Arconic freezing pensions for US workers

NEW YORK — Arconic Inc. will freeze pension plan contributions for U.S. workers and instead make contributions to a 401(k) plan for employees.

The company said the freeze only applies to the accrual of benefits for about 7,900 U.S. employees. Benefits accrued through March 31 will still be available upon retirement. The new policy goes into effect April 1.

There is no impact to retirees already collecting benefits.

The maker of aluminum parts for the aviation and automotive industries was created after Alcoa split into two companies in 2016. It expects a liability decrease of about $140 million from the pension freeze.

Former CEO Klaus Kleinfeld resigned abruptly in April 2017 after he sent a letter containing veiled threats to Elliott Management founder Paul Singer. Elliott owns more than 10 percent of Arconic.

Other News

UK manufacturers see costs jump in wake of Brexit vote

Aug 16, 2016

Official figures show consumer prices in Britain rose more than expected in July, while the cost of raw materials for manufacturers are mounting as a result of the pound's drop in the wake of the vote to leave the European Union

Dominican leader assumes 2nd term, pledges tech revolution

Aug 16, 2016

The president of the Dominican Republic has been sworn in for a second term as leader of the country boasting the best economic grown in Latin America and the Caribbean

US stocks dip as phone stocks fall; earnings hit retailers

Aug 17, 2016

US stocks fall, with the biggest losses again going to phone and utility companies

The Budget Report seeks to provide comprehensive coverage and analysis on the current economic, financial issues around the world. First hand finance and economic news all day, every day.

Contact us: sales@thebudgetreport.com