North Pittsburgh Systems Inc., Gibsonia, Pa., will freeze its $44 million North Pittsburgh Telephone Co. Retirement Plan effective Dec. 31, according to a Nov. 15 8-K filing. Future accruals of benefits for the company's non-union employees will stop after that date.
The company enhanced its 401(k) plan and announced a voluntary early retirement incentive program for plan participants that adds three additional years of service. Allen Kimble, CFO, was not available to provide further details at press time.
The company expects to save roughly $1 million in fiscal 2007 as a result of the freeze. As of Dec. 31, 2005, the plan had about $53.5 million in liabilities, according to its annual report. The 401(k) plan has $12.3 million in assets as of Dec. 31, 2003, according to Money Markey Directory, the most recent figure available.