Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Kimberly-Clark freezes nonunion pension plan

Reprints

DALLAS—Consumer products manufacturer Kimberly-Clark Corp. said it will freeze its defined benefit pension plan for nonunion employees.

After Dec. 31, benefit and service accruals will cease, Dallas-based Kimberly-Clark disclosed in a filing Wednesday with the U.S. Securities and Exchange Commission.

At the same time, the company said it will add a 401(k) plan in which it will match 100% of employees' salary deferrals, up to 4% of pay. Kimberly-Clark will make additional contributions, up to 6% of pay, with the amount of those discretionary contributions based on company profits.

Contributions to an existing defined contribution plan will end Dec. 31.

These changes come as Kimberly-Clark's profits have fallen. Net income for the first quarter of 2009 declined to $407 million, down 7.7% from the comparable period in 2008. For all of 2008, Kimberly-Clark reported net income of $1.69 billion, down 7.3% from 2007.