Calgon Carbon Corp., Pittsburgh, is freezing its two pension plans, which have $50 million in combined assets, effective Dec. 31, confirmed Gail Gerono, vice president of investor relations. Participants will be enrolled in the company's enhanced 401(k) plan, which offers a 2% match on employee contributions up to 2% of salary, a 2% fixed contribution and a discretionary contribution of up to 4% of salary, depending on company performance. The current 401(k) matches 25% on employee contributions of the first 4% of salary. Calgon Carbon has total 401(k) assets of $30 million.
The company had frozen the Calgon Carbon Salaried Retirement Plan and the Barnebey Retirement Plan last year to employees hired after July 1, 2005. Those employees were allowed to enroll in the enhanced plan.
The company expects to save roughly $1 million annually beginning in 2007 as a result of the move.
(updated with correction)