Postal Retirement Costs Bill Nears Law

Apr 08, 2003 9:30 PM  By

The law needed to keep postal rates in check for the next three years now appears to be a slam dunk. Upon its passage this week in both houses of Congress, S.380/H.R.735 is headed to the President Bush. The bill will correct the U.S. Postal Service Civil Service Retirement System (CSRS) overpayment formula. The Postal Service has promised that if passed, the law would allow the USPS to keep from raising its rates until 2006.

Initially, the bill would save the USPS $3 billion. Overall, however, it would keep the agency from overpaying $78 billion in retirement costs.