The following represents the compensation of USPS’s five most highly compensated executive officers:
POTENTIAL PAYMENTS UPON TERMINATION
The Postmaster General and all the other named executives are subject to the standard policies governing CSRS or FERS, as described in the Compensation Discussion and Analysis. The present value of these CSRS and FERS benefits are found in the Pension Benefits table in the Officer Compensation section of this report. The information below describes and quantifies certain compensation, in addition to that due pursuant to CSRS or FERS, that would become payable under existing plans and arrangements if the named officer’s employment had terminated on September 30, 2019. Additionally, pursuant to statutes and regulations generally applicable to federal employees, the named officers would be entitled to receive the federal employer’s standard contribution toward retiree health benefits, in the event they have qualifying service and participated in FEHB for the requisite period of time prior to retiring.
DEFERRED COMPENSATION
All federal employees, including our employees, are subject to annual compensation limits established pursuant to federal statutes and regulations. When amounts earned by federal employees cannot be paid because of these compensation limits, these payments are deferred until a year in which their payment would not cause total annual compensation paid to exceed the compensation limit, or the year in which an employee leaves federal service, whichever occurs first. Named officers appearing in the nonqualified deferred compensation table in the Officer Compensationabove have deferred compensation in the amounts indicated therein. These amounts would have been paid to them in a lump sum or pursuant to their contract with us following their departure, had they ended their employment with us on September 30, 2019. Mr. Corbett’s employment agreement provides for deferred incentives linked in part to his performance. Mr. Corbett began accruing deferred performance-based compensation at the end of 2010. When Mr. Corbett concludes his employment with us, his deferred compensation will be paid to him in three approximately equal annual installments.
SUPPLEMENTAL PENSION BENEFIT
The Governors have not authorized a supplemental pension benefit for any officer at this time.
SEVERANCE PAYMENT
Ms. Brennan will receive $291,650, to be paid in four equal installments commencing no sooner than 90 days after her retirement; and transfer of ownership of the security equipment installed in her personal residence and tablet computer. Mr. Corbett is entitled to a severance payment of $230,000, in the event that we terminate his employment for any reason other than for cause or breach of contract.
INSURANCE BENEFIT
The Governors have not authorized supplemental insurance benefits for any officer at this time. The insurance benefits to which all of our officers are entitled are described above.
OIG Report on USPS Officer Compensation for Calendar Year 2014