Transamerica Corp., Cedar Rapids, Iowa, changed the matching employer contribution in its 401(k) plan and also eliminated its vesting schedule for those contributions.
The insurer changed the matching formula to 100% of the first 3% of eligible compensation plus 50% of the next 2% contributed, effective Jan. 1, according to its 11-K filing with the SEC on Wednesday. The matching formula was previously just 100% of the first 3% of eligible compensation contributed by participants.
Also effective Jan. 1, the company eliminated the vesting schedule for employer contributions, which was previously a four-year graded vesting schedule, the 11-K filing said.
The filing did not provide reasons for the changes.
As of Dec. 31, the Transamerica 401(k) Retirement Savings Plan had $2.6 billion in assets, according to the 11-K filing.
Transamerica spokesman Hank Williams could not be immediately reached for further information.
