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            november 15, 2019

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70,000 non-union employees to have their pensions frozen by UPS


United Parcel Service Inc (UPS) will freeze pension plans for 70,000 non-union employees in the United States from January 1, 2023. Most of the affected employees are in administrative and management positions.
Current retirees will not be affected by the move, Bloomberg reported company spokesperson, Steve Gaut, as saying.
The Atlanta-based parcel giant's pension plans in the US had a US$9.85 billion shortfall at the end of last year, meaning they were only 76 per cent funded, reported American Shipper.
UPS said it will transfer those employees impacted by the pension freeze to 401(k) accounts and contribute funds to those retirement plans. The company will contribute between five and eight per cent of employees' annual compensation to their 401(k) accounts, and match up to three per cent of employee contributions, according to the Wall Street Journal.
In 2016, UPS offered buyouts to all former UPS employees who were vested in the pension plan, with 22,000 accepting the deal, accelerating $685 million in pension benefits that were due last year.

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