UPS offering some employees lump-sum payments

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UPS offering some employees lump-sum payments - Pensions and Investments

United Parcel Service Inc., Atlanta, is offering about 50,000 U.S. pension plan participants a lump-sum window, spokesman Glenn Zaccara said in an e-mail.

The population consists of former employees, from non-union and some union plans, who are vested in their respective U.S. pension plans but who have yet to retire, Mr. Zaccara said. The population is restricted to former employees who terminated their UPS employment between July 2003 and June 2016.

“Like many other companies, UPS is providing some former employees with the opportunity and flexibility to choose a lump-sum distribution, rather than having their money tied up in a pension plan. This common practice benefits former employees who voluntarily elect to free up their money, while also benefiting the company by simplifying plan administration,” Mr. Zaccara said.
 
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