The U.S. Postal Service has defaulted on $5.6 billion in retireehealth benefits, compounding its already tenuous financialposition.
Postmaster General and Postal Service CEO Patrick Donahoe told aSenate committee on Sept. 19 that it would end up defaulting onthis payment, which was due Sept. 30, because the agency needscomprehensive postal reform legislation.
The Postal Service is in poor financial health, with only $22billion in assets and $62 billion in liabilities.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
