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RICHMOND, Va.--Plastic films manufacturer Tredegar Corp. is phasing out its defined benefit pension plan for salaried employees and enhancing its 401(k) plan.
Richmond, Va.-based Tredegar announced Thursday that its pension plan will be closed to employees hired on or after Jan. 1, 2007. Additionally, the pay used to compute pension benefits for active employees will be frozen as of Dec. 31, 2007. However, participants will continue to earn benefit credits for each year of service after 2007.
Tredegar will sweeten its 401(k) plan to fully match employees' salary deferrals. The company will match deferrals on the first 6% of pay in 2007 and 2008 and the first 5% of pay in 2009 and succeeding years.
Currently, Tredegar matches 50% of employees' deferrals, up to a maximum of 10% of pay.
Tredegar also will immediately vest matching contributions, which now gradually vest over five years. It also is adding a new automatic enrollment program in which 3% of employees' pay will be contributed to the 401(k) plan unless employees opt out or elect to contribute a higher percentage of pay.
The changes, said Tredegar President and CEO John Gottwald in a statement, are intended to produce a retirement program better able to meet the needs of a mobile workforce while making the program's cost more predictable and affordable.
Tredegar, which has about 3,000 employees, last year reported about $957 million in revenues and about $16.2 million in net income.