UPS to freeze pensions for non-union workers

Updated: Jun. 27, 2017 at 11:34 PM EDT
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LOUISVILLE, KY (WAVE) - UPS is making changes to retirement plans for non-union employees.

Pension plans will be frozen in 2023, meaning employees will stop accumulating benefits.

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Instead, the package-delivery giant will make increased contributions to employees' 401K plans.

Some longtime employees also will get a transition benefit.

The Atlanta-based company that is also one of Kentucky's largest employers is making the change because of escalating costs and uncertainty in determining future payments.

Union workers and current retirees are not affected.

According to UPS' website, it employs more than 434,000 people globally and reported total revenue of $61 billion last year.

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