CHICAGO - United Parcel Service Inc., the world's biggest parcel-shipping company, and the Teamsters union agreed on a tentative contract yesterday, a union spokesman confirmed.
The agreement beat a Monday deadline that the union had set for a tentative contract. Details of the tentative agreement were not immediately available.
Teamsters at UPS must vote to ratify the agreement.
UPS had sought in the talks to withdraw from the Central States Fund, a multi-employer pension plan for 42,000 Teamsters members at the company. The company sought to establish a new plan for workers that would be jointly managed by Atlanta-based UPS and the union.