Senators Offer Plan to Keep Postal Service Solvent

Senators announced a bipartisan plan Wednesday to help keep the financially ailing Postal Service solvent and continue six-day mail delivery for at least two more years. According to the Senate bill: The Postal Service would receive a refund of nearly $7 billion it has overpaid into the Federal Employee Retirement System.

The agency would be required to use part of the refund to set up a buyout program aimed at reducing staff by 100,000.

Agency payments of about $5.5 billion into an account to fund future retiree health benefits would be reduced by spreading out the payment schedule.