tmm99
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- May 15, 2008
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https://news.fidelity.com/news/arti...es/pension-frozen&topic=saving-for-retirement
You've been looking forward to retirement — and the steady income your employer was supposed to provide — only to learn that your company has frozen its pension plan. Now what?
You're joining a well-populated club: Overall, about a fifth of workers in private-sector pension plans — 3.3 million people — have been affected by a "freeze," or suspension of benefits, according to the Bureau of Labor Statistics.
Kraft, HSBC and Time Warner (the parent company of CNNMoney.com and Money Magazine) are among the large employers to have frozen plans this year, following 190 Fortune 1,000 companies in 2009.
Industries such as aerospace, defense, and natural resources — along with state and local governments — are likely to offer defined-benefit plans for years to come, experts say.
But the firms that have frozen plans aren't likely to thaw them. So if your pension is iced over or at risk, you'll need to adjust your retirement strategy ASAP.