3M Co. said Monday that it is altering retiree medical plans and eliminating a defined-benefit pension plan for new hires, a benefit once regarded as one of the most generous in the nation.

Current employees and retirees will not see a change to their existing pension plan or to the current 6 percent match to their 401(k) plans, Berry said. But 3M will end its practice of quarterly and annual contributions to the 401(k) plan, which had varied depending upon 3M's performance each quarter, officials said. Instead, the company will contribute a fixed amount.

Courtesy of Minneapolis StarTribune.com