Attention Taxpayers: Despite $15.9 BILLION loss, U.S Postal Service Execs See Boost in Pay.
Despite nearly $16 billion in annual losses announced by the U.S. Postal Service on Thursday, all but one of the top five executives for the nation's mail service had an overall compensation increase this year, records show.
Unlike past years, when the Postal Service’s politically appointed, bipartisan board of governors awarded executives lucrative deferred compensation deals and incentive bonuses, this year’s compensation increases came mostly in the form of pension plan earnings.
Postmaster General Patrick Donahoe, for instance, earned a base salary of $276,840, but even without a bonus or incentive payout, his overall compensation came to $512,093, compared with $384,229 in 2011, according to regulatory filings.
In addition, the Postal Service’s chief human resources officer, Anthony J. Vegilante, received $60,000 in retention bonuses for fiscal 2011 and 2012 on top of his $240,000 annual salary, filings show. Nonetheless, Mr. Vegilante’s overall compensation for 2012 dipped to $363,002, compared with $364,667 the previous year.
A sixth postal executive, acting Chief Financial Officer and Executive Vice President Stephen Masse, was not subject to compensation reporting requirements until this year, and he earned $222,919 overall.
Announcing $15.9 billion in losses for fiscal 2012, postal officials urged Congress to pass legislation that would address a host of issues, including a requirement that the Postal Service pre-fund retiree health care benefits. That mandate alone accounted for about 70 percent of the Postal Service’s net loss for fiscal 2012, officials said.
Read more: Despite $15.9 billion loss, U.S. Postal Service execs see boost in pay - Washington Times http://p.washingtontimes.com/news/2012/nov/15/us-postal-service-loses-159-billion/?page=2#ixzz2CW4VuxHv
Should we bail out the post office?