Search
 

Diebold freezes pensions, offers early retirement

Diebold is shutting down its pension plan and offering voluntary early retirement to about 1,200 eligible employees.

By Paula Aven Gladych | Updated on August 12, 2013

Diebold is shutting down its pension plan and offering voluntary early retirement to about 1,200 eligible U.S.-based employees. The company closed its pension plan to new hires July 1, 2003, but as part of additional cost-cutting measures, has decided to freeze the plan for the people who enrolled before that.

Diebold Inc., headquartered in Canton, Ohio, provides security systems and related services. The company saw its revenue drop by 4.9 percent in the second quarter to $707.1 million. It recorded a second quarter net loss of $98.6 million or $1.55 per share.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.