UPS restructures pensions, sees 3Q charge of $896M

NEW YORK - UPS is restructuring pension liabilities for about 10,200 of its workers, and will book related costs of nearly $900 million in the third quarter.<br /> <br /> United Parcel Service Inc., the world's largest package company, says it has reached a deal with the New England Teamster and Trucking Industry Pension Fund that creates a second pension plan pool. This will allow UPS to be responsible only for its own employees' pensions and freeze its liability in the original multiemployer pension plan.<br /> <br /> The Atlanta company says the charge represents the present value of its $2.1 billion withdrawal liability from the original pool, which it will pay over the next 50 years.<br /> <br /> The move is subject to approval by local unions.<br /> <br /> UPS employs nearly 400,000 workers worldwide.