The defined benefit plans of Delta Air Lines' pilots and Hospira Inc. will be frozen at the end of the year.
Delta pilots voted Nov. 11 on an agreement to freeze the $6.8 billion plan. The pilots will retain accrued benefits in the airline's defined benefit plan and will have the option of contributing to a new defined contribution plan. The pension change is part of an agreement that also includes big wage cuts.
Hospira will freeze its $260 million defined benefit plan and offer additional employer contributions and immediate vesting for its 401(k) plan, said Stacey Eisen, vice president, public affairs. She said company officials established the 401(k) plan after Hospira was spun off earlier this year from Abbott Laboratories. The size of the 401(k) plan wasn't available.