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.
Half of this country cannot cope with another recession. These people don’t have savings to tide them through another blight in the job market. They don’t have backup streams of income. They don’t even know what a recession might mean for their investments, with the result that they have not made any preparations. They don’t have an updated resume either — a minor point, except that it says something about preparedness. Such are the alarming findings of a new survey, reminding us once again that for half of us America is a “rich country” in name only. Some 49% say they are living paycheck to paycheck, and 61% admit they lack the savings to cover six months of expenses. The numbers, based on a
The biggest change: Kevin Plank, who founded the company, will retain his CEO role but pass off the title of president to Patrik Frisk, who recently served as an executive for VF Corp. Frisk will also be COO. The result is that six executives will be reporting to Plank instead of 10, which will "finally decentralize some decision making within the company," according to analysis by Susquehanna International Group's Sam Poser. According to Poser, this bodes well for Under Armour.