Deseret Mutual Benefit Administrators, Salt Lake City, will freeze the benefit accruals of all employees in its Transitional Master Retirement Plan, effective June 30, plan documents posted on the company's website said.
Deseret Mutual intends to eventually terminate the pension fund, according to the plan documents. A timeline was not provided. The Deseret Mutual Master Retirement had $4.9 billion in assets as of Dec. 31, 2013, according to its most recent Form 5500 filing. The asset size of the transitional plan could not be learned by press time.
Desert Mutual spokesmen could not be reached for additional information, including an asset size, by press time.