stability.” USPS says it “remains hopeful” a new law will be enacted during the current Congress.

via USPS News Link