The OIG estimated a diversification of investments, as state employee plans use, would have netted $1.2 trillion instead of $298 billion listed at the end of fiscal 2022, per The Hill. A recent OIG report on the historical performance of retirement funds found this lack of authority to diversify investments has resulted in lower returns and an increase in expenses, the USPS noted. Part of the costs outside of the USPS’ control are investment of its retirement funds, which by law are limited to government bonds. Last month, the postal Office of Inspector General (OIG) ordered a public review of various aspects of the 10-year plan, including its call for consolidation of sorting and delivery operations into regional centers.Īccording to an op-ed in The Hill, the USPS is on the Government Accountability Office’s (GAO) biannual list of high-risk federal agencies “vulnerable to waste, fraud, abuse and mismanagement or in need of transformation.” This is an improvement from an earlier projection of a $160 billion loss. But a two-year progress report on the plan, issued last month, now calls for a $70 billion deficit during that period. When presenting the 10-year Delivering for America plan in 2021, DeJoy said efficiencies and revenue gains would help fuel a break-even result for the entire period. “We continue to focus on achieving break-even financial results for the 10-year period, although inflationary and economic conditions, as well as administrative hurdles, have proven difficult.” “The Postal Service is making rapid progress with our 10-year transformation and modernization plan, which has already produced strong service performance and efficiency improvements and is creating a much more capable and effective operational model for the nation,” said Postmaster General and CEO Louis DeJoy in a release. This was thanks to twice-yearly price increases approved in 2022 by the Postal Regulatory Commission (PRC). Postal Service reported a net loss that ballooned by 1.8 billion and a 5 decline in parcel volume for the second quarter, as the USPS faces the same ecommerce declines as other major carriers while wrestling with pain from a major network overhaul, union unrest and battles over its up-and-down EV adoption. While revenue from parcel shipping decreased 2% to $7.6 billion, revenue from first-class mail ticked up a half percent to $6.3 billion, even with the volume drop. First-class mail, which also includes some ecommerce activity, declined 8% to 11.9 billion pieces. Parcel shipping volume was 1.7 billion pieces, down from 1.8 billion pieces a year ago. We’ll update this story when we get a response.Operating revenue for the USPS was $19.3 billion in Q2, down 2.4% from $484 million in 2022. We’ve followed up with an email to the Snopes team asking about the veracity of this latest scam report. Just to play devil’s advocate, we did a search of - an authoritative site useful for separating urban legends from confirmed news about scams and ripoffs - and did not find any info about the mailbox glue scam in their archives. Worth area in 2012 and again in 2014 when it happened in Mount Vernon, NY. But local postal inspectors did confirm this sticky mailbox ploy was going on in the Dallas/Ft. The USPS has not confirmed the veracity of this latest report in The New York Post. The scam seems to be localized to New Jersey at this point. That leaves the crooks free to change the recipient’s name on the check - or add an extra zero or two to the dollar amount - and then cash it themselves. The cash is just a gimme for the bad guys, while checks make the crooks work a little harder.Ĭhecks have to be “washed” by criminals, a special process that removes pen ink from the face of a check. Crooks can then later retrieve whatever envelopes get stuck and rifle through the contents to find checks and cash. The sticky substance basically acts like flypaper it catches letters that people drop down the chute to be mailed. The New York Post says scam artists are coating the inside of USPS mailboxes with a “thick honey-like substance” in a low-tech hack designed to steal your letters and bills. Read more: Fake package notification could be dangerous malware Crooks using honey to get the money? Now an oldie but baddie scam involving outgoing mail dropped in mailboxes is reportedly making a comeback! We’ve told you before about the bogus package delivery scam and the threat that package thieves pose to your shipped goods.
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