General Motors (GM), Bank of America and American Airlines announced recently that they will freeze their pension plans.
GM announced on Feb. 16, 2012, that effective Sept. 30, 2012, it will freeze its defined benefit pension plan for U.S. salaried employees, who instead will receive contributions to a defined contribution plan.
“This initiative will affect GM’s U.S. salaried employees hired prior to Jan. 1, 2001. Salaried employees hired after that date are already covered by a defined contribution plan,” the company stated.