US - Poor fourth quarter results have forced delivery firm UPS to change its 401(k) contribution match, although the company said its existing defined benefit (DB) scheme would remain unchanged.
UPS chairman and chief executive officer Scott Davis said: "The severe decline in economic activity around the world resulted in sharply lower package and freight volumes for UPS.
"Consequently, we're making the tough decisions necessary to adapt our enterprise to today's realities. This includes changes in organizational structure, compensation and network configuration."
As a result it said it was to freeze management salaries and suspend its 401(k) match, although it did not make any changes to its long-standing defined benefit pension plans.
UPS said its reported results for the fourth quarter 2007 included a $6.1bn charge in the US Domestic Package segment related to the withdrawal of UPS employees from the Central States Pension Plan, which had some impact on the results for comparative purposes.
The withdrawal followed ratification of a long-term national master agreement with the International Brotherhood of Teamsters (Globalpensions; 31 January 2008).
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