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WILMINGTON, Del. (AP) - DuPont, the third-largest U.S. chemical maker, said Monday it will change its primary U.S. defined-benefit pension plan, along with its savings plan, effective January 2008.
The company's defined-benefit pension program for current employees will continue, with future accruals at a lower level. For service accrued through 2007, the pension calculation will not change. For service accrued after 2007, the pension calculation will be lowered by one-third. Both segments of the benefit will continue to grow with pay until retirement.
Beginning in January 2008, the company savings and investment plan will include 100 percent employee participation, through a company contribution of 3 percent of each employee's pay into his or her account. Employees who contribute to the savings plan will receive a 100 percent company match on the first 6 percent of their savings, doubling the current company match.
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