WASHINGTON, April 9 (Reuters) – The U.S. Postal Service said Thursday it will temporarily suspend employer payments for a federal pension program to conserve cash amid a severe financial crisis.
USPS told the White House Office of Personnel Management it will stop making $200 million payments every other week for its employer contributions for the defined benefit portion of the Federal Employees Retirement System effective Friday. USPS warned Thursday that without reforms it could run out of cash as soon as February.
(Reporting by David Shepardson; Editing by Chizu Nomiyama)