Media General Inc., Richmond, Va., will freeze its $265 million pension plan as of Dec. 31 and enhance its $257 million 401(k) plan, confirmed spokeswoman Liz Cleal. Company officials think defined contribution plans are more financially predictable than pension plans, she said.
The 401(k) match will be increased to 100% on the first 5% of employee contributions, up from 4% currently, according to a company statement. Media General will also add a profit-sharing component to the 401(k) plan with an annual target payout of 4% of salary.
