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Sonoco boosts match in 401(k) plan after shutting down its DB plan

Posted On: Nov. 1, 2022 9:46 AM CST

After shuttering its defined benefit plan in 2021, global packaging company Sonoco Products Co. has used the savings to boost its employer matching contribution to its $1.2 billion 401(k) plan, reports Pension & Investments. Under the new matching formula, employees now receive a dollar-for-dollar match up to 6%.