United Parcel Service Inc. plans to freeze pension benefits for about 70,000 nonunion employees.
The Wall Street Journal reports that the freeze will begin in five years and that the company will move those workers to 401(k) accounts and will contribute funds to those plans
The retirement fund had a deficit of $9.85 billion at the end of 2016, according to the report, mostly because of lower interest rates.
Most of Atlanta-based UPS’s 434 workers in the U.S. are unionized and won’t be affected…