Who will get that Postal Service pension fund?

PO_picketPO_picketThe U.S. Postal Service operated at a net loss of $4.95 billion last quarter.  But it would have made a profit if not for the payment of $5.13 billion to the Retiree Health Benefit Fund.

In other words, the Postal Service would be making a modest profit if not for the absurd requirement that it fund employees pension benefits for 75 years in advance.  I don’t see any reason for such a requirement except to make the Postal Service fail.

When and if the Postal Service does go bankrupt, what becomes of that pension fund?  I’m pretty sure the money will not be used for the benefit of jobless former postal employees.

Mail delivery is a function of government specifically mentioned in the Constitution.  It is a public service that should be continued.

I do have a good guess as to what will become of the Post Service’s prime real estate.  It already is being sold off at bargain prices to private developers.

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For the source of these figures, click on Post Office: Doing Fine | Congress: Still Dumber Than a Sack of Hammers by Mike the Mad Biologist.

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2 Responses to “Who will get that Postal Service pension fund?”

  1. dlgl33 Says:

    Does anyone think a privatized postal service would deliver a letter for 46¢?

    Like

  2. US Postal Service Privatization: The Dark Side | Says:

    […] Who will get that Postal Service pension fund? (philebersole.wordpress.com) […]

    Like

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