Even as Post Office Loses Money, Execs Boost Pay
Padding pensions, mostly
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.