Saturday, November 20, 2010

Retiring postmaster gets another big payday amid financial crisis

Outgoing U.S. Postmaster General John E. Potter earned nearly $800,000 last year - an increase of more than $60,000 over the previous year - as the U.S. Postal Service faces the worst financial crisis in its history.

Mr. Potter's salary is capped by statute at $273,926, but like other top Postal Service executives, he's also eligible to receive additional money through special incentive compensation to be paid out in later years. The incentive compensation netted Mr. Potter $228,000 for fiscal 2010. He didn't take any incentive money last year and received $135,041 in 2008.

Mr. Potter retires effective Dec. 3 after 32 years with the Postal Service and nearly a decade as postmaster general. His salary and incentive bonus payment, coupled with $219,000 in pension and other earnings, brought his overall compensation package to $798,000, records show.

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