SBC Communications, Inc., San Antonio, stopped making new contributions to its hybrid plans — a cash balance plan and a pension equity plan — and adopted a more traditional defined benefit plan design. The change was effective Jan. 14 and covers about 55,000 management employees. A spokeswoman wouldn't disclose the hybrid plans' assets; SBC had $28.1 billion in defined benefit assets as of Sept. 30. Hybrid plans are defined benefit plans with defined contribution-like features.
The change is part of SBC's decision to shift the emphasis of its retirement plan to benefit longer-serving employees.