LIN Television Corp., Providence, R.I., converted its $65 million pension plan into a cash balance plan, said Peter Maloney, vice president of finance. He said employees over the age of 40 who have been with the plan at least five years will have the option of remaining in the defined benefit plan or moving their assets to the cash balance plan. The conversion was made on Jan. 1. Trustees made the change so employees could be more aware of and active in regard to their retirement savings.
CIGNA was hired to manage all assets for the plan; no consultant was used, he said.