United Parcel Service Inc. plans to announce changes to its benefits plan Wednesday, sources told Dow Jones, freezing the pension plans for thousands of non-union employees.
The company’s pension fund is currently running a $10 billion deficit, according to Dow Jones.
UPS has more than 484,000 employees worldwide, and 80% of those employees reside in the U.S. Any retirement plan changes would only affect management, however, and UPS has about 78,000 management level employees.
The company’s pension plan was 76% funded when it had $41.07 billion in obligations at the end of 2016, that’s down from the 90% funding level from 2013.
UPS’s shares fell 0.1% to $110.89 on Tuesday morning.