The Buck Consultants Retirement Plan, a defined benefit pension plan, will be frozen, effective January 1, 2015. At the same time, the Buck Consultants Savings Plan (a 401(k) plan) will be enhanced with an increased company match and a broader definition of eligible pay.
“These changes are consistent with what many employers, including a number of firms in the benefits consulting and insurance industry, are doing. The changes also continue to align Buck’s programs with Xerox’s HR strategy,” Buck said in a statement.
Xerox became Buck Consultants’ parent company with its acquisition of Affiliated Computer Services (ACS) in 2010 (see “Xerox Shareholders Back ACS Acquisition”). Xerox announced last month that Buck Consultants officially transitioned to the Xerox brand, becoming Buck Consultants at Xerox, and “taking on the look and feel of the Xerox brand.”