Time - The U.S. Postal Service announced on Thursday that it’s pausing its payments to a federal pension plan and moving to increase stamp prices in the midst of its “severe financial crisis.”
USPS said that it has informed federal budget officials of its plan to temporarily halt its employer contributions for the defined benefit portion of the Federal Employees Retirement System (FERS). That same day, the Postal Service also said it filed notice with regulators to raise postage rates, including increasing the price of a First-Class Mail Forever stamp by 4 cents.
The agency attributed both changes to the financial challenges it’s currently facing. Last month, Postmaster General David Steiner said that, if no significant changes are made, USPS is set to run out of cash in 2027.
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