For many of those who do take the plunge, the reality of early retirement can turn out to be far different than the fantasy. 803. An employer’s promises to pay future benefits are said to be fully funded if there is a dedicated fund with assets equal to the present value of expected future payments to current and former workers. [24] Under the circumstances, Congress granted short-term relief, passing legislation to reduce the 2009 RHBF contribution to $1.4 billion. The employee does not convert to an individual policy when basic insurance as an employee would otherwise cease. Vacation Time & Sick Leave: We offer generous vacation and sick leave benefits, as well as 10 paid holidays per year to our employees. Congress and the Administration told the Postal Service to eliminate within a decade 80 or 85 percent of an unfunded liability that had built up over several decades of pay-as-you-go financing, with the remainder to be eliminated more gradually over a longer time frame. In 2002, at the request of the General Accounting Office (GAO),[7] the U.S. Office of Personnel Management (OPM) examined the adequacy of the Postal Service’s pension funding. Unfortunately, within a year of PAEA’s enactment, the Great Recession began, electronic diversion intensified, and mail demand nosedived. [53] The military credits mentioned earlier add a wrinkle, but it is still accurate to say that the RHBF contributions were in the rate base. Under the Service’s plan, which would require Congress’s approval before it could be implemented, postal retirees would not enroll directly in Part D. Instead, the health plans they select within the FEHB system would deal with Medicare (Centers for Medicare and Medicaid Services) to obtain Part D subsidies and prescription drug discounts. [30] In 2015, the Service ended the year with a much more comfortable $6.6 billion in cash and cash equivalents. Congress made the right call when it lowered the 2009 RHBF contribution from $5.4 billion to $1.4 billion. The funded amount reflects contributions and interest earned on contributions. As can be seen in Table 1, the Postal Service contributed a total of $20.9 billion to the RHBF, all of which occurred in the years 2007-2010. [7] The name of this government watchdog agency was later changed to Government Accountability Office, but it kept the same acronym. If you have a job that offers you health insurance benefits but you've chosen to waive that health insurance (in favor of being covered under your spouse's plan), you'll be eligible for a special enrollment period at your workplace when you lose access to the insurance plan your spouse had pre-Medicare. This can amount to big savings on health care costs, since FEHB pays 72-75% of the cost. … In fact, mail volume is increasing.”[50] There seemed to be a window of opportunity for fixing the Service’s largest unfunded liability while the Service was still on the upswing. Because postal rates had previously increased enough to cover pension costs and a temporary escrow account into which pension “savings” were placed in 2006, the Service’s rates should have been high enough to cover its RHBF contributions. Sources: Government Accountability Office and Postal Service. 2-3, https://www.congress.gov/108/crpt/srpt35/CRPT-108srpt35.pdf. The Service may be able to implement some minor adjustments in fringe benefits, perhaps in consultation with its workers, but because of the legal barrier, it generally takes acts of Congress to make major changes. Several months before its first default, then Postmaster General Patrick Donahoe warned in congressional testimony, “We have insufficient revenue to cover our costs and are rapidly approaching our statutory debt limit of $15 billion. If the Service had continued with pay-as-you-go, its financial statements during the last decade would have appeared much less dire. [75] For the objections of postal retirees to the proposed mandate, see Richard G. Thissen, “Keep Promises Made to Postal Retirees,” The Hill, July 20, 2016, http://thehill.com/blogs/congress-blog/economy-budget/288389-keep-promises-made-to-postal-retirees. health premiums to participate in the Federal Employees Health Benefits (FEHB) Program on a pre-tax basis will be required to make an election to do so in accordance. GAO found that: (1) frequent presidential use of alternative pay rates caused pay for federal employees to lag significantly behind that for private sector employees; (2) an 18.28 percent federal pay increase would be necessary to achieve ... The Service provided two sets of estimates, based on whether Congress held the Service responsible for the increased pensions received by certain postal employees due to prior military service. For a summary of the draft legislation prior to markup, see “Draft Postal Service Reform Act of 2016; Summary,” House Committee on Oversight and Government Reform, https://oversight.house.gov/wp-content/uploads/2016/06/Summary-of-Postal-Service-Reform-Act-FINAL5.pdf. 9.). cit., p. 10.. [46] The Pew Charitable Trusts and the John D. and Catherine T. MacArthur Foundation, “State Retiree Health Plan Spending,” p. 5, May 2016, http://www.pewtrusts.org/~/media/assets/2016/05/stateretireehealthplanspending.pdf. The Presidential Commission had previously recommended “funding a reserve account to address these [unfunded retiree health benefit] obligations to the extent that Postal Service finances permit” in order to improve transparency and “so future ratepayers are not forced to pay for postal services delivered to the nation today.”[15], After PAEA’s enactment, the Service declared in its 2007 Annual Report, “This [fund] is a farsighted and responsible action that places the Postal Service in the vanguard of both the public and private sectors in providing future security for its employees, and augurs well for our long-term financial stability upon successful completion of the payments.”[16] The only concern the Service expressed at the time (correctly, as later events proved) was that Congress had selected a very rapid funding schedule: “In the near term, however, these payments [for 2007-2016] will be a considerable financial challenge.”[17]. Postal Service, “Using U.S. If the investments encountered a prolonged period of low returns, the Service’s unfunded liability would mushroom and taxpayers would almost surely have to cover the shortfall. This means you can enroll in a health plan even if it's outside the annual . Postal Service, Annual Reports, various issues. This book was written to help describe elements of the workers' compensation insurance programs in the U.S. and the potential to utilise the records for public health purposes. [51] In May 2006, the Postal Service sought a second, larger rate hike, with a small portion of that attributed to the escrow expense. Because the Postal Service has defaulted on all subsequent contributions, however, fund assets have risen slowly since then, with interest earnings on prior contributions the only source of growth. In 2009, however, mail demand was sharply lower due to the Great Recession, intensified use of e-mail, computer bill-paying, and other electronic diversions. (Defined contribution retirement plans, such as 401(k)s, are rapidly replacing defined benefit pensions in the business and nonprofit sectors. See, for example, Schiff Benefits Group, “What Is an Employer Group Waiver Plan “Egg Whip” (EGWP) and Why Is It Important?” http://schiffbenefitsgroup.com/employer-group-waiver-plan-series-800. Postal Service Is Under Attack,” 2016, http://www.apwu.org/sites/apwu/files/resource-files/Our%20U.S.%20Postal%20Service%20Is%20Under%20Attack.pdf. Postal Service, Annual Report, 2007, p. 26. https://about.usps.com/who-we-are/financials/annual-reports/fy2007.pdf. As a rule, you would pay the same amount for your coverage as a retiree as you did while employed. As a result, career postal workers are generally eligible to receive health coverage through the Federal Employees Health Benefits (FEHB) Program. Retirees can't participate in premium conversion when they pay FEHB premiums with pre-tax dollars. Together with other costs, that obligation contributed to the Service’s $5.1 billion net loss in 2015. Hence, the costs of current operations seem $2,500 lower than they really are and the net income from current operations appears $2,500 higher. [24] U.S. … If not for that [prefunding] requirement, the Postal Service would have done quite well financially over the last few years.”[82] The basic flaw in these arguments is that they try to wish away the Service’s retiree health care obligations. For over 80 years, our goal has remained the same: to improve lives through tax policies that lead to greater economic growth and opportunity. This does occur during the transition. By not approving a midcourse correction, Congress forced the 2012 default and emboldened the Service to refuse, since then, to contribute even a cent to the RHBF. Contact Us. You can keep your existing life insurance when you retire, but you must submit questions or claims directly to the Office of Federal Employees' Group Life Insurance. Postal Service would be required to also enroll in Medicare alongside their standard benefits package under a new Senate bill. If you started working for the Post Office before 1984, you probably fall under the Civil Service Retirement System, unless you voluntarily switched to the newer Federal Employees Retirement System. [34] U.S. If you add your email address to your comments, we strongly suggest you use an address that does not include your name. We have been proudly serving America's workforce since 1960. TTY users can call 1-800-325-0778. The Service paid the $3.1 billion but defaulted on the rest. The RHBF also received $17.1 billion from an overfunded pension account. Education resources to inspire well-being. This causes short-term financial statements to understate true costs and may lead to a false sense of confidence. ], This is true. PAEA directs OPM to redetermine the unfunded liability in each subsequent year and revise the amortization schedule accordingly. An employee who retires with an immediate annuity retains Basic Life Insurance (not accidental death and dismemberment) if all of the following requirements are met: The employee retires from a position in which insured. pp. That is a concern because Medicare’s long-term finances are even worse than those of the Service, with Medicare Part A projected to go broke in 2028. Retiree health benefits and the Service’s finances after 2016. You can keep your existing life insurance when you retire, but you must submit questions or claims directly to the Office of Federal Employees' Group Life Insurance. [60] U.S. [32] The difference, $54.8 billion, is the unfunded retiree health benefit liability as of the end of 2015. Yes, it is more than twice as big as the next largest. Postal Service, your personnel file is transferred to the Office of Personnel Management for administration of your pension and some, but not all, of your benefits. There is no penalty for joining after age 65 if you were working and covered by employer insurance (subject to the same exception for small firms). Congress decided the pension “savings” could help patch the retiree health benefit underfunding. Those contributions may have influenced decisions by the Service to reduce maintenance and capital spending. Second, if the future obligations are small, it may not be worth the administrative expense of setting up a dedicated funding source. It clearly was. Postal Service and the Census, United States House of Representatives, March 13, 2014, https://oversight.house.gov/wp-content/uploads/2014/03/Williamson-USPS-Statement-USPS-Unfunded-Liabilities-3-13.pdf. Benefits already promised should not be rescinded, but, to improve equity and efficiency, should Congress consider prospective changes that would bring federal workers’ retirement benefits more into line with those of other U.S. workers? What insurance do retired postal workers have? For example, if an employer hopes to finance pension commitments as they come due in the future solely out of future earnings, that would be a 100 percent pay-as-you-go approach. EGWPs, which sometimes go by the nickname “Egg Whip,” [72] can be traced to the Medicare Modernization Act of 2003 (P.L. Postal Service-Specific Assumptions for Calculating the Retiree Health Care Liability,” FT-MA-13-022, September 27, 2013, https://www.uspsoig.gov/sites/default/files/document-library-files/2013/ft-ma-13-022.pdf; Office of Inspector General, U.S. Postal Service, “Postal Service Proposal: Use Of Savings For Fiscal Years After 2005, P. L. 108-18,” 2003. [12] See Congress.gov, https://www.congress.gov/bill/109th-congress/house-bill/6407/actions. The main reason for the surplus was that the Service’s contributions to the pension fund were earning higher interest rates than had originally been anticipated. 5) Disability retirement is approved by DOL Workers Comp. Postal Service-Specific Assumptions for Calculating the Federal Employees Retirement System Liability,” FT-MA-13-024, September 27, 2013, https://www.uspsoig.gov/sites/default/files/document-library-files/2013/ft-ma-13-024.pdf; and Office of Inspector General, U.S. In 2011, Congress allowed the 2011 contribution to be delayed to 2012 after the Service informed key members of Congress it was dangerously short of cash. Under old law, rates were set on a cost-of-service basis. This concern reflected the facts that the promised benefits entail massive future liabilities and that delivering the benefits is a firm commitment to current and former postal employees. Health Benefits Program (SHBP) or School Employees' Health Benefits Program (SEHBP) is also available . For government employers, the funded approach reduces the hazards that unfunded obligations will eventually require large tax increases, such as those being felt now by Chicago property owners as the city tries to shore up dangerously underfunded pensions,[42] drastic cuts in government services, and, in extreme cases like Detroit and Puerto Rico, contribute to bankruptcy or its equivalent. Contact 1-800-MEDICARE for more information. The question that should be asked, though, is whether the Service’s retiree health liabilities are large enough and binding enough to pose significant risks to future mail users and taxpayers. Otherwise, if you are age 65 or older, you may be able to buy it. For a government-owned enterprise with a large monopoly market, such as the Postal Service, the risks due to not funding deferred compensation are cutbacks in service quality for monopoly-market customers, higher postal rates within the monopoly, shifting costs to other government programs, and perhaps a taxpayer bailout. The distribution must be from a retirement plan maintained by the employer from which the taxpayer retired as a public safety officer and cannot be from some other retirement plan. [23] Specifically, the transfer was from the Civil Service Retirement and Disability Fund (CSRDF), which holds CSRS assets, to the Postal Service Retiree Health Benefits Fund (RHBF). The main change in markup was revision of a section dealing with the Service’s Board of Governors. You can pay through payroll deductions or direct (See Michael Schuyler, “An Ounce Of Prevention Is Worth A Pound Of Cure: A Cautionary Lesson For The U.S. [36] If the Service had been able to maintain PAEA’s funding schedule, the liability would now be approximately 80 percent funded.[37]. Retiree health coverage is a valuable fringe benefit for postal workers but a major expense for the Service. Because no contribution is actually made, there is no addition to fund assets. Early this century, Congress, the Administration, the U.S. General Accounting Office (GAO), and a bipartisan presidential commission expressed concern about the lack of funding. [61] Over the same period, the Service’s required RHBF contributions (including payments on which it defaulted) were $49.0 billion.[62]. [31] U.S. As discussed earlier, Congress, the Administration, GAO, and the bipartisan President’s Commission on the United States Postal Service were all worried by a postal retiree health care liability that was extremely large, entirely unfunded, and rapidly growing, reaching $74.8 billion by the end of 2006. Congress decided to have a transition period between the new and old financing systems. We offer a variety of Health, Dental, Vision, Life Insurance & Long Term Care benefits to employees. [34] After PAEA’s enactment, however, the assets of the RHBF built up rapidly. In addition, $17.1 billion was transferred from the fund holding the CSRS surplus. [38] Rectanus, op. [8] In response, the Bush Administration called for legislation to head off the pension overfunding, and Congress promptly enacted the Postal Civil Service Retirement Systems Funding Reform Act of 2003 (P.L. The Service has lost money nine years in a row, with total losses of $56.8 billion for 2007-2015. The reason is that the full costs of operations are reported when they occur. [37] This was computed by the author by adding to fund assets the difference between the payments specified in PAEA and actual contributions, plus interest on the difference. Consequently, when PAEA replaced both the escrow account and responsibility for the military credits with roughly the same amount of RHBF contributions, the earlier price increases should have covered the RHBF’s cost. In your responses, please do not to include any personally identifiable information (name, address, phone number, etc.) [84] See President’s Commission, op. The House Committee on Oversight and Government Reform has approved legislation that would permit these investments (The Postal Service Financial Improvement Act of 2016, H.R. Union support was doubtful, however, because of concerns about whether the revised benefits would be as advantageous as current ones. The Service has a plan to slash its retiree health care liability by requiring Medicare-eligible retirees to enroll in Medicare or lose the health benefits promised by the Service. Found insideTo do that, you need accurate information that helps you steer clear of bad advice and costly pitfalls. Medicare For Dummies is the practical guide you need to navigate Medicare successfully and get the best of the system. [38] Another major Postal Service liability is the $15 billion it has borrowed from the U.S. Treasury. Retirees pay their portion on a monthly basis. No, PAEA was popular, noncontroversial legislation that garnered broad bipartisan support. Postal retirees would remain in the FEHB Program and would largely retain the overall health coverage they have now, although more of it would come through Medicare. [50] William Burrus, President, American Postal Workers Union, “Setting the Record Straight on Postal Reform,” Submitted to Senate Homeland Security and Government Affairs Committee, April 14, 2005. Insurance, Health & Wellness Financial & Retirement Family & Parenting Vacation & Time Off Perks & Discounts Professional Support. ), * Postal Accountability and Enhancement Act of 2006 (P.L. In addition, the economy had avoided a severe recession for a quarter century, which led to a widespread belief that the economy had entered “The Great Moderation.” Although many observers were concerned mail demand would eventually falter, William Burrus, the president of the American Postal Workers Union (APWU), was still able to insist in congressional testimony, “Does the expansion of e-mail and electronic bill payment mean that a decline in hard-copy communication is inevitable? Find comprehensive, affordable health benefits for postal workers, federal employees and retirees. [69] Few federal retirees enroll in Medicare Part D (Prescription Drug Coverage) because the FEHB Program generally gives them comparable or superior benefits. Another would be to shift costs to other government programs. Would you consider telling us more about how we can do better? cit. Consequently, FEHB pays less of the claim because Medicare pays more. Even after one obtains and secures the benefits under Federal Disability Retirement (annuity, health insurance, etc. That would let the Service reduce future RHBF contributions by assuming, in advance, high stock market returns. ©2021 APWU Health Plan | All rights reserved. The Health Insurance Portability and Accountability Act (HIPAA) provides special enrollment rights in other group health coverage for workers and their family . Federal employee health coverage. Answered July 3, 2016 - City Carrier Assistant (Former Employee) - Brooklyn, NY, queens ny, YOU HAVE TO PASS A 3 MONTH PROBATION PERIOD THEN AFTER A YEAR YOU ARE ELIGIBLE FOR A WEEK OFF AND BENEFITS, BUT YOU AREN'T ALLOWED A DAY OFF BEFORE A YEAR OF WORKING THERE. For example, the FEHB premiums of Postal Service employees are less as a result of union negotiations; however, when they retire, they pay the same premiums as the majority of federal employees and retirees. [25] P.L. Unfortunately, the retiree health benefit commitments are very real and very costly. The Postal Service can raise the prices of competitive products at a faster clip, but it appears to be more interested in volume growth for those products than in profit maximization. By the end of fiscal year 2015, the funding ratio, at 48 percent, was close to what it had been in 2010, but the dollar amount of the unfunded liability had increased from $48.6 billion to $54.8 billion. [3] See, for example, “Collective Bargaining Agreement Between American Postal Workers Union, AFL-CIO and U.S. Eligible employees can choose to enroll in up to three different flexible spending accounts during Open Season. [54] The Service has tried to narrow its deficits through cost reductions, but its efforts there have been slowed because of various cost-management restrictions it faces as a government enterprise. Postal Service (USPS) is entirely due to the burdensome prepayments for future retiree health care benefits imposed by Congress in the PAEA. The Senate, but not the House, passed legislation, the “21st Century Postal Service Act of 2012” (S. 1789, 112th Congress), that would have permitted these changes if postal unions agreed. After weighing those debts against the Service’s other costs and its revenues, GAO has reached the reluctant conclusion that the “USPS continues to incur deficits that are unsustainable.”[65] To be fair, the Postal Service could argue that losses over the period 2007-2015 have been enlarged because of the accelerated retiree health benefit funding schedule in PAEA. group health plan. (Someone who was a Federal employee on January 1, 1983 or since automatically qualifies.) Our work depends on support from members of the public like you. Legislation was required for the change to take effect because PAEA specified the dollar amounts owed in each year from 2007 through 2016. If you do not continue health insurance coverage at retirement, you will not be allowed to elect state health insurance at a later date as a retiree. [18] P.L. A third option would be to place the burden on postal retirees by denying them the benefits they were promised. 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