Financial Services Industry
Industry: Email Alert RSS FeedHYBRID OFFERING: 60% of workers at Motorola Inc. embrace firm's new PEP plan.(Brief Article)(Statistical Data Included)
Pensions & Investments, September, 2000 by Jacobius, Arleen
SCHAUMBURG, Ill. -- Close to 60% of Motorola Inc.'s 72,000 employees opted to join the company's new portable, hybrid defined benefit plan. The remainder will stay in the company's $3.4 billion traditional plan. When the one-time defined benefit plan choice went into effect July 1, Motorola executives also selected a new record keeper for its $6.4 billion 401(k) profit sharing plan and managers for that plan's five new investment options from its group of 12 existing managers, said Sheila Forsberg, director of global retirement benefits strategy.
The investment managers oversee the assets in both the 401(k) and defined benefit plans, she said. Northern Trust Corp., which manages the index investments in Motorola's pension plans and was trustee for the...
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