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Postal officials called on Congress to lift a 2006 congressional requirement that it make annual $5.6 billion payments to cover expected health care costs for future retirees.
Surplus payments the Postal Service made to the Federal Employee Retirement System are much smaller than once thought. Last year, the surplus was estimated to be $11.4 billion. But because of a reduction in projected long-term interest rates, OPM estimated the surplus would drop to $2.6 billion. SPS had wanted to use those overpayments to pay down some of its debts
Joseph Corbett, the Postal Service's chief financial officer, is filling in for Chief Information Officer Ellis Burgoyne, who is on extended sick leave.
The Postal Service is encouraged by the President\'s recognition of the Postal Service\'s financial situation. For why, and what\'s next, we talk with USPS CFO, Joseph Corbett.
Despite cutting 100,000 jobs over the past two years, CFO Joe Corbett tells Federal News Radio the USPS may not be able to stay liquid much past the next year.