Autoliv ASP closes pension plan to new employees

Autoliv ASP Inc., Ogden, Utah, closed its $62 million U.S. pension plan to employees hired as of Jan. 1, said Scott Baxter, compensation and benefits director. Employees hired before Jan. 1 remain in the pension plan and are eligible to participate in the company's $180 million 401(k) plan, Mr. Baxter said. Employees hired since Jan. 1 will receive an additional company contribution to the 401(k) plan, he said. Trustees made the move to "contain the long-term liabilities," Mr. Baxter said. Watson Wyatt Investment Consulting assisted.