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Cash-strapped U.S. Postal Service still owes retired postmaster
Question of the Day
“Although we governors are a diverse group with varying views on some things, we all agree that Mr. Potter has earned the compensation he has received,” she testified.
The latest financial report also shows that current Chief Financial Officer Joseph Corbett received a $75,000 recruitment bonus for 2009, and $25,000 bonuses were paid to Megan Brennan, the chief operating officer, and Ellis Burgoyne, the chief information officer, as recruitment bonuses in 2011.
Executives are eligible for retention and recruitment awards “designed to attract and retain highly talented and marketable individuals in key postal positions,” the annual financial report states, adding that payment of the awards could be deferred because of the compensation limitations.
Mr. Potter’s replacement, current Postmaster General Patrick Donahoe, received no bonus for 2011, but did receive $30,000 in incentive payments based on awards that were deferred until this year. He previously served as the Postal Service’s chief operating officer.
For fiscal 2011, Mr. Donahoe received a salary of $271,871. He and other top postal executives also received perks that include financial-planning services, parking, physical exams, airline clubs and relocation costs, records show.
According to the report, Mr. Donahoe can earn an extra $103,815 in 2012 depending on his and the Postal Service’s performance. Other top postal executives can earn amounts ranging from $86,250 to $89,525 if they meet performance goals.
The Postal Service reported $5.1 billion in losses for fiscal 2011 this week, after losing more than $8 billion the previous year. However, the overall losses for 2011 would have been more than $10 million if Congress had not postponed a $5.5 billion bill to fund retiree health benefits.
Mr. Donahoe said the Postal Service, which has reduced its workforce by more than 125,000 in the past four years, aims to cut $20 billion by 2015. But he said the Postal Service needs reform legislation from Congress to help return it to profitability.
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
About the Author
Jim McElhatton is an investigative reporter for The Washington Times. He can be reached at email@example.com.
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