G&K Services Inc., Minnetonka, Minn., will freeze its $30 million defined benefit plan Dec. 31 because of financial and legislative pressures, said Shayn Carlson, director of investor relations. Starting Jan. 1, the company will make an automatic contribution of $300 to $400 per participant, based on pay, to its $55 million 401(k) plan, and it will double its company match to 50 cents on the dollar up to 4% of pay.
The changes will affect about 6,300 employees, who are all eligible for the company's 401(k) plan.
