The service will continue to transmit employee contributions to the pension fund and will make payments to the Thrift Savings Plan, a defined-contribution federal retirement plan, Chief Human Resources Officer Anthony Vegliante said in the statement.
"The Congress and the administration have left the Postal Service with no other choice," said Gene Del Polito, head of the Association for Postal Commerce, an Alexandria, Virginia-based group that represents postal customers. "The money's not there, and they can't get any more from customers that already are fleeing the mail."