Post Office to Run Out of Cash in 2024 Without Help, Chief Says

The U.S. Postal Service will run out of cash in 2024 unless Congress ditches the costly requirement that the service prefund its expected future retiree health benefits, Postmaster General Megan Brennan told a House panel April 30.

The 630,000-employee Postal Service was required under the 2006 Postal Accountability and Enhancement Act to kick in $5.5 billion to $5.8 billion per year for a period of 10 years to pay for its expected future retiree health benefits liabilities. The service already has defaulted on about $40 billion in retiree health prefunding payments to the government since 2012, Brennan said. Congress hasn’t ...