FMC Technologies Freezes DB Plan

October 22, 2009 (PLANSPONSOR.com) - FMC Technologies Inc. announced it has frozen its defined benefit plans and is increasing contributions to it defined contribution plans.

In a filing with the Securities and Exchange Commission (SEC), the company said that on October 2, 2009, its board of directors amended the Company’s Qualified and Non-Qualified Defined Benefit Pension Plans to freeze participation for all new non-union employees hired on or after January 1, 2010, and for current non-union employees with less than five years of vesting service as of December 31, 2009. For the current non-union employees with less than five years of vesting service, benefits accrued under the plans will be frozen based on credited service and pay as of December 31, 2009.

In addition, the filing said, the FMC board also approved amendments to the company’s U.S. Qualified and Non-Qualified Savings and Investment Plans under which FMC will make a non-elective contribution equal to 4% of an employee’s eligible earnings every pay period. All new non-union employees hired on or after January 1, 2010, and current non-union employees with less than five years of vesting service as of December 31, 2009, will be enrolled in one or both of the defined contribution plans.

FMC said the 4% non-elective contribution will be vested for each participant after three years of continuous service with the company.

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