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Quad/Graphics: Legislative Change Urged for USPS Pension Funding

Press release from the issuing company

December 12, 2002 -- Postal rate stability could be achieved until at least 2006, if not longer, if Congress would pass legislation enabling the U.S. Postal Service (USPS) to change pension contributions. Currently, pension contributions (to the Civil Service Retirement System) are fixed by law. Given that the USPS has been overpaying its pension obligations due to higher than expected yields on investments, now is the time to request legislative change to benefit of the mailing industry. Prior to learning of the pension overpayment, Postmaster General Jack Potter already had publicly stated that a rate-case filing would be required in 2003, with new rates being implemented in 2004. Legislative change would stave off a postal rate increase for several years, providing a much-needed economic stimulus to the direct marketing and advertising industry. Quad/Graphics invites its clients and vendors to contact President Bush to urge his support for legislation to change the manner in which the USPS pays its pension obligations. The legislation is fashioned by the Office of Personnel Management and supported by the Postmaster General. The Association for Postal Commerce provides all the tools for making contact with the President on this issue, including a sample letter that can be emailed free to the President at: [email protected] If you would like to participate in urging President Bush to catalyze change and stop crippling postal rate increases, please click on the link directly below for more information from the Association for Postal Commerce: http://postcom.org/public/csrs/csrs_index.htm.