Cash-strapped US Postal Service suspends contributions to pension plan - Reuters

Cash-strapped US Postal Service suspends contributions to pension plan. The US Postal Service has suspended its contributions to its retiree health benefits fund, according to a filing with the Securities and Exchange Commission. The move comes as the agency faces a growing financial crisis, with a projected deficit of $13 billion over the next five years. The Postal Service has been struggling with declining mail volume and rising costs, and has been seeking legislative relief from Congress. The suspension of contributions to the pension plan is expected to save the agency $1.1 billion annually. However, it could also lead to a downgrade of the agency's credit rating, which could make it more difficult for the Postal Service to borrow money in the future.