The new plan is a "Portable Account Formula"... Anyone born after after 1/1/1979 or hired after 1/1/2009 (not sure the exact date, but pretty sure it was 2009) was going to be switched, but the feds shut that down and said UPS could only use hire date as the criteria.
For those on the new plan, the 401K match was changed from 3% to 3.5% (no idea how that was impacted by the changes this year, since I'm on the old plan).
Additionally, UPS credits the employee's account based on their salary and age + service... 5% for < 35, 6% for 35 to 54, 7% for 55 to 74, and 8% for > 75. The account would invest the money in treasury notes with a guaranteed 2.5% return (if returns fell below 2.5%, UPS would credit the difference). The employee is 100% vested after 3 years and takes the entire balance with them if they leave UPS.
There may have been changes since that information came out (early 2008) but I haven't received any updates since I was informed I was still on the 'old' pension plan.