Benefits November 4, 2011
R.R. Donnelley to Freeze DB Plan
November 4, 2011 (PLANSPONSOR.com) – Printer R.R. Donnelley & Sons Co. is freezing its defined benefit plans, reports Business Insurance.
Reported by Tara Cantore
According to the article, benefit accruals will stop at the end of 2011. Company officials attributed the decision to freeze the defined benefit program to volatility of market returns and interest rates on the plans’ funding requirements.
The company also plans to restore and improve its 401(k) plan matching contribution. Business Insurance reports that prior to suspending its contributions in 2009, Donnelley had matched 25% of employees’ pretax contributions up to 6% of pay.