Johnson & Johnson will be reducing its retirement benefits for new hires beginning Jan. 1, 2015, according to an internal company memo obtained by the Wall Street Journal.
The memo did not reveal the specifics of the reductions, or whether or not its defined benefit plans will be dropped all together.
Going forward, the new retirement benefits' structure will mirror the way the "benefit landscape has continued to evolve in recent years," wrote Peter Fasolo, J&J's global vice president for human resources.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
