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Article: Telcordia's cash balance plan takes lessons from previous conversions; Wait pays off for company's pension plan.(Telcordia Technologies)(Brief Article)
- Article from:
- Business Insurance
- Article date:
- November 19, 2001
- Author:
CopyrightCOPYRIGHT 2001 Crain Communications, Inc. 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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PISCATAWAY, N.J.-Telcordia Technologies on Jan. 1 will add a cash balance pension plan and give employees a choice between the new plan and its existing $2 billion pension plan.
Telcordia, a subsidiary of San Diego-based Science Applications International Corp., may be one of the last telecommunications companies to add a cash balance plan, but its leisurely pace has helped pension executives create a state-of-the-art plan, said Bruce R. Lasko, manager of retirement plans for Telcordia.
``We tried to learn lessons of previous conversions,'' Mr. Lasko said. ``There are advantages of waiting. It's a great deal with the (early retirement) subsidy we put in. ...