The Postal Service announced an annual operating loss of $473 million — a third of the previous fiscal year’s loss — thanks to a one-time adjustment under the Postal Service Reform Act.
The law that guaranteed six-day-a-week delivery also repealed a requirement that the Postal Service fully fund pensions — an onerous requirement that other businesses didn’t have to follow.
He said the new budget includes nearly $3 billion in retirement costs and $1.5 billion in inflation costs that are above what was planned, while mail volume is declining at a rate of about 3% per year.
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