US Postal Service warns employees of "cash crisis", suspends pension contributions

The U.S. Postal Service is suspending its contributions to the Federal Employees Retirement System, a pension plan for its workers and other civil servants, as the agency struggles with mounting losses that put it at risk of running out of funds. "The United States Postal Service is heading toward a cash crisis," USPS spokesman David Walton said in a statement to CBS News. "The step we are now taking to suspend FERS payments helps conserve cash for our operations and other necessary payments." The USPS contributes about $400 million a month to its employee pension plan, the agency said in a statement on Thursday. The postal service said it will continue to send worker contributions to the retirement plan and will also transmit employer automatic and matching contributions, as well as employee contributions to the Thrift Savings Plan, another retirement program for federal workers. Subscribe to the CBS News Texas YouTube channel:    / @cbstexas   Watch CBS News Texas 24/7: https://www.cbsnews.com/texas/live/ Download the CBS News app: https://www.cbsnews.com/mobile/ Follow CBS News Texas on Instagram:   / cbsnewstexas   Like CBS News Texas on Facebook:   / cbsnewstexas   Follow CBS News Texas on X: https://x.com/CBSNewsTexas Try Paramount+ free: https://www.paramountplus.com/?ftag=P... For video licensing inquiries, contact: [email protected]