Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Arconic to Freeze Some U.S. Pension Benefits Decision Will Affect 7,900 Employees

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Arconic to Freeze Some U.S. Pension Benefits Decision Will Affect 7,900 Employees

Article excerpt

Arconic disclosed Monday that it is freezing pension benefits for all of its approximately 7,900 U.S. salaried and nonunion hourly workers effective April 1, making the manufacturer the latest in a growing list of companies reining in their pension obligations.

The company said the decision will lower its 2018 pension-related expense by about $50 million from last year's levels and reduce overall liabilities by about $140 million.

Arconic said it will contribute 3 percent of the affected employees' pay to the company's 401(k) plan. In addition, the company will make matching contributions of up to 6 percent of eligible compensation to the retirement savings plan.

And the company will make additional 3 percent contributions to the 401(k) accounts of the affected employees from April through December of this year. …

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