The United States Postal Service (USPS) announced Wednesday that it will stop employer contributions to the Federal Employees Retirement System (FERS). This is part of an ongoing campaign of dismantling the federal agency, allowing USPS management the prerogative to take “aggressive action” in cutting costs associated with its service and labor.
In a statement, the USPS made clear that postal workers will continue to pay into the fund, but the agency will halt its bi-weekly contributions of $115 million beginning on June 24. Management claims it will use the money—which will amount to $800 million by the end of the fiscal year—“to conserve cash and preserve liquidity.”
http://www.wsws.org/articles/2011/jun2011/usps-j24.shtml
