Buck Consultants at Xerox, New York, on Wednesday said it will freeze its defined benefit plan at the end of 2014 and enhance its 401(k) plan.
“These changes are consistent with what many employers, including a number of firms in the benefits consulting and insurance industry, are doing,” Buck Consultants said in a statement.
The company declined to provide additional details.
The upcoming freeze of the Buck pension plan, which at the end of 2012 had just over 1,350 participants, follows the 2013 freeze of parent company Xerox Corp.'s primary pension plans for U.S. salaried employees.
Buck's pension fund had about $32 million in assets and its 401(k) plan had about $118 million in assets as of Dec. 31, 2012, according to its most recent Form 5500 filings.
At the end of 2013, Xerox's funded U.S. pension plans had $2.9 billion in assets and $3.6 billion in liabilities, according to the company's 2013 10-K report.
