The Laitram Corp., Harahan, La., will likely terminate its $19 million cash balance plan, confirmed Lawrence Oertling, CFO. Mr. Oertling said he was "99% sure" the program would be closed and that notifications would go out Nov. 1 to the 700 participants. Treasurer Robert Munch said closing the plan would help the company simplify its retirement options.
The company continues to offer a $45 million 401(k) plan, Mr. Oertling said. The 401(k) was enhanced when the defined benefit plan was frozen to all employees in 2003.