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McGraw-Hill to freeze pension plan

McGraw-Hill to freeze pension plan

NEW YORK—McGraw-Hill Cos. will freeze its defined benefit pension plan effective April, 1, 2012, the New York based publishing company disclosed Thursday.

“This move will result in more predictable retirement plan costs, cap future financial liabilities and better position the corporation to grow and compete,” McGraw-Hill said in a statement.

McGraw-Hill also said it will “focus its retirement program on market-competitive offerings” but it did not disclose additional detail.

McGraw-Hill joins a long list of major companies that have announced pension plan freezes this year including, most recently, banking giant Sun Trust Banks Inc. of Atlanta, which said last month that it will freeze its plan at the end of the year.