The Class War Marches
ALCOA dumps pension for new workers
Alcoa says it will no longer offer pension benefits to most US salaried employees hired beginning in March. It is joining a list of companies looking to curb retiree benefit costs.
The new employees instead will get a beefed-up 401K retirement plan.
Under the new plan, Alcoa will contribute three percent of an employee's annual salary and bonus to the retirement account regardless of whether the employee contributes to the plan. In addition, the company will match the first six percent of salary that an employee contributes to the plan.
Alcoa says the new policy will not affect the pension benefits of current employees or retirees.
Based in Pittsburgh, Alcoa is the world's largest aluminum producer. It has 129,000 workers in 42 countries, including a plant in Blount County.
Alcoa says it will no longer offer pension benefits to most US salaried employees hired beginning in March. It is joining a list of companies looking to curb retiree benefit costs.
The new employees instead will get a beefed-up 401K retirement plan.
Under the new plan, Alcoa will contribute three percent of an employee's annual salary and bonus to the retirement account regardless of whether the employee contributes to the plan. In addition, the company will match the first six percent of salary that an employee contributes to the plan.
Alcoa says the new policy will not affect the pension benefits of current employees or retirees.
Based in Pittsburgh, Alcoa is the world's largest aluminum producer. It has 129,000 workers in 42 countries, including a plant in Blount County.
posted by TheFuriousGourmet | 5:11 PM
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