October 4, 2013) As a result of the ongoing government shutdown, please make note of the below captioned list of government managed benefits and their possible impact on Mail Handlers. We will continue to monitor the impact of this action on federal agencies. If the shutdown is prolonged, additional information will be compiled, updated, and […]
OIG Report: Using U.S. Postal Service-Specific Assumptions for Calculating the Civil Service Retirement System Liability This report presents the results of our self-initiated review of Using U.S. Postal Service-Specific Assumptions for Calculating the Civil Service Retirement System (CSRS) Liability (Project Number 13BG015FT001). Our objective was to review the assumptions used for the Postal Service’s CSRS […]
There is another typo in the OIG’s solicitation: “This change would not impact existing retirement systems for current employees.” It should say “This change would not impact existing retirement systems for current CAREER employees.” Up to 20 per cent of the workforce is non-career and not in a retirement system. They would be affected when […]
The U.S. Postal Service Office of Inspector General intends to award a firm-fixed price contract to a Supplier who possesses specific subject matter expertise in the area of retirement benefits. The purpose of this contract is to compare the U.S. Postal Service’s retirement benefits program to retirement benefits programs offered by major private sector companies.
Effective April 4, 2013, the Postal Service™ is revising the Employee and Labor Relations Manual (ELM). The Postal Service provides annuity estimates for eligible Civil Service Retirement System (CSRS) and Federal Employee Retirement System (FERS) employees through four different sources:
The tax cut President Obama was expected to sign Friday will not include a payroll tax deduction for all federal employees. Employees under the Federal Employees Retirement System will see their contributions into Social Security drop from 6.2 percent to 4.2 percent in 2011 as part of a payroll tax holiday. But Civil Service Retirement […]
APWU President Cliff Guffey has sent a letter to members of the House of Representatives urging them to extend a proposed 2 percent “payroll tax holiday” to postal workers and other federal employees who are covered by the Civil Service Retirement System (CSRS). Congress is currently considering a 2 percent payroll tax cut for postal […]
OPM’s Response to the Postal Regulatory Commission Regarding USPS CSRS Overpayments: Legislative History OPM determines the Postal Service’s responsibility for CSRS costs in accordance with current law. OPM’s methodology is based on the determinations made by prior Congresses that the Postal Service is responsible for CSRS costs attributable to pay increases granted by the Postal […]
In recent VERAs the Postal Service issued FERS annuity estimates that omitted the employee’s FERS annuity supplement. The FERS annuity supplement is often nearly equal the basic annuity amount. Was that to discourage early retirements so they can justify weakening the no-layoff clause in upcoming contract negotiations? The method of calculating the FERS annuity supplement […]
OPM Must Reconsider Calculations The Postal Regulatory Commission (PRC) released an independent actuarial report [PDF] on June 30 which confirms that the Postal Service was overcharged $50-$55 billion for payments to the Civil Service Retirement System (CSRS) between 1972 and 2009. The report recommended an “adjustment” of $50-$55 billion in favor of the Postal Service. […]