Bell Atlantic Corp., Philadelphia, will convert its management employees' pension plan to a cash balance plan, effective Jan. 1. It covers 15,000 employees, and is part of a $12 billion master trust.
Barry Simko, director of benefits planning and human resource communication, said the change is being made ``to meet the needs of mobile employees, who make more frequent moves from employer to employer.'' The Bell Atlantic cash balance plan will include a feature allowing employees to receive a part of their accrued benefit as a lump sum and the rest as an annuity.
William M. Mercer Inc. was the consultant. Decisions on the management of the assets have not yet been made.