EXCLUSIVE: Postmaster Got $800,000 in Pay, Perks

The Washington Times ^ | February 17, 2009 | Jim McElhatton

[kellynla]

Postmaster General John E. Potter recently warned that economic times are so dire that the U.S. Postal Service may end mail delivery one day a week and freeze executive salaries. But his personal fortunes are nonetheless rising thanks to 40 percent in pay raises since 2006, a $135,000 bonus last year and several perks usually reserved for corporate CEOs.

The changes, approved by the Postal Board of Governors and contained in a little-noticed regulatory filing in December, brought Mr. Potter's total compensation and retirement benefits to more than $800,000 in 2008. That is more than double the salary for President Obama.

The new compensation package, much of it deferred to later years, goes beyond a newly beefed-up salary, now $263,575, that Congress arranged for him as part of a 2006 law to make top postal salaries more competitive with those in the private sector. At least four other postal officials got more than a quarter-million dollars in total compensation in 2008, according to Postal Service records reviewed by The Washington Times.

Lawmakers, already trying to limit compensation of Wall Street executives, have taken notice of Mr. Potter's good fortune when the Postal Service is posting nearly $3 billion a year in losses and now wants to raise the price of a stamp by 2 cents.

[madison10]

$800,000?!? Couldn’t he survive on alittle less, say $200,000? Elitists.

[cultivator]

PMG employed by USPS over 30 yrs. Annual salary is now 263,575 which made an estimated change of 381,500 to the FUTURE value of his retirement to be paid out over his lifetime - perhaps 30 yrs. Also, 135,000 incentive to be paid out in 10 ANNUAL INSTALLMENTS BEGINNING when he leaves postal employment. 67,000 security costs spent on PMG and charged to his total compensation. Life insurance, parking, health care. That’s where they came up with the 800,000 plus figure. USPS 2nd largest employer in US. Receives no tax dollars. Delivers 41% of WORLDs mail volume. Japan comes in second with 8%. Provides mail service to everyone in the US at the same price including by mule train to the bottom of the Grand Canyon. FedEx & UPS CEOs comp MILLIONS each and FedEx & USP only deliver where it’s profitable. They won’t deliver in really rural areas.