Caltex Petroleum Corp., Dallas, plans on combining its defined benefit plan, stock option plan and 401(k) savings plan into one defined contribution plan by 1998, according to Al Horan, benefits and special services manager.
Each plan is about $100 million, he said. The savings and stock plans will be merged in the middle of 1997, with the defined benefit plan becoming a cash balance plan in a move to ultimately join the plans later in 1998.
Mr. Horan's goal is to simplify the pension program. Hewitt Associates is expected to assist the company with selecting fund options and money managers for the new plan.