A United Parcel Service logo is displayed on a delivery truck on October 24, 2014, in San Francisco.
Photo: Justin Sullivan/Getty Images
Photo: Justin Sullivan/Getty Images

UPS to freeze pensions for non-union employees

Sandy Springs-based UPS plans to freeze pensions for non-union employees.

The freeze will go into effect in 2023, according to UPS.

The company plans to shift employees from the pension plan to its 401(k) plan.

UPS will make contributions to the 401(k) plan of up to 8 percent of pay, depending on tenure — in addition to a company match of up to 3 percent. The company also plans to make “transition contributions” for some employees starting in 2023.

Employees will keep benefits earned in the pension plan through 2022.

Retirees already collecting pensions and former employees with vested benefits are not affected by the move.

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