Richard J. Strasser, Jr. Chief Financial Officer & Executive Vice President Richard J. Strasser, Jr. Chief Financial Officer & Executive Vice President.

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Presentation transcript:

Richard J. Strasser, Jr. Chief Financial Officer & Executive Vice President Richard J. Strasser, Jr. Chief Financial Officer & Executive Vice President

Work Hours % Change FINANCIAL UPDATE

Cumulative Work Hour Reductions -34M -111M -117M FINANCIAL UPDATE

AP FY 2002FY 2000FY 2001FY 2003 Data Does Not Include IG, PM Relief & Rural Sub/RCR 797,408 Career Employees 748,390 Career Employees Complement Trend FY 2000 – FY 2003 FINANCIAL UPDATE

Total Delivery Trend FY 2001FY 2002FY 2000 (Data in Millions)Note: AMS Data - City, Rural, PO Box, HCR 5.6M Delivery Increase FY M 134.1M FINANCIAL UPDATE

Total Mail Volume FY B pieces FY 2003 Plan 205.7B pieces FINANCIAL UPDATE

CIVIL SERVICE RETIREMENT SYSTEM (CSRS)  “Defined Benefit” (30 years ≈ 60% Salary, Plus Annual CPI Incr.)  Contributions (Payments) Employee 7% Agency 7%  Estimated Actual Cost = 24.4%

Payments In (Including Interest) Unfunded (Annuities Including CPI Increase Annually) Payments Out CIVIL SERVICE RETIREMENT SYSTEM (CSRS)

“Defined Benefit” - Smaller Total Annuity Social Security Thrift Savings (e.g. 401K) Employees 7% Min 19% Max Contributions (Payments) Agencies17.9% Min21.9% Max Fully Funded! FEDERAL EMPLOYEES RETIREMENT SYSTEM FERS

USPS Portion  1974 Law – USPS Will Pay for Full Annuity (Any Pay Increases Generated Increased Annuity Payments)  USPS Pay Over 30 years at 5% Interest  OBRA: 1990 – 1993 Added All Increases in Annuities (CPI) to Pay 15 years at 5% CIVIL SERVICE RETIREMENT SYSTEM (CSRS)

Current USPS Employees  CSRS 240K  FERS 510K CIVIL SERVICE RETIREMENT SYSTEM (CSRS)

$243.6B Future USPS Payments & Employee Contribution Current Fund Balance Amount Required USPS Portion - FY 2002 Dollars Potential Over Funding $71B CIVIL SERVICE RETIREMENT SYSTEM (CSRS)

Current Fund Balance Amount Required $20.5B Funding Required USPS Portion – FY 2002 Dollars CIVIL SERVICE RETIREMENT SYSTEM (CSRS)

FY 2003 Budget Current Employees (7%)$ 734 M 30 Year Payments 2,689 M 15 Year Payments 1,284 M Total$ 4,707 M Proposed Current Employees (17.4%)$ 1,800 M $ 2.9 B CIVIL SERVICE RETIREMENT SYSTEM (CSRS)

FY 2004 Forecast Current Employees (7%)$ 702 M 30 Year Payments 2,655 M 15 Year Payments 1,382 M Total$ 4,739 M Proposed Current Employees (17.4%)$ 1,721 M 40 Year Payments 400 M Total $ 2.6 B CIVIL SERVICE RETIREMENT SYSTEM (CSRS)

Richard J. Strasser, Jr. Chief Financial Officer & Executive Vice President Richard J. Strasser, Jr. Chief Financial Officer & Executive Vice President