Pensions out, 401(k) plans in at Goodyear
From Bloomberg News
Goodyear Tire & Rubber Co. said it would scrap its pension program for current workers and raise retiree healthcare payments to save as much as $90 million annually.
In 2009, Goodyear will replace defined-benefit pension plans with 401(k) programs with matching contributions.
Corporate salaried and retail store retirees will pay more for health benefits beginning next year, and some insurance benefits will be canceled, Akron, Ohio-based Goodyear said.
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