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USPS Overpays... by $75 Billion

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  • USPS Overpays... by $75 Billion

    The news is about two months old, but seems hardly to have broken.
    The APWU site has an article on it and links to a pdf announcement. A blogger, here, remarks how nearly impossible it will be to have the funds returned. Other than that, I've not seen any media coverage on it.

    I first heard about it from a relative who works for the Post Office. Naturally, it bugs him that the government wants to trim the services provided instead of correcting managing errors. I would be in favor of eliminating unnecessary services provided by governmental agencies, but not eliminating helpful services under the guise of being the best way to make ends meet.

    "The true genius shudders at incompleteness - and usually prefers silence to saying
    something which is not everything it should be." — Edgar Allan Poe

  • #2
    Re: USPS Overpays... by $75 Billion

    From the bolg article:

    The $75 billion is a figure computed by the OIG that shows how OPM’s CSRS funding methodology puts the Postal Service at a disadvantage. The formula used by the OPM is not a “mistake” or bad math. The overcharge found by the OIG, is based on the assumptions employed by OPM itself when it calculated what the Postal Service was expected to pay.
    So, let me get this straight.

    The Office of Inspector General (OIG) discovers that the Office of Personnel Management (OPM) has overcharged - through some bad accounting analogy - the United States Postal Service (USPS) for a pension plan named the Civil Service Retirement System (CSRS) that people hired after 1987 cannot participate in because it was essentially replaced by the Federal Employees Retirement System (FERS). And, the 75 billion they were overcharged went into the general fund and has been spent already. Therefore, the USPS will probably not get their money back, because If the Congress were to pay back the money they would have to borrow against the national debt to do so. Great.
    |TG-X| mp40x

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