Chemical Financial Corp., Midland, Mich., approved the partial freezing of its $72 million pension plan, according to a news release. Benefit accruals for employees with less than 15 years of service - or whose combined age and years of service is less than 65 - will be frozen as of June 30, and they will be eligible to participate in the company's 401(k) plan, which will be enhanced. The company will contribute 4% of an employee's eligible pay. David B. Ramaker, chairman, president and CEO, did not return calls seeking further details. The 401(k) plan has $33 million in assets, according to the Money Market Directory.