The Joplin Globe, Joplin, MO

Business

May 20, 2013

Arkansas Best freezes nonunion pensions

FORT SMITH, Ark. — 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.

The Arkansas Democrat Gazette reports 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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