WASHINGTON (Reuters) – The U.S. Postal Service booked a onetime, non-cash benefit of $59.6 billion after President Joe Biden signed financial relief legislation into law, the USPS said on Tuesday.
Struggling with diminishing mail volumes despite having to deliver to a growing number of addresses, the USPS has reported net losses of more than $90 billion since 2007. The bill Biden signed in April repealed the USPS’s requirement that it annually prepay future retiree health benefits and canceled all past due prefunding obligations.
(Reporting by David Shepardson; editing by Jonathan Oatis)
