Goodyear to change pension, benefit plans for employees, retirees

Akron, Ohio – Goodyear next year will freeze its defined benefit pension plans for employees and replace them with 401(k) savings accounts as part of several moves to save about $100 million on pension obligations and $525 million on other post-retirement benefits.

The Akron-based tyre maker said the changes are part of its plan to cut costs by more than $1000 million by the end of 2008.

“These changes will allow us to continue to provide the kind of compensation packages that are competitive and will…

To read more,please login or register below.

This is the first step to more free
content, user offers, subscriptions
and more.
Log in here using the Email Address
and Password you signed up with