Citigroup to freeze cash balance plan

Citigroup Inc., New York, will freeze its $10 billion cash balance plan for all employees beginning Jan. 1, 2008, said Mike Hanretta, spokesman. Citigroup will shift employees into its $12 billion 401(k) plan and will increase its match to 100% of participant contributions up to 8% of pay for employees who earn less than $100,000, and 6% for those with higher salaries, said Mr. Hanretta. Citigroup currently offers a 3% match.