Rollins Inc., Atlanta, will freeze its pension plan to new participants at the end of June, and existing participants will no longer accrue benefits at that time, said Henry Anthony, vice president of human resources. He said company officials took a "hard look" at its retirement plans and believe freezing the plan is a "positive step" to remain competitive in attracting and retaining talent. The pension plan had $123.7 million in assets as of Dec. 31 and was underfunded by $25.2 million at that date.
Rollins will increase its match in the company's 401(k) plan to 50% from 30% on a participant's initial 6% contribution. The company also will make an added contribution based on an employee's age and tenure, Mr. Anthony said. The 401(k) plan offers eight investment options, Mr. Anthony said. Hewitt Associates is record-keeper and Highland Associates provides investment advice. The 401(k) plan had $125.2 million in total assets at the end of 2003, according to Rollins' most recent annual report.
The plans cover employees of Rollins and subsidiary Orkin Inc.
