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Fers

All articles tagged with #fers

labor1 day ago•1 min saved

NALC Urges Congressional Action as USPS Pauses FERS Contributions

The Postal Service will temporarily pause employer contributions to the defined-benefit portion of the Federal Employees Retirement System (FERS) through the end of the fiscal year due to financial constraints, with no immediate impact on current or future retirees. NALC blames Congress for inaction and urges policy changes—such as a new USPS retirement-investment strategy, a fair recalculation of Civil Service Retirement System obligations, and higher borrowing authority—to prevent future pauses and protect jobs, retirements, and reliable service.

via National Association of Letter Carriers|

#congress #fers #labor

business2 days ago•3 min saved

USPS halts employer pension contributions to conserve cash amid looming liquidity crisis

The U.S. Postal Service is suspending its employer contributions to the Federal Employees Retirement System to conserve cash as it warns of a looming liquidity crisis; employee contributions to the pension and the Thrift Savings Plan will continue, and the move could save about $2.5 billion this year, even as officials consider measures like higher stamp prices or a reduced delivery schedule to avert insolvency.

via CBS News|

#business #cash-crisis #fers

government2 days ago•1 min saved

USPS Halts FERS Employer Contributions to Shore Up Cash Reserves

The U.S. Postal Service announced a cash-conservation plan that temporarily suspends employer contributions to the defined-benefit portion of the Federal Employees Retirement System starting April 10, to preserve liquidity amid a severe financial crisis. The move frees about $2.5 billion in the current fiscal year; employee contributions to FERS and employer automatic/matching contributions to the Thrift Savings Plan, as well as employee contributions to the TSP, will continue. CFO Luke Grossmann says there will be no immediate harm to current or future retirees, and notes that FERS remains better funded than many other agencies. The USPS pays roughly $200 million biweekly to OPM for the FERS annuity, with more details in the FERS action FAQ.

via USPS|

#cash-conservation #fers #government