Libbey to freeze cash balance pension plan, end health care plan for Medicare-eligible retirees
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Glass tableware manufacturer Libbey Inc. is freezing its cash balance pension plan for salaried employees and ending its health care plan for salaried retirees, the company announced last week.
Cash balance plan participants will not earn pay-related credits effective Jan. 1, 2013. They will, though, continue to earn interest credits on account balances.
In addition, Toledo, Ohio-based Libbey will improve its 401(k) plan match, also effective Jan. 1. The company declined to provide further details.
Libbey also will end its health care plan for salaried retirees age 65 and older and instead will make monthly deposits to their retiree health reimbursement arrangements.
“These changes represent an important step in reducing U.S. costs and will further strengthen our balance sheet and financial position,” Libbey CEO Stephanie Streeter said in a statement.
“We are committed to making our operations as efficient as possible while still offering associates and retirees competitive benefits,” Ms. Streeter added.
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