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Member, Beacon International Group, Ltd.
STAMFORD, Conn.Pitney Bowes Inc. said it will freeze two defined benefit plans at the end of 2014.
The Pitney Bowes Pension Restoration Plan and the Pitney Bowes Inc. Pension Plan will stop all accruals on Dec. 31, 2014, the Stamford, Conn.-based company said in a Securities and Exchange Commission filing. Both plans have been closed to new participants since Dec. 31, 2004.
The filing also noted that effective Jan. 1, 2015, a 2% annual core contribution will be made to all participants in three Pitney Bowes 401(k) plans in lieu of further pension accruals.
Pitney Bowes reported $1.68 billion in defined benefit assets and $911.7 million in defined contribution assets as of Dec. 31, 2008.
Connie Caperella, Pitney Bowes assistant treasurer, couldn't immediately be reached for further comment.
Douglas Appell is a reporter for Pensions&Investments, a sister publication of Business Insurance.