00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The United States Postal Service said Thursday it will suspend employer pension contributions
00:06under the federal employee's retirement system starting Friday, according to Fox Business.
00:11The agency told Congress weeks earlier it could run out of cash in under a year without reforms.
00:16Chief Financial Officer Luke Grossman said the pause will not have any immediate detrimental
00:21impact on current or future retirees. USPS has reported $118 billion in losses since 2007,
00:28as first-class mail volumes declined to late 1960s levels.
00:31The agency said tariffs, inflation, and higher gasoline prices added pressure.
00:36USPS typically sends about $200 million every two weeks for pension costs and expects to free
00:41up $2.5 billion this fiscal year. For all things money, visit Benzinga.com.
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