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UPS restructures pensions, at $900 million cost

UPS said Friday that it is restructuring pension liabilities for about 10,200 of its workers, and will book related costs of nearly $900 million in the third quarter.

By Associated Press | Updated on August 27, 2012

NEW YORK (AP) — UPS said Friday that it is restructuring pension liabilities for about 10,200 of its workers, and will book related costs of nearly $900 million in the third quarter.

The world’s largest package company said it has reached a deal with the New England Teamster and Trucking Industry Pension Fund that creates a second pension plan pool. This will allow UPS to be responsible only for its own employees’ pensions and freeze its liability in the original multi-employer pension plan.

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