Financial Intel Monthly

What to do if McCormick Freezes Its Pension

Oct 13, 2020 12:12:13 PM / by The Retirement Group (800) 900-5867 posted in Pension, Pension Options, benefits, pension freeze, McCormick, freeze

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Over the past several decades many corporations have moved to defined contribution (DC) plans and moved away from defined benefit (DB) plans. Companies freeze or off-load DB pension plans in order to cut down on their current pension obligations. This trend has impacted many corporations in many different industries. In 2006 Verizon instituted a freeze on its pension. Then in 2010, Caterpillar announced it would freeze all non-union employee pension plans. By 2016 Lockheed Martin had decided to freeze its pension plan with Boeing following suit at the end of 2018. Finally, in 2019 General Electric made big news by freezing its pension for 20,000 workers and offering pension buyouts to 100,000 former employees. GE has the largest pension deficit among S&P 500 companies. When the largest pension fund in the country is frozen there is no doubt that many other corporations are discussing a pension freeze as a possibility.  

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