Fedweek

In the wake of the U.S. Postal Service’s recent announcement that it plans to eliminate about 9,000 jobs over the next four years, rumors have begun circulating in postal circles about potential buyout offers. One of the most widely spread versions—which officials say appears to be a fabricated newspaper story–that is making the rounds of postal fax machines goes that there will be a buyout offer of four years of salary for members of all the unionized crafts as well as management level positions at EAS level 15 and above. A postal service spokesman says the rumor has “no merit whatsoever.” Even if there is a postal buyout—and officials have said for the record that they will rely on attrition to achieve the reductions—it likely would be far less generous than that. Another tip-off that the rumor shouldn’t be believed: the fax makes reference to modifying the “85 formula” for retirement eligibility of age and years of service combined. There is no such formula, although one of the standard eligibility combinations (55 with 30 years of service) does, coincidentally, add up to 85.