Blogging Employee Benefits

February 16, 2006

Ferro Freezes

Filed under: Pensions — Fuguerre @ 8:21 am

“By transitioning to the defined contribution plan, we will be offering competitive benefits that allow employees to take greater control over their financial future.”

Ferro Corporation has decided to freeze its defined benefit pension plan for U.S. employees, effective April 1, 2006. In place of pension accruals, service-weighted employer contributions of 2-8% of employee salary will be made to the company’s defined contribution plan. The company will also be limiting eligibility to its retiree medical and life insurance program to those employees age 55 or older with 10 or more years of service as of 12/31/2006, and who retire by 12/31/2007. [Business Wire, 2/15/06]

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