The Federal Employees’ Retirement System (FERS) is one of the retirement programs of the U.S. government, and benefits are extended to U.S. Postal Service employees. FERS is administered by the Office of Personnel Management (OPM). Congress established the guidelines for OPM to set contribution rates and can alter them by passing new law or amending an existing law. Postal Service employees who began their careers after December 31, 1983, are automatically enrolled in the FERS. For Postal Service employees, a majority of FERS funding is accomplished through Postal Service contributions.
Highway contract routes (HCR) are the largest single group of contracts in the U.S. Postal Service, with about $3.5 billion spent in fiscal year (FY) 2018. HCR drivers move mail between post offices and other designated stops.
Given the large amount of money the Postal Service spends on...Read More