Financial Services Industry
Industry: Email Alert RSS FeedLooking out for its own: Callaway putts toward new DB plan; Golf company hires consultant to analyze design and cost of new vehicle.(Callaway Golf Co., defined benefit plan)
Pensions & Investments, November, 2002
Byline: Arleen Jacobius CARLSBAD, Calif. - Callaway Golf Co.'s board is investigating starting a defined benefit plan. Board members at Callaway, Carlsbad, hired Buck Consultants, New York, to analyze plan design and cost of a hybrid defined benefit plan for all full-time employees, said Julie Adamik, Callaway's senior manager of global benefits.
Currently, Callaway has a $70 million 401(k) plan for its 2,000 domestic employees. So far, Callaway's board has postponed making the decision on the defined benefit startup until possibly next April. Launching a defined benefit plan would be ``a huge, huge undertaking,'' Ms. Adamik said. Callaway isn't alone. Earlier this year, Baker Hughes Inc., Houston, which has a $1.2 billion 401(k) plan, also added...
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