Retirement benefits (1 - 10 of 66 items) in Custom Date Range
U.S. Postal Service: Key Considerations for Restoring Fiscal Sustainability
GAO-17-404T: Published: Feb 7, 2017. Publicly Released: Feb 7, 2017.
The U.S. Postal Service's (USPS) deteriorating financial condition is unsustainable as a result of trends including:Declining mail volume : First-Class Mail—USPS's most profitable product—continues to decline in volume as communications and payments migrate to electronic alternatives. USPS expects this decline to continue for the foreseeable future.Growing expenses: Key USPS expenses such as...
U.S. Postal Service: Continuing Financial Challenges and the Need for Postal Reform
GAO-16-651T: Published: May 11, 2016. Publicly Released: May 11, 2016.
The U.S. Postal Service's (USPS) financial condition continues to deteriorate as a result of trends including:Declining mail volume : First-Class Mail—USPS's most profitable product—continues to decline in volume as communications and payments migrate to electronic alternatives. USPS expects this decline to continue for the foreseeable future.Growing expenses: Key USPS expenses continue to gro...
Federal Employees' Compensation Act: Analysis of Benefits Associated with Proposed Program Changes
GAO-15-604T: Published: May 20, 2015. Publicly Released: May 20, 2015.
In 2012, GAO ran simulations to analyze proposals—similar to a proposal discussed in the Department of Labor's 2016 budget justification—to set initial Federal Employees' Compensation Act (FECA) benefits at a single compensation rate. GAO found that the proposals reduced the median wage replacement rates—the percentage of take-home pay replaced by FECA—for total-disability beneficiaries. S...
Federal Retirement Processing: Applying Information Technology Acquisition Best Practices Could Help OPM Overcome a Long History of Unsuccessful Modernization Efforts
GAO-15-277T: Published: Dec 10, 2014. Publicly Released: Dec 10, 2014.
In a series of reviews, GAO found that the Office of Personnel Management's (OPM) efforts over two decades to modernize its processing of federal employee retirement applications were fraught with information technology (IT) management weaknesses. Specifically, in 2005, GAO made recommendations to address weaknesses in project, risk, and organizational change management. In 2008, as OPM was on the...
U.S. Postal Service: Status of Workforce Reductions and Related Planning Efforts
GAO-15-43: Published: Nov 13, 2014. Publicly Released: Nov 13, 2014.
From fiscal years 2006 through 2013, the U.S. Postal Service (USPS) decreased the size of its workforce and the number of employee work hours through retirements, attrition, and initiatives to streamline its operations. According to USPS's data, its workforce declined during this period from approximately 796,000 to 618,000 employees, or by about 22 percent. The total number of work hours also dec...
U.S. Postal Service: Health and Pension Benefits Proposals Involve Trade-offs
GAO-13-872T: Published: Sep 26, 2013. Publicly Released: Sep 26, 2013.
GAO has reported that Congress needs to modify the U.S. Postal Service's (USPS) retiree health benefit payments in a fiscally responsible manner. GAO also has reported that USPS should prefund any unfunded retiree health benefit liability to the maximum extent that its finances permit. Deferring funding for postal retiree health benefits could increase costs for future ratepayers and increase the...
U.S. Postal Service: Proposed Health Plan Could Improve Financial Condition, but Impact on Medicare and Other Issues Should Be Weighed before Approval
GAO-13-658: Published: Jul 18, 2013. Publicly Released: Aug 19, 2013.
The U.S. Postal Service (USPS) would likely realize large financial gains from its proposed health care plan, primarily by increasing retirees use of Medicare. Specifically, USPS estimates that its plan would reduce its retiree health benefit liability by $54.6 billion, thereby eliminating its unfunded retiree health benefit liability. The plan would also reduce USPSs required total an...
Federal Employees' Compensation Act: Analysis of Benefits Under Proposed Program Changes
GAO-13-730T: Published: Jul 10, 2013. Publicly Released: Jul 10, 2013.
GAO's simulation found that under the current Federal Employees' Compensation Act (FECA) program, the median wage replacement rate--the percentage of take-home pay replaced by FECA--for total-disability beneficiaries was 88 percent for U.S. Postal Service (USPS) beneficiaries and 80 percent for non-USPS beneficiaries in 2010. GAO also found that proposals to set initial FECA benefits at a single c...
U.S. Postal Service: Urgent Action Needed to Achieve Financial Sustainability
GAO-13-562T: Published: Apr 17, 2013. Publicly Released: Apr 17, 2013.
The U.S. Postal Service (USPS) continues to incur unsustainable operating deficits, has not made required payments of $11.1 billion to prefund retiree health benefits, and has reached its $15 billion borrowing limit. Thus far, USPS has been able to operate within these constraints, but now faces a critical shortage of liquidity that threatens its financial solvency and ability to finance needed ca...
U.S. Postal Service: Status, Financial Outlook, and Alternative Approaches to Fund Retiree Health Benefits
GAO-13-112: Published: Dec 4, 2012. Publicly Released: Dec 27, 2012.
The Postal Service Retiree Health Benefits Fund (PSRHBF) covered about 49 percent of the U.S. Postal Service's (USPS) $94 billion retiree health benefit liability at fiscal year-end 2012. USPS's deteriorating financial outlook, however, will make it difficult to continue the current prefunding schedule in the short term, and possibly to fully fund the remaining $48 billion unfunded liability over...