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UPS to take pre-tax charge on new labor contract
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<blockquote data-quote="Returntosender" data-source="post: 1314051" data-attributes="member: 29240"><p>United Parcel Service Inc. on Thursday said that it will record a $1.05 billion pre-tax charge in the second quarter as it moves the remaining 125,000 unionized package delivery employees off its own health-care plan and into multi-employer health-care plans.</p><p>The move will fundamentally change the way UPS pays for its union members' health plans. Instead of being committed to providing benefits on UPS's own plan, it will now pay funds into multi-employer health-care plans, union-run plans that are financed by the workers' employers.</p><p></p><p>The change will help the company to avoid benefit costs that were expected to increase at about 8% each year, UPS said. During a conference call with analysts on Thursday, Chief Financial Officer Kurt Kuehn said that the company had already factored the costs--and the charge--into its earnings forecast for the year.</p><p></p><p><a href="http://www.marketwatch.com/story/ups-to-take-pre-tax-charge-on-new-labor-contract-2014-04-25?reflink=zacks" target="_blank">http://www.marketwatch.com/story/ups-to-take-pre-tax-charge-on-new-labor-contract-2014-04-25?reflink=zacks</a></p></blockquote><p></p>
[QUOTE="Returntosender, post: 1314051, member: 29240"] United Parcel Service Inc. on Thursday said that it will record a $1.05 billion pre-tax charge in the second quarter as it moves the remaining 125,000 unionized package delivery employees off its own health-care plan and into multi-employer health-care plans. The move will fundamentally change the way UPS pays for its union members' health plans. Instead of being committed to providing benefits on UPS's own plan, it will now pay funds into multi-employer health-care plans, union-run plans that are financed by the workers' employers. The change will help the company to avoid benefit costs that were expected to increase at about 8% each year, UPS said. During a conference call with analysts on Thursday, Chief Financial Officer Kurt Kuehn said that the company had already factored the costs--and the charge--into its earnings forecast for the year. [url]http://www.marketwatch.com/story/ups-to-take-pre-tax-charge-on-new-labor-contract-2014-04-25?reflink=zacks[/url] [/QUOTE]
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