The financially strapped U.S. Postal Service has temporarily suspended payments to the Federal Employees Retirement System to offset its cash crisis.

USPS is suspending pension contributions to preserve liquidity as officials warn the agency could run out of cash within a year without major reforms.

The USPS has said it will suspend contributions to the Federal Employees Retirement System due to its "severe financial crisis."

The video above aired in a previous newscast. NEW YORK (PIX11)—United States Postal Service employees in New York City, New Jersey, and Connecticut are expected to see a temporary halt

The U.S. Postal Service says it will temporarily suspend its employer contributions to Federal Employees Retirement System annuities to “conserve cash” and continue making payroll, paying suppliers and delivering the mail during the

Suspending FERS payments, effective April 10, will free up about $2.5 billion in the current fiscal year, according to USPS.