Turner Corp., Dallas, will freeze its $243 million cash balance plan to new employees on Jan. 1, said Patrick Aulson, director of employee benefits. Plan officials wanted to reduce the impact of negative plan returns on the company balance sheet and had found that "employees have a higher perceived value of defined contribution plans," Mr. Aulson said.
Separately, Ayco Co. was hired to provide financial planning assistance to all participants in Turner's $203 million 401(k) plan, Mr. Aulson said. Fidelity is the bundled provider. Ennis Knupp assisted.