USPS going...going...going...

[DGuller]

Pensions should be pre-paid, or rather fully funded.  Only the governments can get away with pay-as-you-go plans.  Is the USPS thing different from mere funding of pension plans?

The USPS thing is different from mere funding of pension plans.

In what way?

[Admiral Yi]

In what way?

My understanding is they have to pre-pay pension contributions for a signficant period into the future.

[DGuller]

In what way?

My understanding is they have to pre-pay pension contributions for a signficant period into the future.

That doesn't make sense.  Unless you need to catch up because your pension fund is underfunded, the yearly contributions should be tied to the yearly increase in pension liabilities.  Then again, I'm not a pension actuary.

[The Brain]

In what way?

My understanding is they have to pre-pay pension contributions for a signficant period into the future.

That doesn't make sense.  Unless you need to catch up because your pension fund is underfunded, the yearly contributions should be tied to the yearly increase in pension liabilities.  Then again, I'm not a pension actuary.

There are several kinds?

[mongers]

In a somewhat related note, Argentina, which is flirting with going the way of Venezuela, nationalized its major airline a few years ago. I was recently on a flight where there was an insert with the president of the country explaining the move. She commented that profits should not be a primary focus of the airline, or the rural parts of the country would have to get around on donkeys. Apparently your transport options in argentina are modern passenger jets, or donkeys. Buses, cars, and even horses must not suited for travel.

On a general note, I can't wait until the Royal Marines assrape the Argies again.

Those days are gone. Tyr is Britain's future now. Contemplate that and weep.

The Royal Marines will do just fine, they're well provided with equipment and the Royal Navy's amphibious lift/assault ships are up the job.
The main SBS base is just down the road from here and they seem to have plenty of nifty equipment.

However the lack of air cover, aircraft carriers along with the dearth of surface AA and surface combat ships would probably be an insurmountable problem.   

[Razgovory]

That's the Seedy I know.

Can't wait till they do the same thing to the Department of Defense or NASA.

Oh, but they won't.

Wait, why would they kill NASA?

They keep talking about antediluvian dates.

[The Brain]

That's the Seedy I know.

Can't wait till they do the same thing to the Department of Defense or NASA.

Oh, but they won't.

Wait, why would they kill NASA?

They keep talking about antediluvian dates.

They keep very well when dried actually.

[MadImmortalMan]

They keep very well when dried actually.

It's all the sugar.

[CountDeMoney]

My understanding is they have to pre-pay pension contributions for a signficant period into the future.

That doesn't make sense.  Unless you need to catch up because your pension fund is underfunded, the yearly contributions should be tied to the yearly increase in pension liabilities.  Then again, I'm not a pension actuary.

They removed the USPS from paying into the federal civilian pension fund--where everybody had 7% of their paycheck deducted and set aside--and forced it to build up a fund that it can start drawing from in 2017.

Pre-paying pension funds isn't necessarily a bad idea--except when the next 75 years' worth of projected costs are required to be paid inside of 10 years.

POSTAL SERVICE RETIREMENT AND HEALTH BENEFITS FUNDING
The United States Postal Service shall pay into such Fund–
    $5,400,000,000, not later than September 30, 2007;
    $5,400,000,000, not later than September 30, 2008;
    $5,400,000,000, not later than September 30, 2009;
    $5,500,000,000, not later than September 30, 2010;
    $5,500,000,000, not later than September 30, 2011;
    $5,600,000,000, not later than September 30, 2012;
    $5,600,000,000, not later than September 30, 2013;
    $5,700,000,000, not later than September 30, 2014;
    $5,700,000,000, not later than September 30, 2015; and
    $5,800,000,000, not later than September 30, 2016.

The Postal Service Retiree Health Benefit Fund already has more than $42 billion in it right now:  equivalent to the projected costs of the next 20 years' of retiree health premiums.  And, they've already overpaid $6.9 billion into another federal pension plan, FERS last year alone;  and yet, when they ask for the money they've overpaid back in order balance their operational losses, they're told no. 

They have been forced to overpay into the retirement fund at an astronomical rate, far beyond what is needed.  Because that's what you do when you want to break government, and privatize its services.

Fun fact:  if it were not for the pre-payment requirements, the USPS would've turned a $110 million operational surplus in 2011.

So honestly--if the USPS has posted a net $20 billion loss from 2007 to 2010, but has paid over $21 billion into the pension fund over the same amount of time, is it really as broken as it looks?

But no, it's obviously a union's fault somewhere.  Even the one that agreed to jettison 110,000 jobs since the 2008 meltdown, 1/5th of the USPS workforce.

[MadImmortalMan]

Seems like pre-paying all of the funds required to cover just the current obligations of the fund plus those projected for the current employees would be sufficient.

Or maybe that does equal about the 75 year limit, I dunno.

[Tonitrus]

Keep the USPS, and jettison the TSA.

Heck, jettison the entire Dept of Homeland Security, and put the Coast Guard back under the Navy where it belongs.

[CountDeMoney]

Keep the USPS, and jettison the TSA.

Heck, jettison the entire Dept of Homeland Security, and put the Coast Guard back under the Navy where it belongs.

Amen on both counts.

[Tonitrus]

Every time I hear "homeland", I want to choke someone.

[CountDeMoney]

Every time I hear "homeland", I want to choke someone.

It's just so...well...British.  Ya know?

[11B4V]

Keep the USPS, and jettison the TSA.

Heck, jettison the entire Dept of Homeland Security, and put the Coast Guard back under the Navy where it belongs.

Amen on both counts.

Fucking Puddle Pirates.