Alcoa to Eliminate Defined Benefit Pension Plan for New U.S. Hires - aftermarketNews

Alcoa to Eliminate Defined Benefit Pension Plan for New U.S. Hires

Alcoa announced this week it will eliminate its defined benefit pension plan for most new U.S. salaried employees effective March 1. In its place, the company said it will offer a "competitive, more-flexible and portable" 401(k) defined contribution plan for new hires.

NEW YORK — Alcoa announced this week it will eliminate its defined benefit pension plan for most new U.S. salaried employees effective March 1. In its place, the company said it will offer a “competitive, more-flexible and portable” 401(k) defined contribution plan for new hires.

“We have very competitive benefit plans at Alcoa, and we periodically evaluate the level of competitiveness to ensure our plans are in line with the marketplace,” said Paul Thomas, executive vice president, people, ABS and culture. According to Alcoa, a review of the benefits marketplace indicates nearly 65 percent of employers now have a 401(k) plan as their primary retirement vehicle.

Under the new plan, the company will make a contribution of three percent of an employee’s annual salary and bonus to the retirement plan, whether or not the employee contributes to the 401(k) plan. In addition, the company will match the first six percent of salary that an employee contributes to the savings plan.

The changes will not impact current Alcoa employees or retirees. Workers covered by collective bargaining units and certain non-bargained hourly workers are also not impacted by the change.

_______________________________________

Click here to view the rest of today’s headlines.

You May Also Like

Dana Participating in Easter Jeep Safari

The event will take place in Moab, Utah, March 23-31.

Dana to Participate in Easter Jeep Safari 2024

Dana Incorporated will participate in Easter Jeep Safari 2024, held March 23-31 in Moab, Utah. Dana products will be on site and available for demonstrations.

“At Dana, we are committed to rigorously testing and validating our products in the most challenging conditions to guarantee superior quality, durability, and performance,” said Bill Nunnery, senior director, sales and marketing, global aftermarket for Dana. “Easter Jeep Safari features rugged trails that offer us an ideal terrain for product trials. The event also gives us the opportunity to engage with Jeep enthusiasts and understand how we can enhance their off-road experiences through vehicle customizations.”

ZF Aftermarket Releases 80 New Parts

The latest additions expand coverage to more than 5 million vehicles in operation.

ZF Aftermarket Releases 80 New Parts
Schaeffler Highlights ESG Progress in 2023 Sustainability Report

Schaeffler is currently focusing on seven key ESG goals in the implementation of its sustainability strategy.

Schaeffler 2023 Sustainability Report
CMA, DoubleCoin to Showcase Long-Haul Steer Tires at MATS

Company reps will be on-site to answer questions, schedule meetings and coordinate a raffle of outdoor sporting equipment in booth #11140.

tire-distribution-outlook-tire-rack
GB Reman to Host Jackpot Giveaway Winner at Long Beach Grand Prix

Jon Hetzel, owner of Hesski ServiCenter in Levittown, Pennsylvania, will join GB Reman in the company’s hometown next month

GB Reman to Host Jackpot Giveaway Winner at Grand Prix of Long Beach

Other Posts

Bendix Surpasses Worker Safety Goals

Bendix says its Total Case Improvement Rate improved since 2022.

Bendix Announces Worker Safety Statistics
New Rislone ‘DEF Crystal Clean’ Clears P20EE Codes

The product scrubs away crystal contaminants from the selective catalytic reduction systems of diesel cars, trucks and SUVs.

New Rislone DEF Crystal Clean Diesel DEF & SCR Emissions System Cleaner Announced
SMP Announces New Oil Filter Housing Kits

The kits feature multiple design improvements to prevent leaks, according to SMP.

SMP Announces New Oil Filter Housing Kits
NTK Technologies Announces Merger into Niterra North America

The merger will take effect on April 1, and NTK Technologies will begin operating under Niterra North America Inc.

Niterra Merger