U.S. House panel approves $46 billion in financial relief to Postal Service By Reuters

 U.S. House panel approves $46 billion in financial relief to Postal Service By Reuters

© Reuters. FILE PHOTO: A U.S. Postal Service (USPS) logo is pictured on a mail box in the Manhattan borough of New York City, New York, U.S., August 21, 2020. REUTERS/Carlo Allegri

WASHINGTON (Reuters) – The U.S. House of Representatives Oversight and Reform Committee voted to provide the cash-strapped U.S. Postal Service (USPS) with at least $46 billion in financial relief over 10 years.

The legislation, which was approved by voice vote, would eliminate a requirement USPS pre-fund retiree health benefits for 75 years and would require postal employees to enroll in the Medicare government-retiree health plan. Instead USPS would pay a small yearly “top up” payment to address actual annual retiree costs.

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