Goodyear Puts The Brake On Pension Plans
The pension changes include:
- freezing the current salaried defined benefit pension plans as of December 31, 2008;
- replacing the defined benefit pension plans with enhanced 401(k) savings accounts with varying levels of company contributions for current associates beginning Jan. 1, 2009; and,
- introducing company-matching contributions for the salaried 401(k) savings plan at 50 percent of the first 4 percent of annual pay beginning January 1, 2009.