"...The cash-strapped U.S. Postal Service has less of a surplus in a pension fund than previously thought, the federal government told the agency late last month.
John Berry, the director of the Office of Personnel Management, said that the surplus in the Federal Employees Retirement Service had shrunk to $2.6 billion in 2012, down from almost $11 billion last year.
Berry told Postmaster General Patrick Donahoe, in a letter obtained by The Hill, that a drop in long-term interest rates was the main cause for the decline in the surplus.
The Postal Service, which is bleeding millions of dollars a day, has been hoping to use the FERS surplus to help stabilize its financial situation. USPS has also defaulted on two separate prepayments for retiree healthcare this year, and has incurred steep losses for years..."
