- BusinessBloomberg•18 hours ago
UPS to Freeze Pensions for 70,000 Workers to Reduce Costs
United Parcel Service Inc. will freeze a pension plan for about 70,000 nonunion U.S. employees because of escalating costs and volatility in determining future payments, replacing it with a different retirement benefit. UPS joins companies including DuPont Co. and Lockheed Martin Corp. in freezing pensions, which means that some or all participants may stop accumulating benefits. UPS’s retirement obligations are on top of a $1 billion jump in capital spending being planned for this year to handle a surge in e-commerce shipments. “It’s not a red flag,” said Kevin Sterling, a Seaport Global Holdings analyst. “Combine how much money they are spending on automation and on planes, along with discount
- BusinessMarketWatch•11 hours ago
This is why millennials can’t have nice things (or save any money)
Minor expenses can cause major financial problems. “Millennials are falling victim to common financial vices, such as spending money in coffee shops,” according to a new study by personal-finance site Bankrate.com. The average millennial dines at a restaurant or buys take-out food five times per week and nearly 30% of this age goup say they buy coffee at least three times per week. More than half of millennials (54%) eat out at least three times a week, compared to roughly one-third of Generation X-ers and baby boomers. “Often, it’s the minor, habitual expenses, such as take-out and alcohol, that wreak havoc on your budget,” Sarah Berger, a financial analyst at Bankrate, said. “Preparing meals
- FinanceFox Business•22 hours ago
UPS said to join growing list of companies freezing pensions
United Parcel Service (NYSE:UPS) is the latest company to freeze employee pension plans, according to a report published Tuesday. A growing list of American corporations are freezing pension benefits or transitioning to 401(k) retirement plans. By November 2016, 38 companies in the Fortune 100 rankings had frozen their defined benefit plans, according to Willis Towers Watson.
