Chamber Applauds Postal Service Retirement System Reform
irement System Reform-Congressional Action Will Keep Postal Rates At Current Levels
WASHINGTON, D.C. — The United States Chamber of Commerce applauded today's House and Senate passage of the Postal Civil Service Retirement System Funding Reform Act of 2003, which will decrease the postal service payment system allowing postal rates to remain at their current levels until 2006.
"Enactment of this crucial legislation will vastly improve the financial health of the Postal Service and prevent an early postal rate increase," said Thomas Donohue, U.S. Chamber President and CEO. "This adjustment will benefit American businesses, large and small that rely on affordable postal rates to sustain and grow their businesses."
The U.S. Office of Personnel Management recently determined that the Postal Service has over-funded its Civil Service Retirement System pension, compared to its liabilities that the Postal Service continues to pay more than necessary to fund its ongoing obligations. The enactment of this legislation will permanently reduce payments by the Postal Service to the retirement system, resulting in considerable savings that will enable the service to hold postage rates steady until at least 2006.
"Swift Congressional action has corrected the payment system and protected businesses from unnecessarily higher postage rates," said Donohue.
This legislation received bi-partisan support in the House and Senate and from the private sector and was strongly supported by the U.S. Chamber on behalf of the business community.
The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.