Postal workers get bit

The financially troubled Postal Service is suspending its employer contribution to the Federal Employee Retirement System.

By Randolph E. Schmid | Updated on June 22, 2011

WASHINGTON (AP) — The financially troubled Postal Service is suspending its employer contribution to the Federal Employee Retirement System.

The agency said Wednesday it is acting to conserve cash as it continues to lose money. It was $8 billion in the red last year because of the combined effects of the recession and the switch of much mail business to the Internet. It faces the possibility of running short of money by the end of this fiscal year in September.

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