ST.
PAUL, Minn., Jan. 8, 2024
/PRNewswire/ -- 3M (NYSE: MMM)
announced that it will freeze its U.S. pension plans for non-union
U.S. employees, effective Dec. 31,
2028. Pension-eligible employees will continue to accrue
benefits under the pension plans until the freeze date. This
decision applies to both 3M and the
future, independent health care company's U.S. pension plans.
Former employees with vested pension benefits, 3M or 3M Health
Care retirees, and those currently receiving pension annuity
payments are not impacted by this action.
The move from a pension plan structure to a 401(k) retirement
plan structure has been underway at 3M for many years. In 2009, the company closed
Portfolio II of the U.S. pension plan to new hires and rehires. By
moving to a 401(k) retirement plan structure, the company is
focused on providing employees with more flexibility and control
when it comes to investing in their future.
"This is an important decision for 3M as it helps to set up both companies for
future success. This was also a difficult decision because it
impacts employees across the United
States. To help those impacted, we are providing five years
of advance notice to ensure our employees can plan alternative
strategies to meet their post-retirement income needs," said
3M Chairman and CEO Mike Roman.
About 3M
3M (NYSE: MMM) believes science
helps create a brighter world for everyone. By unlocking the power
of people, ideas and science to reimagine what's possible, our
global team uniquely addresses the opportunities and challenges of
our customers, communities and planet. Learn how we're working to
improve lives and make what's next at 3M.com/news.
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SOURCE 3M Company