Despite $15.9 Billion Loss, U.S. Postal Service Execs See Boost In Pay


Privatize the Postal Service already.

Washington Times:

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.

Fueling the rise was the fact that his retirement account grew by $186,536. A  37-year employee of the Postal Service, Mr. Donahoe was paid $4.76 per hour  during his first job as a postal clerk.

Meanwhile, two other executives — Ellis  Burgoyne, chief information officer, and Mary  Anne Gibbons, general counsel — also received hefty increases in their  retirement plans.

In fact, Mr. Burgoyne’s retirement plan  grew by more than $270,000, bringing his total compensation to $510,505,  slightly less than Mr. Donahoe‘s. READ MORE

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