Johnson & Johnson will be reducing its retirement benefits for new hires beginning Jan. 1, 2015, according to an internal company memo obtained by the Wall Street Journal.
The memo did not reveal the specifics of the reductions, or whether or not its defined benefit plans will be dropped all together.
Going forward, the new retirement benefits' structure will mirror the way the "benefit landscape has continued to evolve in recent years," wrote Peter Fasolo, J&J's global vice president for human resources.
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