Unisys Corp., Blue Bell, Pa., will freeze its pension plan for domestic employees as of Dec. 31, 2006, confirmed spokesman John Schneidawind. Starting Jan. 1, Unisys will increase its matching contribution to its 401(k) plan, which is made in company stock, to 100% up to 6% of pay, up from 50% of the first 4% of pay. The change will cut expenses by about $700 million over the next decade, according to a news release.
The company's U.S. pension plan had $4.6 billion in assets as of Dec. 31, 2005. The 401(k) plan had $2.5 billion in assets as of Dec. 31, 2004, the most recent data available.