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United States Steel Corp., Pittsburgh, will freeze benefit accruals for salaried and nonunion employees in its main defined benefit plan and two other supplemental plans, effective Dec. 31, the company said an 8-K filing Friday.
Participants will be transitioned to a defined contribution plan.
DB assets totaled $6.4 billion as of Dec. 31, 2014, and according to the most recent 5500 filing, there were more than 73,000 participants in the main DB plan. DC assets totaled approximately $2.1 billion as of Dec. 31.
The main U.S. Steel pension plan was closed to new participants in 2003. As of Dec. 31, approximately 65% of U. S. Steel's union employees in the United States are covered by the Steelworkers Pension Trust, a multiemployer pension plan.
Timothy Pollard writes for Pensions & Investments, a sister publication of Business Insurance.
The New Jersey Pension and Health Benefit Study Commission recommended freezing the $76.8 billion New Jersey Pension Fund, Trenton, and creating a new cash balance plan for current and future participants.