FERS SUSPENSION LIFTED
Earlier this year, USPS suspended the employer contribution to the annuity portion of the Federal Employee Retirement System (FERS) to conserve cash and preserve liquidity — in large part to ensure that the Postal Service could continue honoring its commitment to meet employee payroll. The suspension freed $900 million in USPS funds during fiscal year 2011.
USPS now has decided that, subject to further legislative developments, it will pay suspended employer contributions and resume biweekly payments of the employer contributions with the Dec. 9, 2011 pay date. Pending legislation in both Houses of Congress would, if enacted, make the surplus FERS funding available to the Postal Service.
Comments are closed.