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Buck Consultants at Xerox on Wednesday said it will freeze its defined benefit pension plan at the end of 2014 and enhance its 401(k) plan.
“These changes are consistent with what many employers, including a number of firms in the benefits consulting and insurance industry, are doing,” Buck Consultants said in a statement.
The company declined to provide additional details.
The upcoming freeze of the Buck pension plan, which at the end of 2012 had just over 1,350 participants, follows the 2013 freeze of parent company Xerox Corp.'s primary pension plans for U.S. salaried employees.
At the end of 2013, Xerox's funded U.S. pension plans had $2.9 billion in assets and $3.6 billion in liabilities, according to the company's 2013 10-K report.
Once a rarity, automatic enrollment programs have become a mainstream em¬ployer feature in 401(k) and other defined contribution retirement savings plans.