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Article: DuPont's traditional pension plan to end: It is the latest U.S. firm to get rid of its defined-benefit plan for 401(k)s. It will also end, for new hires, a subsidy for retiree health-care insurance.
- Article from:
- The Philadelphia Inquirer (Philadelphia, PA)
- Article date:
- August 29, 2006
CopyrightCOPYRIGHT 2006 The Philadelphia Inquirer. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bob Fernandez
Aug. 29--DuPont Co., which for decades has been known for generous employee benefits, said yesterday that it would close its traditional pension plan to workers hired after Jan. 1 and sharply reduce contributions to the old-style plan for current employees. The Wilmington chemical firm is the latest U.S. company to ditch its defined-benefit plan, which pays a retiree a set amount each month, in favor of an enhanced 401(k) plan. Similar moves have been taken by Unisys Corp., International Business Machines Corp., Alcoa Inc., Hewlett-Packard Co., Verizon Communications Inc., and Sprint Nextel Corp. Companies have said the plans are ...
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