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.

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