Imation Corp., Oakdale, Minn., is creating a cash balance plan following its spinoff from Minnesota Mining & Manufacturing Co. Imation hasn't put together an investment strategy or asset allocation or the type of money managers it would hire for the new plan. ``It's premature,'' said Debbie Weiss, treasurer. She said the company hasn't decided when it would begin a search for investment managers.
The first contribution is expected to be made at the end of year. She didn't have an estimate of the amount. The plan would cover its 5,000 domestic employees.