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NCR registers new approach to pension plan; Latest to phase out defined benefit plan.(News)(NCR Corp.)
Business Insurance, July, 2004 by Geisel, Jerry
Byline: JERRY GEISEL DAYTON, Ohio-Another major U.S. employer is phasing out its defined benefit pension plan. Information technology giant NCR Corp. of Dayton, Ohio, plans to close off its $2.8 billion pension plan to new and younger employees and beef up its 401(k) retirement savings plan.
Older employees will be given a choice of continuing to earn benefits in the pension plan or ceasing benefit accruals and instead becoming eligible for an enhanced 401(k) plan match. Under the changes, NCR will sweeten its 401(k) plan match for employees under age 40 or hired on or after Sept. 1, 2004. NCR will match 100% of employees' contributions on the first 4% of pay and 50% of contributions on the next 2% of pay. Currently, NCR matches 75% of contributions on...
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