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A quick Google suggests they stopped offering it and moved to a 401k, not that they just canceled their existing obligations. This is generally the popular mov
by jncfhnb 2y ago
A quick Google suggests they stopped offering it and moved to a 401k, not that they just canceled their existing obligations.
This is generally the popular move because pensions plans create huge liabilities over time because you’re promising a final outcome rather than a promised level of funding.
- ghaff 2y agoWhich is extremely common. A ton of companies moved away from defined benefit plans. There's still on the hook (in general) for existing obligations; they can't just go "never mind" for the most part. They've just focused on different retirement benefits going forward.