News for hackers. Stuff that matters.

A comment on Mail delays hit Philadelphia residents, short staffed USPS struggles to keep up. Parent comment

Re:Mail delays hit Philadelphia residents, short staffed USP... by lotsofpulp on Sunday August 02, 2020 @03:40PM (#24031040)
I agree the exact terms of funding requirements (10 years) for USPS were politically motivated to weaken it, but the philosophy of funding accrued benefits is sound, and it was long overdue. The same should be required of all entities issuing defined benefit pensions and retiree healthcare.

Also, I find it ridiculous that retirement medical benefits can just be cut anytime, as they are part of the compensation agreement. It's just a fluke of the law that it was never enshrined like defined benefit pensions were.

I don't see where the USPS is required to use T-bill rates to value liabilities in the tex of the PAEA law:

https://www.govtrack.us/congress/bills/109/hr6407/text

>who shall hold membership in the American Academy of Actuaries and shall be qualified in the evaluation of pension obligations, to conduct a review in accordance with generally accepted actuarial practices and principles and to provide a report to the Commission containing the results of the review.

[ Parent | on HN ]
Re:Mail delays hit Philadelphia residents, short staffed USP... by learc83 on Sunday August 02, 2020 @04:43PM (#24031553)
The philosophy being sound is worthless if the execution is flawed.

As to investing look at page 35-36. It’s not literally just T-bills, but treasury holdings with very low interest rates compared to the kinds of investments private companies are allowed to make.

https://about.usps.com/who-we-are/financials/10k-reports/fy2...

[ Parent | on HN ]
Re:Mail delays hit Philadelphia residents, short staffed USP... by lotsofpulp on Monday August 03, 2020 @12:49AM (#24034332)
Interesting, I would like to see the reasoning for why its all just treasury holdings. I don't see anything in the law that would mandate it.
[ Parent | on HN ]
Re:Mail delays hit Philadelphia residents, short staffed USP... by stjohnswarts on Sunday August 02, 2020 @04:15PM (#24031337)
It's another good idea in theory, but the implementation is being controlled and kneecapped by a party/administration that wants it dead, while throwing up their hands and saying "not our faults". A good idea with a bad implementation is in the end just another bad implementation, forget every word before "bad". Good intentions were claimed but they have no basis in fact. The GOP as a whole is corrupt to its core.
[ Parent | on HN ]