USPS begins cash conservation plan Temporarily suspends payments to Federal Employees Retirement System (FERS)

The Postal Service has informed the Office of Personnel Management (OPM) of its intention to temporarily suspend its employer’s contributions for the defined benefit portion of the Federal Employees Retirement System (FERS) to conserve cash and preserve liquidity due to its ongoing, severe financial crisis. “There will not be any immediate detrimental impact to our current or future retirees if normal FERS cost payments are temporarily withheld,” said Postal Service Chief Financial Officer Luke Grossmann. “The risk to the Postal Service and the