Here is a source about unfunded liabilities. Most likely, the liabilities are understated as government pension agencies use phony discount rates to understate liabilities.
http://www.gao.gov/products/GAO-10-455
The USPS is part of the federal government. The federal government does not have a pension portfolio to fund retirement benefits. The argument about overpayment is simply an issue of phony government accounting. Economically, the federal government has unfunded liabilities of $90+ billion for postal workers. These liabilities can only be met by reducing benefits, increasing taxes, or increasing postal rates.
“These liabilities can only be met by reducing benefits, increasing taxes, or increasing postal rates.”
You keep forgetting the other option: printing more money!
And it’s worth noting that the $90 billion figure, even if accurate, isn’t payable all at once — it’s spread out over many, many years.
"Comments: House Subcommittee Chairman Lynch introduced H.R. 5746 on July 15, 2010, which would require the Office of Personnel Management to recalculate the Postal Service's CSRS obligation using a methodology approved by the Postal Regulatory Commission and if it finds USPS has overfunded its obligation, then OPM would have 90 days to transfer this money to the Postal Service's Retiree Health Benefits Fund. The subcommittee passed the bill, but it was not enacted in the 111th Congress. On the Senate side, both Senators Carper and Collins introduced bills, S. 3831 and S.4000, in 2010 that would 1) modify OPM's methodology for calculating the Postal Service's CSRS and FERS pension liabilities and USPS's funding requirements for its retiree health benefits, 2)enhance efficiency and reduce costs, including leeway to close post offices and reduce workforce-related costs, 3) require an arbitrator to consider the Postal Service's financial condition in rendering decisions about collective bargaining agreements, and 4)allow the Postal Service to offer nonpostal products and services that are in the public interest. These bills were not enacted by the end of the 111th Congress. "
I thought something was funny with your GAO stuff ~ and there it is ~ the rest of the story.
GAO itself was the first to notice that the formula used to levy Postal Revenues into the retirement system was different than that used in the rest of the government.
The Postal Inspector General's office also found some serious multibillion dollar overpayments to OPM.
It's a very serious problem.
Frankly, for my purposes they can take the surplus and recalculate my retirement so I recover the full benefit of my earlier contributions.