this post was submitted on 17 Nov 2023
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A Boring Dystopia
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Which has never made sense to me. It's a government service. It's not supposed to be profitable. It just needs to be affordable and reliable.
And yet they used to turn a profit. Until Republicans passed a law requiring them to prefund retirements for 75 years out with the USPS Fairness Act. Fairness Act, which imposes this burden on the USPS while no other federal agency (or private business) is required to prefund retirement benefits...quite fair.
This has been revoked recently, we no longer are required to prefund the plan. One good thing DeJoy has actually done.
It hasn't been beneficial in terms of us getting a raise or anything since there hasn't been a contract with the NALC in almost 2 years now but I'm sure it shows in the now 66¢ cost of a stamp (price may be more by the time I press send on this message).
If I'm reading this article (or this one) correctly the USPS Fairness Act was the thing that stopped the need to prefund retirements. The one you're thinking of is apparently called the Postal Accountability and Enhancement Act.