FORT SMITH, Ark. (AP) — Fort Smith-based Arkansas Best Corp. says it is freezing its pension plan for employees who are not in a union.
The trucking company announced the move in a regulatory filing on Friday. The freeze includes executive-level employees and other managers.
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The Arkansas Democrat Gazette reports (http://is.gd/Wd3pQD) that, in total, about 3,700 employee pensions will be frozen. The company has 11,250 workers.
Arkansas Best said in a news release that the change is intended to reduce costs to help the firm remain competitive.
Arkansas Best’s largest subsidiary, ABF Freight System Inc., reached a tentative five-year pact with a union representing workers, but the sides haven’t made its contents public.
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Information from: Arkansas Democrat-Gazette, http://www.arkansasonline.com
