United States Steel Corp., Pittsburgh, will freeze benefit accruals for salaried and non-union employees in its main defined benefit plan and two other supplemental plans, effective Dec. 31, said an 8-K filing Friday.
Participants will be transitioned to a defined contribution plan.
DB assets totaled $6.4 billion as of Dec. 31, 2014, and according to the most recent 5500 filing, there were more than 73,000 participants in the main DB plan. DC assets totaled approximately $2.1 billion as of Dec. 31.
The main U.S. Steel pension plan was closed to new participants in 2003. As of Dec. 31, approximately 65% of U. S. Steel's union employees in the United States are covered by the Steelworkers Pension Trust, a multiemployer pension plan.
A spokeswoman at U.S. Steel could not provide additional information by press time.
