This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

UPS Contract With International Brotherhood Of Teamsters Approved

ATLANTA, April 24, 2014 (GLOBE NEWSWIRE) -- UPS (NYSE: UPS) today was notified by the International Brotherhood of Teamsters (IBT) that the Master Agreement between UPS and the IBT was approved for implementation on April 25 for all UPS employees covered by the Agreement.

"We are pleased with this notification and we will move forward to implement the terms of the contract," said Scott Davis, UPS chairman and CEO.  "This contract provides improved wage and benefit coverage for employees and offers needed stability and flexibility that will help UPS compete effectively and remain a preferred employer offering the industry's best jobs."

Key elements of the collective bargaining agreement are as follows:

  • The contract is effective from 8/1/13 to 7/31/18 and applicable retroactive benefits payments will be made to employees within 30 days.
  • Competitive wage and benefit increases over the 5-year term of the agreement with a new base wage for part-time employees of $10 per hour.
  • Transition of Teamster-represented employees from UPS-sponsored health care plans to multi-employer health care plans. This includes a pre-tax cash payment of $2.3 billion and the transfer of $1.2 billion of postretirement obligations by UPS to the multi-employer plans, as well as a pre-tax charge of approximately $1.1 billion.

Additional information about the agreement is available at www.investors.ups.com .

About UPS

UPS (NYSE:UPS) is a global leader in logistics, offering a broad range of solutions for the transportation of packages and freight, including innovative delivery options for the global consumer market; the facilitation of international trade, and the deployment of advanced technology to more efficiently manage the world of business.  Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide.  The company can be found on the Web at ups.com ® and its corporate blog can be found at blog.ups.com.  To get UPS news direct, visit pressroom.ups.com/RSS.

# # #

CONTACT: Dan McMackin					
         dmcmackin@ups.com
         (404) 828-7123

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,056.93 -14.29 -0.08%
S&P 500 1,973.38 -4.42 -0.22%
NASDAQ 4,492.5870 -13.2650 -0.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs