Chrysler, following the lead of General Motors, said it would rein in pension costs by freezing the pensions of its salaried employees by the end of the year. The pensions of retirees are not affected, the company said.
The freeze affects about 8,000 U.S. salaried employees. The workers won't lose accrued pension benefits, the U.S. automaker said.
The freeze takes effect Dec. 31, Chrysler said in a statement, noting that the move is "consistent with industry trends" designed to limit pension costs.
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
