United Parcel Service, Inc. (NYSE:UPS) Files An 8-K Entry into a Material Definitive Agreement
Item1.01.
Entry into a Material Definitive Agreement.
On June23, 2017, a subsidiary of United Parcel Service, Inc. (the
Company) amended the UPS Retirement Plan and the UPS Excess
Coordinating Benefit Plan (single-employer defined benefit
pension plans sponsored by UPS) to cease accruals of additional
benefits for future service and compensation for non-union
participants effective January1, 2023.
Concurrently, the Company (through a subsidiary) also amended the
UPS 401(k) Savings Plan (the 401(k) Plan) effective January1,
2023, to make previously ineligible non-union U.S. employees
eligible for UPS Retirement Contributions, which range from 5% to
8% of eligible compensation based on the employees length of
employment. Additionally, the amendment provides for transition
contributions to certain participants starting January1, 2023. If
applicable provisions of the Internal Revenue Code of 1986, as
amended (the Code), would limit any of the contributions to the
401(k) Plan, such contributions will be made to the UPS
Restoration Savings Plan.
Non-union retirees already collecting benefits and former
employees with a vested benefit will not be affected by the
foregoing amendments. Affected employees will keep the benefits
earned in the defined benefit plan through January1, 2023.
The Company will reflect the impact of the remeasurement of the
assets and liabilities of the amended plans and the curtailments
as of June30, 2017.Impacts to the financial statements will be
communicated when the company reports second quarter results on
July27, 2017. The financial impact of these changes were included
in the Companys previously communicated 2017 financial targets.
| Item9.01. Financial Statements and Exhibits. |
(d) Exhibits.
| 10.1 |
Amended and Restated UPS 401(k) Savings Plan effective January1, 2017 |
|
| 10.2 |
Amendment Four to the Amended and Restated UPS Retirement Plan effective June23, 2017 |
|
| 10.3 |
Amended and Restated UPS Restoration Savings Plan effective January1, 2017 |
|
| 10.4 |
Amendment One to the UPS Excess Coordinating Benefit Plan effective June23, 2017 |
UNITED PARCEL SERVICE INC ExhibitEX-10.1 2 d377831dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 UPS 401(k) SAVINGS PLAN AMENDMENT AND RESTATEMENT EFFECTIVE AS OF JANUARY 1,…To view the full exhibit click here About United Parcel Service, Inc. (NYSE:UPS)
United Parcel Service, Inc. (UPS) is a package delivery company. The Company is a provider of global supply chain management solutions. It delivers packages each business day in over 220 countries and territories. The Company operates in three segments: U.S. Domestic Package, International Package, and Supply Chain & Freight. The Company offers a spectrum of the United States domestic guaranteed ground and air package transportation services. The Company’s International Package segment includes the small package operations in Europe, Asia, Canada and Latin America, the Indian sub-continent, the Middle East and Africa. UPS offers a selection of guaranteed day and time-definite international shipping services. The Supply Chain & Freight segment consists of the Company’s forwarding and logistics services, truckload freight brokerage, UPS Freight and its financial offerings through UPS Capital. UPS offers a portfolio of guaranteed and non-guaranteed global air freight services.
