The U.S. Postal Service is mulling over changes to its employee retirement benefits setup in a move to reduce costs by adopting private sector-like standards, Fedscoop reported Thursday.
Jake Williams writes two recent white papers issued by the USPS inspector general indicated some similarities between the government and private sector’s retirement and benefits provisions.
The report also found that private sector organizations that have transitioned toward a 401(k) plan were able to save between $1 billion and $5 billion, according to Fedscoop.
Williams writes the USPS is prohibited from making changes to its employee benefit plans under current federal law.
The law mandates that the mailing agency select one of two government-sponsored retirement plans administered by the Office of Personnel Management for its employees, the report says.
Fedscoop reports that one white paper calls on Congress to approve a postal reform proposal.