Originally Posted by
repechage
There were specific laws enacted just for the post office, so reason and typical accounting standards get tossed aside. The USPS also has to fund in advance retiree health benefits, to high levels and had to do " make-up" payments extremely quickly far before need. Then if you add in veterans who work there and retire and will most probably be in the VA health care system... It is nuts. Internal GAO and other reports acknowledge the goofs but without legislation to change things... The status quo will continue. The next Congress will most likely not be the one to do anything as it would undermine the case for privatization.
This does not forgive poor service. Around here we lost a number of close to retirement carriers who were good due to the risks that became unfortunately real after the anthrax mess.
I'm going to do some reading on the USPS pension changes. It would seem difficult to justify one set of strict standards for pension liabilities for one entity when the standards are quite lax for government funds. I would also have to ask where were any standards on government insured plans in private industry.