Joining a trend in the automotive industry, car parts maker Tenneco said Wednesday it's freezing its defined benefit pension plans for nearly all of its U.S. workers. The company will instead offer workers a defined contribution plan, which typically takes the form of a 401(k). The freeze is to take effect at the end of the year with the new plan starting immediately thereafter, the company said in a filing with the SEC. Tenneco expects the pension freeze to save about $11 million pre-tax per year.
August 24, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Car parts maker Tenneco Inc. said Wednesday it is freezing its defined benefit pension plans for nearly all of its U.S. workers, joining a trend in the automotive industry.
Tenneco, with headquarters in Lake Forest, Ill., will instead offer workers a defined contribution plan, which typically takes the form of a 401(k).
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