Bank of America has informed its employees that it will be freezing its existing pension plans in July and swapping in increases to company 401(k) plans instead, CNNMoney reports.
Employees have been told that they will be able to keep any pension benefits earned but that no further pension benefits will be accrued in the future.
The company, with approximately 282,000 full-time employees, announced that it also plans to eliminate some 30,000 jobs in the next several years.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
