The U.S. Postal Service has a whopping $120 billion in pension and other post-employment unfunded liabilities -- an amount equal to the GDP of Ukraine, our columnist writes.
The U.S. Postal Service, or USPS, just closed its 2019 fiscal year books in November, and things aren’t looking so good as it heads into the new year.
On the flip side, the Postal Service retiree benefits are currently prefunded. During the years an employee is active, this type of plan should receive monthly contributions from both the employee and the employer. These contributions are then invested in a number of assets that gain interest over the years. When the employee retires, there should be enough money to pay out the promised benefits.
Unfortunately, the USPS retiree health care reform coincided with significant declines in revenues. From 2007 through the 2019 fiscal year, the USPS lost $77 billion and hasn’t contributed to its retiree health care fund since 2012. “USPS has missed $48.2 billion in required payments for postal retiree health and pension benefits through fiscal year 2018,” the Government Accountability Office reported in March.
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