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There are several key provisions needed in legislation to reform our business model.
These include:
- Requiring the Postal Service to sponsor its own healthcare plan, since a huge portion of our costs go toward health care for employees and retirees. This would go a very long way toward resolving our Retiree Health Benefits (RHB) pre-funding obligation.
- Reforming our business model to remove restrictive governance issues. This would enable us to adapt much more effectively to the competitive marketplace and to changes in our finances.
- Transitioning to a new workforce based on a redefined “employee of the future.” This would include a defined contribution retirement plan for employees joining the Postal Service after 2015—versus a defined benefit plan.
- We also would like to see a proper calculation of our Federal Employees’ Retirement System (FERS) surplus, and to use those funds to reduce the debt of the Postal Service.
Allow me to briefly discuss one of the most important opportunities we have to steady our financial ship. This relates to the way we provide healthcare to our employees and retirees.
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- People:
- Patrick R. Donahoe
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