Florida’s News 13 explains that since Disney’s acquisition of ABC in the 1990s, it has been maintaining separate pension plans for the two operations’ salaried employees. It will now create a single plan for those workers and for anyone hired before the end of 2011. Current workers still have access to a 401(k) plan.
New hires will only be offered the 401(k) plan.
In addition, according to an e-mail sent to Disney employees posted on the News 13 Web site, effective January 1, 2012, the pension plan will have a different formula that will be common for all eligible U.S.-based salaried employees and cast members.“Affordability, sustainability and consistency across the Company are the three main reasons for the changes,” the e-mail said.