(Bloomberg) -- United Parcel Service Inc. will freeze a pension plan for about 70,000 nonunionU.S. employees because of escalating costs and volatility indetermining future payments, replacing it with a differentretirement benefit.
UPS joins companies including DuPont Co. and Lockheed MartinCorp. in freezing pensions, which means that some or allparticipants may stop accumulating benefits.
UPS’s retirement obligations are on top of a $1 billion jump incapital spending being planned for this year to handle a surge ine-commerce shipments.
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