Business Services Industry
Big chill for pensions as plan freezes grow.(News)(WellPoint Inc. and Unisys Corp freezin their defined benefit pension plans)
Business Insurance, March, 2006 by Geisel, Jerry
Byline: JERRY GEISEL What started as a trickle of employers freezing their defined benefit pension plans is becoming a flood. While pension plan freezes once were an unusual occurrence, last week alone, three large employers-including multibillion-dollar giants WellPoint Inc. and Unisys Corp.-announced that they are phasing out their pension plans in favor of enhanced 401(k) plans.
Those phaseouts follow a wave of freezes unveiled in recent months by such well-known companies as Alcoa Inc., General Motors Corp., Hewlett-Packard Co., IBM Corp., Lockheed Martin Corp. and Sprint Nextel Corp. What is striking about the freezes is the differences in the financial resources of the companies making the changes, the range of industries and plans that are being...
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