McGraw-Hill Cos. Inc., New York, will freeze its $1.57 billion defined benefit pension plan as of April 1.
The company announced it will freeze the plan to “focus on market-competitive offerings.” The move was made to cap future liabilities and “better position the corporation to grow and compete,” according to a news release.
The freeze is part of the company's Growth and Value Plan, which includes splitting the company into two separate entities, McGraw-Hill Financial and McGraw-Hill Education.
Spokesman Jason Feuchtwanger could not provide additional details by press time. Elizabeth O'Melia, senior vice president, treasury operations, did not return a phone call by press time.