Honda has joined a growing list of employers cutting benefits when the automaker’s U.S. arm announced it is dropping pension plans for some employees, reducing benefits for others and shifting retired workers to new health plans to reduce costs.

Honda told workers in a letter obtained by the Columbus Dispatch that beginning in January new employees would no longer be eligible for a defined benefits pension plan. They will be offered 401(k)s instead. In addition, current employees will see their pension payments cut. They already can invest in a supplemental 401(k) plan.

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