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Rogers, Conn.-based technology company Rogers Corp. will freeze two pension plans starting next month, completing a process it began in 2008.
Effective June 30, Rogers will freeze its pension plan covering salaried and other nonunion employees, the company said earlier this week. That plan has been closed to new employees since Jan. 1, 2008.
In addition, a Rogers plan covering union employees will be frozen effective Dec. 31, a freeze that union employees ratified last month.
Rogers said in a statement that it is “making changes to its retirement plans in order to better plan and manage related expenses, which can have a significant and variable impact on earnings.”
Rogers said will it will beef up contributions to its 401(k) plan covering salaried and other nonunion employees effective June 30, and start matching contributions to its 401(k) plan covering union employees effective Jan. 1, 2014.
As of Dec. 31, 2012, Rogers' pension plans were significantly underfunded, with $209.9 million in benefit obligations and $143.5 million in assets, according to its 2012 annual report.