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PHILADELPHIA--Life insurer Lincoln Financial Group is freezing its defined benefit pension plan and sweetening its 401(k) plan, the company announced.
Effective Jan. 1, 2008, employees no longer will accrue benefits in the pension plan. Lincoln will improve its 401(k) plan in two ways: by providing an automatic contribution equal to 4% of employee pay, and by matching 100% of employees' salary deferrals up to the first 6% of pay.
Currently, Lincoln matches 50% of deferrals on the first 6% of pay.
Philadelphia-based Lincoln Financial, which last year reported net income of about $1.32 billion on revenues of just over $9 billion, said the retirement plan changes were driven by the "changing dynamic of the retirement landscape, and the greater need by today's employees for flexibility and portability of their retirement assets."
Other major insurers phasing out their defined benefit plans include managed health care plan giant WellPoint Inc. and property/casualty insurer Harleysville Group Inc.