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CHICAGO—Printer R.R. Donnelley & Sons Co. is freezing its defined benefit plans, but will reinstate and enhance its 401(k) plan matching contribution.
Benefit accruals will stop at the end of 2011, company officials announced Wednesday during a conference call on the Chicago-based printing company's third-quarter earnings.
Company officials attributed the decision to freeze the defined benefit program to volatility of market returns and interest rates on the plans' funding requirements.
At the same time, R.R. Donnelley will restore and improve its 401(k) plan matching contribution. Prior to suspending its contributions in 2009, Donnelley had matched 25% of employees' pretax contributions up to 6% of pay.
Company officials did not disclose how the 401(k) match will be enhanced.
401(k) plan participants continued to contribute to the plans at high levels in the first half of 2011, according to a survey of record keepers from the Investment Company Institute.