Postmaster's Pension Parachute

The financial news at the Postal Service certainly has not been good lately, with a total of $8.5 billion in losses in fiscal 2010. Amidst the difficulties, Postmaster General John E. Potter announced in October that he would retire next month.

But the Washington Post's Ed O'Keefe reports today that Potter will get a pretty soft landing. He is slated to receive about $5.5 million in deferred compensation, retirement benefits and accrued annual leave when he departs.

Potter's been with the Postal Service for 32 years, 10 of them as postmaster general. So much of his retirement compensation is due to sheer longevity (he'll get more than $3 million in Civil Service Retirement System benefits alone). And of course, being postmaster general is as demanding as just about any corporate job you can find. So generous compensation comes with the territory. But any way you slice it, that's a pretty nice package.