Bipartisan group of lawmakers proposes bill to lift rule putting major financial burden on USPS [View all]

Source: The Hill

A bipartisan group of lawmakers introduced a bill to ease a major financial burden on the U.S. Postal Service (USPS) by eliminating a requirement that it fund retirement benefits decades ahead of time.

The USPS Fairness Act would do away with a 2006 law that mandated the USPS to form a $72 billion fund to pay for retirement health benefits for over 50 years, a requirement that is not imposed on any other federal agency.

The legislation was introduced in the House by Reps. Peter DeFazio (D-Ore.), Tom Reed (R-N.Y.), Carolyn Maloney (D-N.Y.), Brian Fitzpatrick (R-Pa.) and Colin Allred (D-Texas) and in the Senate by Sens. Steve Daines (R-Mont.) and Brian Schatz (D-Hawaii).

"The unreasonable prefunding mandate has threatened the survival of the USPS and placed at risk vital services for the millions who rely on it. The prefunding mandate policy is based on the absurd notion of paying for the retirement funds of people who do not yet, and may not ever, work for the Postal Service," DeFazio said in a statement.

Read more: https://www.msn.com/en-us/news/politics/bipartisan-group-of-lawmakers-proposes-bill-to-lift-rule-putting-major-financial-burden-on-usps/ar-BB1dkAUx?li=BBnbfcQ