• UPS News for UPSers

    UPS Announces Change in Pension Accounting Method 

    Published on 01-27-2012 08:55 AM
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    UPS Info for UPSers Adopts Simpler, More Transparent Mark-to-Market Methodology

    UPS (NYSE: UPS) today announced an accounting change relating to expense recognition for company-sponsored pension and postretirement benefit plans. The new method, adopted in the fourth quarter of 2011, will result in simpler, more transparent financial reporting.

    Today's announcement is an accounting change only and does not affect benefits for plan participants. Additionally, there is no impact on pension plan funding or UPS cash flow.

    This improved methodology records actuarial gains and losses, on the income statement, in the year incurred rather than amortizing them over time. A mark-to-market adjustment will be made in the fourth quarter of each year reflecting actuarial gains or losses that fall outside a recognition corridor (10% of the greater of plan assets or benefit obligations). These gains or losses result from changes in discount rates, the reconciliation to actual return on plan assets and other actuarial assumptions.
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    Published on 01-26-2012 07:07 PM
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    UPS Info for UPSers UPS mechanic crushed by truck in South Philadelphia | ABC Local

    A mechanic at a UPS facility in South Philadelphia was crushed after a lift gave way, dropping a truck down onto his body.

    The victim's identity has not been released, but co-workers say he was a long-time employee in his 50's.
    Published on 01-26-2012 10:56 AM
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    UPS Info for UPSers UPS shrinking Kentucky operations, cutting 433 jobs - Atlanta Business Chronicle

    United Parcel Service Inc. is shrinking its operations in Hebron, Ky., after the loss of a major customer, eliminating 433 positions.

    The affected workers are mostly hourly warehouse employees and are not represented by any union. They were notified by the company last week, and about 333 are eligible for separation packages based on length of service. About 100 were temporary or limited contract workers, Rosenberg said.

    UPS Driver Achieves 50 Years of Safe Driving 

    Published on 01-26-2012 09:16 AM
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    UPS Info for UPSers 4 Million Miles Traveled, 35 Million Packages Carried By Ron "Big Dog" Sowder

    A young Navy vet who joined UPS in 1960 has just become the first driver in the company's history to pass the 50-year mark for safe driving as a member of UPS's "Circle of Honor."

    Ron "Big Dog" Sowder (the nickname comes from being the company's longest-tenured safe driver) began his UPS career 50 years ago as a package car driver, delivering to businesses and private residences. In 1976, he shifted to driving tractor-trailers on the open road and has served as a UPS feeder driver ever since. Currently, Sowder transports packages five days a week, making a 306-mile round trip between the distribution center here and the UPS Worldport global air hub in Louisville, Ky.

    Whether driving package cars or tractor trailers, the one constant with Sowder has been safety. More than 5,200 active UPS drivers currently are members of the "Circle of Honor" - meaning they've gone at least 25 years without an accident - but until yesterday, no driver in the company's history had ever hit the 50-year mark.
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    Published on 01-25-2012 10:06 AM
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    UPS Info for UPSers Obama to speak at Las Vegas UPS hub on Thursday - Las Vegas Review-Journal

    President Barack Obama will speak at a United Parcel Service hub in Las Vegas on Thursday, seeking to shore up his standing in Nevada through a speech aimed at workers and the middle class.

    The White House gave no indication whether his speech will be open to the public or limited to guests and news media. Obama is scheduled to leave Las Vegas late morning Thursday for Denver and then Detroit.
    Published on 01-25-2012 10:01 AM
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    UPS Info for UPSers UPS, FedEx Growing by Tapping 'Adjacent Business' - CNBC

    The shipping business is huge, but the sector isn't necessarily experiencing huge growth. UPS and FedEx combine for about $90 billion in revenue, but to get that number above $100 billion, the two companies need to look beyond just shipping.

    In this era of efficiency and globalization, a viable growth engine has emerged: Adjacent Business.
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