Pitney Bowes to freeze two DB plans for some employees in March
By Rob Kozlowski | February 1, 2013 7:14 pm
Pitney Bowes Inc., Stamford, Conn., will freeze two defined benefit pension plans for participants with less than 16 years of service as of March 31, confirmed spokesman Matthew Broder.
The company said in November 2009 that the plans, the Pitney Bowes Pension Restoration Plan and the Pitney Bowes Inc. Pension Plan, were scheduled to freeze for all vested participants on Dec. 31, 2014.
That date will still be in effect for participants with more than 16 years of service.
The company also announced that as of April 1, a 2% annual core contribution will be made to the affected participants of its 401(k) plans in lieu of further pension accruals.
That same core contribution will be effective for participants with more than 16 years of service on Jan. 1, 2015.
The plans were closed to new participants on Dec. 31, 2004.
As of Dec. 31, 2011, the defined benefit pension plans had $1.4 billion in assets, according to the company's latest 10-K filing, and the 401(k) plans had $1.1 billion in assets, according to the company's most recent Form 5500 filings.
A phone call to Steven J. Green, vice president-finance and chief accounting officer was not immediately returned.