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…

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