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The U.S. Postal Service says it needs to stop making contributions to employee pension funds in order to save money.
The USPS says it could run out of cash as early as next February, so starting today, it will temporarily suspend employer contributions to the Federal Employees Retirement System, which would free up about two-and-a-half-billion dollars in the current fiscal year.
The agency also announced Thursday a proposal to raise the price of a first-class stamp by four cents. If approved by the Postal Regulatory Commission, the price of a first-class “Forever” stamp will go up from 78 to 82 cents starting July 12th.
