United Parcel Service Inc. said Wednesday it is offering voluntary retirement plans (VRPs) to a select group of non-operations, eligible U.S. management employees, as part of its organizational transformation initiative. Under the VRP, the package delivery service said a financial buyout will be offered to retire. "This initiative will reduce headcount and lower ongoing operating expense," the company said in a statement. "The financial details of the voluntary program will be disclosed at a future date." The stock, which closed the regular session up 0.4%, was still inactive in after-hours trading. It has tumbled 17.2% over the past three months, while the Dow Jones Transportation Average has shed 4.5% and the Dow Jones Industrial Average has declined 8.8%.