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Postal Service Set to Default on Billions in Prefunding of Retiree Health Benefits
The New York Times; subscription may be required Link to more items from this source
July 19, 2012
"[T]he Postal Service, faced with continuing financial losses because of a drop in mail volume, expects to default for the first time on its annual payment for future retiree health benefits. The $5.5 billion payment, which was deferred from the 2011 fiscal year, is due Aug. 1. The Postal Service is also scheduled to make a $5.6 billion payment for 2012 in September. A spokesman for the agency said that barring intervention from Congress, it would default on both payments."

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