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Companies continue to modify pension plans; FedEx expands cash balance; DB plan freeze at Goodyear.

Publication: Business Insurance
Publication Date: 05-MAR-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Byline: JERRY GEISEL

MEMPHIS, Tenn., and AKRON, Ohio-Two large employers last week announced major changes to their pension offerings, with FedEx Corp. expanding its cash balance pension plan to cover all eligible employees and Goodyear Tire & Rubber Co. signaling the winding up of its defined benefit plan.

Nearly four years ago, FedEx adopted a cash balance plan, offering it to employees hired on or after June 1, 2003. At the time, current employees were given a one-time choice of shifting to the cash balance plan or remaining in FedEx's traditional pension plan.

Under the change announced Tuesday, employees who decided to stay in the traditional plan in 2003 will-effective...

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