Alcoa to drop pension plan for new employees

Alcoa Inc., Pittsburgh, will eliminate its $8.1 billion pension plan for most new U.S. salaried employees effective March 1, confirmed spokesman Kevin G. Lowery. Current employees and retirees will not be affected. Most new hires will participate in the company's $3.8 billion 401(k) plan. Alcoa will institute a 3% match and will continue to match the first 6% of salary contributed by an employee.