Stop the Raid on the Postal Pension Fund
The Issue
For over 52 years, the U.S. Postal Service (USPS) has faced a persistent and glaring misallocation of retirement fund obligations, resulting in over $90 billion dollars in unjust expenses. The 2010 independent “Segal report” exposed the flawed methodology used by the Office of Personnel Management (OPM) in valuing USPS contributions to the Civil Service Retirement System. Despite the report’s findings and Congress passing two laws that direct OPM to implement a new and fair valuation methodology, President Biden is sweeping the issue under the rug.
By directing the OPM to stop the raid on the Postal Pension Fund and implement overdue reforms outlined in the Segal report, the President can safeguard the USPS’s financial stability and honor his promise to the dedicated postal workers who have served the nation tirelessly for over half a century. It’s time for President Biden to prove his “pro-labor” agenda doesn’t exclude postal workers.
Why it Matters
This affects you.
OPM’s valuation of Postal Service pension obligations jeopardizes the financial stability of the USPS and increases the prices borne by anyone who uses the Postal Service. Letter carriers deliver mail to 152 million U.S. businesses and households, and are recognized as some of the most favorable federal employees. Postal letter carriers exemplify an unwavering commitment to service so you can get your mail.
Beyond being a financial concern, rectifying this longstanding injustice is about preserving the efficiency and reliability of an institution integral to American life. By ensuring a fair allocation of retirement obligations, we champion the hardworking postal workforce. We are urging President Biden to address this historic injustice, fortify the Postal Service’s vital role in our communities, and honor the Administration’s promise to letter carriers to solve this blatant problem.
By the Numbers
OPM’s valuation has led to…
The loss of over
Source: USPS Estimates
The U.S. mailing industry supports…
Source: EMA Institute for Postal Studies 2022 Mailing Industry Job Study
State of Play
The Urgent Need for Civil Service Retirement System (CSRS) Reform
The Biden Administration needs to use its legal authority granted by Congress to rectify the half-century-old unfair pension obligations negatively impacting postal workers and postal ratepayers.
It’s time for President Biden to direct the Office of Personnel Management (OPM) to adopt the reforms provided in the 2010 “Segal Study” to rectify the unfair valuation of Civil Service Retirement System (CSRS) funds for postal workers.
NALC History
The National Association of Letter Carriers (NALC) is the sole representative of city-delivery letter carriers employed by the U.S. Postal Service. Founded in 1889, NALC represents 285,000 active and retired city letter carriers delivering to 152 million homes and businesses in every city, suburb, and town in America.
The U.S. Postal Service is the indispensable foundation of the nation’s mailing industry. According to the 2022 Mailing Industry Job Study conducted by the Envelope Manufacturers Association, 7.9 million jobs are supported by the U.S. mailing industry.
The Postal Service is also the largest civilian employer of military veterans in the United States, and more than one in five letter carriers is a veteran.
Through NALC’s AFL-CIO affiliation, letter carriers join millions of fellow workers in the struggle for a better life for all Americans. To learn more about the NALC and its support for the essential workforce within The U.S. Postal Service, visit here.
