GenCorp Inc. has announced plans to freeze its pension plan and discontinue the employer matching contribution to its 401(k) plan in an effort to conserve finances. These actions will only affect non-union employees, and will end up saving the parent company. Aerojet, an estimated $29 million a year.
GenCorp will freeze the pension plan as of Feb. 1, 2009. No employees will lose their previously earned pension benefits, but the employer match for the 401(k) plan will end effective Jan. 15, 2009. The company historically matched employee contributions dollar for dollar up to the first 3 percent of an employee’s contributions, and 50 cents on the dollar for the next 3 percent.
The latest quarterly results were announced in September and stated that the defense and aerospace manufacturer posted a loss of $2.7 million. Three days following the announcement, GenCorp’s chief financial officer and its controller both left the company.
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