UPS, Teamsters wrap up liability withdrawal agreement - Pensions and Investments
United Parcel Service Inc., Atlanta, and the $2.6 billion New England Teamsters & Trucking Industry Pension Fund, Burlington, Mass., finalized their agreement to restructure pension liabilities that calls for UPS to pay $1.2 billion in withdrawal liabilities to the union pension fund, according to a company filing Monday with the SEC.
The agreement also includes the creation of a new structure in which UPS will be liable only for the pension benefits of its own Teamster-represented employees. Under the previous multiemployer structure, contributions made by UPS also supported pension benefits of non-UPS participants.
United Parcel Service Inc., Atlanta, and the $2.6 billion New England Teamsters & Trucking Industry Pension Fund, Burlington, Mass., finalized their agreement to restructure pension liabilities that calls for UPS to pay $1.2 billion in withdrawal liabilities to the union pension fund, according to a company filing Monday with the SEC.
The agreement also includes the creation of a new structure in which UPS will be liable only for the pension benefits of its own Teamster-represented employees. Under the previous multiemployer structure, contributions made by UPS also supported pension benefits of non-UPS participants.
