Blogging Employee Benefits

January 15, 2006

Yet Another Pension Plan Freeze

Filed under: Pensions — Fuguerre @ 6:57 pm

Armstrong World Industries has announced a partial freeze of its U.S. defined benefit pension plan, effective March 1, 2006. [Press Release (1/13/06)] The partial freeze will affect certain salaried workers –

  • Pension benefits will not be frozen for older salaried workers meeting criteria based on age and years of service.
  • Pension benefits for younger salaried workers who do not meet the age/service criteria will be frozen at the end of February. The participants whose pension benefits have been frozen will be eligible for an enhanced matching contribution under the company’s 401(k) plan.
  • Early retirement benefits under the pension plan will be reduced for all plan participants who retire before age 65.

Armstrong World Industries is currently in Chapter 11 bankruptcy.

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