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NEW YORK--The parent company of the NASDAQ stock exchange, NASDAQ Stock Market Inc., said it will freeze its defined benefit pension plan effective next week and will enhance its 401 (k) plan.
After April 30, participants in NASDAQ's pension plan no longer will accrue benefits in the plan. NASDAQ, though, will continue to fully match employees' 401(k) plan contributions up to 4% of base salary. NASDAQ will make additional 401(k) contributions, which it calls basic employer retirement contributions, based on employees' years of service.
New York-based NASDAQ also will make what it calls enhanced employer retirement contributions for employees age 45 and older with at least 10 years of service as of the end of last year.
A NASDAQ spokesman said the primary reason for the changes was to "provide the optimal retirement benefit in today's more mobile workforce."