Lydall Inc., Manchester, Conn., will freeze three pension plans for U.S. employees who are not covered under a collective bargaining agreement, according to a news release. The change will be effective June 30. The plans are already closed to new employees. Thomas Smith, CFO and treasurer, did not return calls requesting further information. According to the Money Market Directory, Lydall has a total of $26.6 million in defined benefit pension assets.
Participants in the three plans who do not already participate in Lydall's 401(k) plan will be automatically enrolled. The company will also increase its 401(k) match to 100% of employee contributions up to 6% of compensation. The current formula is 100% of the first 3% of compensation contributed by an employee plus a company stock match of 50% of the next 2% of compensation. Lydall's 401(k) plan has $31.9 million in assets, according to MMD.
