Pitney Bowes Inc., Stamford, Conn., will freeze two defined benefit plans at the end of 2014, according to an SEC filing today.The Pitney Bowes Pension Restoration Plan and the Pitney Bowes Inc. Pension Plan will stop all accruals on Dec. 31, 2014, the filing said. Both plans have been closed to new participants since Dec. 31, 2004.
The filing also noted that effective Jan. 1, 2015, a 2% annual core contribution will be made to all participants in three Pitney Bowes 401(k) plans in lieu of further pension accruals.
Pitney Bowes reported $1.675 billion in defined benefit assets and $911.7 million in defined contribution assets as of Dec. 31, 2008.
Connie Caperella, Pitney Bowes assistant treasurer, couldn't immediately be reached for further comment.