The Federal Communications Commission on Wednesday announced it was raising the maximum rate of return it can give the pension plans of its employees, up to $1.2 million per year.
That means the Postal Service’s retirees will see a 3 percent increase in their pension contributions starting in 2022.
But, as NPR’s Scott Detrow points out, the Postal Services pension fund was already slated to pay out $1 billion a year in pension contributions in 2022, so the increase means it will pay out just $100 million of that.
That’s a far cry from what its workers have been paying in benefits for decades.
The postal service, which has been struggling to save for retiree healthcare benefits, is facing a $1 trillion deficit and is expected to have $11 billion of pension debt in 2022 alone.
For the first time, the USPS is also raising the retirement age for postal retirees from 67 to 70.
For some of its current retirees, the change will increase their monthly pension contributions by $1 per month.
That will put them on track to get back $1 million in retirement savings by 2022.
The Postal Service is expected raise the pension contributions of its retirees by $700 million per annum, or 3 percent of the postal workforce’s median wage.
The USPS says it will continue to give employees their own retirement plans, which means they won’t have to share a pension plan with their employer.
But it is now also raising eligibility for some postal workers’ pension plans, raising the amount of their retirement payments that can be withheld from their paychecks by an additional $1 for every $1 in additional pension contributions that postal workers make.
Postal workers are also going to have to pay a 3.75 percent tax on the pensions they receive.
They are also required to contribute an additional 1.25 percent to their Social Security benefits, and to contribute back an additional 0.75 percentage on all other pensions.
The pension changes come at a time when many other companies are also raising their retirement age.
Walmart said it is also moving toward a higher retirement age, as it plans to retire at the end of 2021.
The company says it expects to pay about $50 billion to $60 billion to workers, but that the total will be significantly higher because of the tax cuts.
The U.S. Postal Service, which is not affiliated with Walmart, said it has about 1.5 million employees, and it has the most workers of any private company in the country.
The post office said that the pension increases would be made available through its employees’ pension savings.
“We have already paid a record amount of dividends and reinvested a record percentage of profits, and we continue to work hard to keep the mail as the nation’s leading postal service,” said USPS Secretary Thomas L. Friedman in a statement.
The United States Postal Service Retirement System is a separate entity from the Postal Regulatory Commission, which oversees postal retirement systems, and its rules are separate from those of the Federal Communications Commissions pension and healthcare plans.
The Post Office’s pension fund has been one of the most successful in the nation, having invested in its own 401(k) plans, said John P. Rieckhoff, an economist at the nonpartisan Congressional Budget Office.
But he noted that the Postal Retirement System has not received any large corporate donations.
The retirement system has also been hit by a wave of retiree bankruptcies.
Some of the Postal’s pension plans have been among the most troubled, and the Post Office has been forced to turn to other pension funds and other private insurers to fill in some of the gap.
In fact, the Post Service is one of many federal agencies that has struggled to maintain financial stability.
For decades, the postal service has relied heavily on federal government funding to pay its retiree health benefits, as well as for pension payments to postal retirees.
In addition, the retirement system relies on contributions from other federal and state agencies, including education and the Veterans Administration.
The federal government has provided about $3 billion annually to cover health benefits for postal workers since 1984.
But the postal system is in a tough financial position, with just $8.5 billion of its $18.3 billion pension plan available for the next 30 years.
In order to fund the retirement plan, the post office has been borrowing money from other agencies and relying on the federal government for funding.
And it has also had to rely on its pension fund to pay retirees.
The average retirement benefit for workers at the Postal Inspection Service is $16,400 a year.
But that figure includes a pension benefit of about $2,000 for each year of service.
The Pension Benefit Guaranty Corporation, which operates the postal retirement system, is also facing a funding crisis.
The agency is paying more than $1 a month for pensions to retirees, but it is running out of money.
In the meantime, the agency is also working to lower its costs, which include reducing the amount that workers must