Posted 4 years ago on Jan. 15, 2012, 2:56 p.m. EST by Wolfchen
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We respectfully request that you support H.R. 1351, a bill introduced by Representative Stephen Lynch of MA.
Further, the US Postal Service should also be able to restore the Postal Savings System, a service it previously performed. This is already allowed in other countries, such as New Zealand and Japan.
Such systems allow the Postal Service to make a profit, and provide competition to the rapacious banks of Wall Street.
The U.S. Postal Service is currently facing a financial crisis partly due to the recession, but more significantly caused by the burdensome requirement of the 2006 Postal Accountability and Enhancement Act (PAEA) that it make payments averaging $5.5 billion dollars annually to prefund it retiree health benefits. Absent those prefunding mandates the Postal Service would actually be operating at a surplus over the last 4 fiscal years.
In addition, recent independent audits have shown that the USPS has already overfunded its Civil Service Retirement Fund by over $50 billion dollars and also has overfunded the Federal Employee Retirement System by nearly $7 billion dollars.
H.R. 1351 would resolve those financial inequities and bring the Postal Service into financial solvency with no use of tax payer money.