Business Services Industry
Two more employers freeze defined benefit pension plans.(News)(ArvinMeritor Inc.)(Lincoln Financial Group)
Business Insurance, May, 2007
Byline: JERRY GEISEL PHILADELPHIA and TROY, Mich.-Two large employers, Lincoln Financial Group and ArvinMeritor Inc., last week said they will freeze their defined benefit pension plans and enhance their 401(k) plans. Effective Jan. 1, 2008, employees of Philadelphia-based Lincoln Financial no longer will accrue benefits in the pension plan.
The life insurer will improve its 401(k) plan in two ways: by providing an automatic contribution equal to 4% of employee pay, and by matching 100% of employees' salary deferrals up to the first 6% of pay. Currently, Lincoln matches 50% of deferrals on the first 6% of pay. Philadelphia-based Lincoln Financial, which last year reported net income of about $1.32 billion on revenues of just over $9 billion, said the...
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- LIFO vs. FIFO: a return to the basics
- Design a commission plan that drives sales - Sales Commissions
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
